The ongoing COVID-19 pandemic and ensuing lockdown has shown light on the need for more integrated communities in the Philippines, according to local property experts. Living within communities that mix residential areas with office, retail and recreational components are expected to grow in popularity.
“The ideal cities in the future will need to offer opportunities for innovations that enhance the quality of living (right balance of sustainable and cosmopolitan lifestyle); working (uncongested spaces and presence of job opportunities); playing (availability of recreational and cultural centers), and learning (talent enhancement and R&D centers),” Claro dG. Cordero, Jr., Cushman & Wakefield Director and Head of Research, told BusinessWorld.
Given everything that has happened in 2020, demand will increase for projects that provide wide-ranging convenience. Property buyers are likely to focus on the space around residential developments and how these facilities make their day-to-day lives better.
“Colliers recommends that developers highlight projects that are within integrated communities. In our opinion, the pandemic has further emphasized the need to be in an integrated community where unit owners can easily access essential goods and services,” Joey Roi H. Bondoc, Senior Research Manager at Colliers Philippines, explained.
He added that it is important for Metro Manila to improve its ranking on the Global Smart City Index in order to appeal to property investors. The city fell in the most recent survey, which is conducted by the Institute for Management Development in Switzerland. Worsening air pollution and traffic issues were just a few of the reasons for the decline.
However, integrated communities can help reduce both of these issues and make Metro Manila a more attractive place for property investment.
“An improved ranking should make Metro Manila a viable property investment destination. This is important especially if the government wants to stoke property demand once the pandemic wanes and lockdowns are relaxed,” Bondoc was quoted as saying by BusinessWorld.