metro manila property market overview -...

Metro Manila

Property Market

Overview

© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.

2

Notes: 1) Includes developments outside the identified sub-districts.

2) *“Others” district include the following cities: San Juan City, Marikina City, Las Piñas City, Caloocan City, Navotas

City, Valenzuela City, Malabon City, Pateros

Source: JLL Research and Consultancy

Metro Manila Districts


Annual Supply

Notes: (1) Office developments included are classified as Prime and Grade ‘A’ buildings.

(2) Vacancy rate applies to existing supply.

Sources: JLL Research and Consultancy; various developers

-

200

400

600

800

1,000

1,200

1,400

1,600

2013 2014 2015 2016 2017 1H 2018 2H 2018E 2019E 2020E

Makati City Mandaluyong City Manila City Muntinlupa City Paranaque City

Pasay City Pasig City Quezon City Taguig City Others

Offi

cesp

ace

(inth

ousa

nd s

qm)

Makati City16%

Mandaluyong City2%

Manila City0%

Muntinlupa City7%

Paranaque City4%

Pasay City13%

Pasig City16%

Quezon City17%

Taguig City23%

Others2%

Makati City20%

Mandaluyong City5%

Manila City0%

Muntinlupa City6%

Paranaque City1%

Pasay City8%

Pasig City16%

Quezon City14%

Taguig City29%

Others1%

© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.7


Market Share

7.5 million

sqm2.1 million

sqm


-

20

40

60

80

100

120

140

Makati City MandaluyongCity

MuntinlupaCity

ParanaqueCity

Pasay City Pasig City Quezon City Taguig City Other Districts

GL

A,

sqm

(in

tho

usa

nd

s)

Note: Vacancy rate applies to existing Prime and Grade ‘A’ buildings.

Vacancy rate as a percentage of the total stock per district.


Vacancy Rate

Vacancy

Rate (%)



Demand Drivers

Ortigas/Pasig

9%

10

Others

10%Makati

19%

Bay

18%Taguig City

24%

Alabang

11%

BPO35%

Demand DriversDemand Drivers

Note: based on JLL and non-JLL transactions from 2017 to 2Q18

Source: JLL Markets


Notes: 1) Rents apply to existing Prime and Grade ‘A’ buildings

2) Asking rents quoted are minimum and maximum values.

Source: JLL Research and Consultancy; various developers

Rents

900

900

950

950

1,300

1,600

1,850

550

850

650

650

525

700

650

0 500 1,000 1,500 2,000

Mandaluyong City

Pasay City

Quezon City

Pasig City

Muntinlupa City

Taguig City

Makati City

(PHP/sqm/month)

950

1,100

1,200

1,400

1,500

1,600

900

600

750

700

950

950

0 500 1,000 1,500 2,000

Mandaluyong City

Quezon City

Pasig City

Taguig City

Pasay City

Makati City

(PHP/sqm/month)


Annual Supply

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

2013 2014 2015 2016 2017 1H18 2H18 2019E 2020E

Num

ber

of U

nits

Makati City Mandaluyong City Manila City Muntinlupa City Others

Parañaque City Pasay City Pasig City Quezon City Taguig City

Note: Developments covered are from the mid-range to luxury segments.

Sources: JLL Research & Consultancy; various developers and brokers

© 2018 Jones Lang LaSalle IP, Inc. All rights reserved.16Source: JLL Research & Consultancy

Makati City19%

Mandaluyong City11%

Manila City13%

Muntinlupa City3%

Others2%

Parañaque City6%

Pasay City5%

Pasig City8%

Quezon City20%

Taguig City13%

Makati City22%

Mandaluyong City7%

Manila City4%

Others4%

Parañaque City3%

Pasay City24%

Pasig City6%

Quezon City13%

Taguig City17%

Market Share

319,800

units

74,800

units


Source: JLL Research & Consultancy

Demand Drivers


Note: Rents presented are asking rents.

Sources: JLL Research & Consultancy; various developers 18

Rents

700

735

980

1,000

1,075

1,150

1,250

1,750

350

690

400

400

700

430

510

570

- 200 400 600 800 1,000 1,200 1,400 1,600 1,800 2,000

Paranaque City

Quezon City

Pasig City

Muntinlupa City

Taguig City

Pasay City

Mandaluyong City

Makati City

(PHP/sqm/month)


Note: Values presented are asking selling prices.

Sources: JLL Research & Consultancy; various developers

Selling Prices

65,000

95,000

150,000

165,000

175,000

190,000

250,000

265,000

55,000

75,000

70,000

70,000

85,000

150,000

105,000

160,000

- 100,000 200,000 300,000

Paranaque City

Muntinlupa City

Quezon City

Mandaluyong City

Pasig City

Pasay City

Makati City

Taguig City

(PHP/sqm)

125,000

160,000

180,000

180,000

180,000

280,000

285,000

290,000

90,000

80,000

140,000

90,000

105,000

200,000

170,000

210,000

- 100,000 200,000 300,000

Muntinlupa City

Quezon City

Pasig City

Mandaluyong City

Paranaque City

Pasay City

Taguig City

Makati City

(PHP/sqm)


Annual Supply

0

50

100

150

200

250

300

350

400

2013 2014 2015 2016 2017 1H2018 2H2018 2019E 2020E

Re

tail

sup

ply

(in

tho

usa

nd

sq

m)

Makati City Mandaluyong City Manila City Muntinlupa City Paranaque City


Note: Developments covered are shopping centres/malls.


© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 23Sources: JLL Research and Consultancy

Market Share

Makati City7%

Mandaluyong City7%

Manila City14%

Muntinlupa City6%

Paranaque City4%

Pasay City10%

Pasig City5%

Quezon City27%

Taguig City7%

Others13% Makati City

19%

Manila City2%

Paranaque City31%

Pasay City21%

Pasig City13%

Taguig City14%

6.3 million

sqm555,700

sqm

© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 24Source: JLL Research and Consultancy

Vacancy Rate

Vacancy

Rate (%)

-

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

9,000

Makati City MandaluyongCity

Manila City Muntinlupa City Pasay City Pasig City Quezon City Taguig City

GL

A (

in s

qm

)



Demand Drivers

© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 28Note: Supply covers both serviced apartments and hotel developments

Source: JLL Research & Consultancy

Annual Supply

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2013 2014 2015 2016 2017 1H 2018 2H 2018 2019E 2020E

Num

ber

of R

oom

s

Makati City Mandaluyong City Manila City Muntinlupa City Parañaque City


© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 29Sources: JLL Research & Consultancy; various developers

Makati City25%

Mandaluyong City3%

Manila City18%

Muntinlupa City5%

Pasay City18%

Pasig City9%

Parañaque City9%

Quezon City8%

Taguig City5%

Others0.2%

Makati City15%

Mandaluyong City3%

Manila City10%

Muntinlupa City2%

Pasay City18%

Pasig City3%

Parañaque City25%

Quezon City7%

Taguig City17%

Market Share

34,800

rooms12,100

rooms

© 2018 Jones Lang LaSalle IP, Inc. All rights reserved. 30Note: Released data on tourist arrivals cover January to May 2018.

Source: DOT

Tourist Arrivals

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

8,000

2012 2013 2014 2015 2016 2017 2018

Tour

ist A

rriv

als

(in th

ousa

nds)


Note: Profile is based on January to May 2018 foreign arrivals

Source: DOT

South Korea23%

China18%

USA14%

Japan9%Australia

4%

Taiwan3%

Canada3%

United Kingdom3%

Singapore2%

Malaysia2%

Others19%

Profile of Tourists


Notes: 1) Rates are as of June 2018 ;

2) Rates compared are based on the cheapest room of the development

regardless of room name.

Sources: JLL Research and Consultancy, various hotel operators

32

6,300

7,500

8,100

9,500

10,200

10,600

13,800

13,900

16,400

1,700

1,200

2,700

1,800

1,700

1,200

1,800

5,000

1,900

0 3,000 6,000 9,000 12,000 15,000 18,000

Quezon City

Manila City

Muntinlupa City

Mandaluyong City

Pasig City

Makati City

Pasay City

Taguig City

Parañaque City

(PHP/room/night)

Room Rates


Thank youJanlo de los Reyes

[email protected]

Nauriz Zornosa

[email protected]

Kyra Uelong

[email protected]


Disclaimer

PRIVATE AND CONFIDENTIAL. This document is confidential, subject to change, and is being sent to you for your information only. It should not be forwarded

outside of your organization. This document has been prepared by personnel of Jones Lang LaSalle Property Consultants Pte Ltd or its affiliates (together, “JLL”). It is

not a research report and is not intended as such. This document should not be used as a basis for trading in the securities or loans of the companies named herein or

for any other investment decision. This document does not constitute an offer to sell the securities or loans of the companies named herein or a solicitation of proxies

or votes and should not be construed as consisting of investment advice. This document is based solely on publicly available information or information you have

provided to us (or otherwise provided to us under your permission) and all discussions between JLL and you at this time must be on that basis. This document is

neither an expressed nor an implied commitment by JLL to act in any capacity with respect to you, which commitment shall only be set forth in an engagement letter to

be executed between you and JLL. This document and your receipt thereof do not restrict JLL from being engaged by, or otherwise acting with, any other party in any

capacity. JLL has not cleared conflicts with respect to any specific assignment and would need to clear any specific assignment through our internal conflicts clearance

process before conducting further analysis or committing to work with you. Please also note that JLL has close relationships with companies in the sectors referenced

herein and may be engaged in similar work for others with respect to any of the companies named herein, and may ultimately work with another party on an

assignment relating to any of the matters discussed in this document. JLL acts as independent contractors and nothing contained herein shall be deemed to create a

fiduciary, agency or other relationship between JLL, on the one hand, and you or your shareholders, directors, officers, employees or creditors, on the other, nor shall

any of the foregoing persons rely on this document or the presentation thereof. Information contained in this document was obtained from publicly available sources or

the data room as to which you have provided us permission to access and has not been independently verified by JLL and does not constitute a recommendation from

JLL to you or to any other party. JLL has relied upon the accuracy and completeness of all of the financial, accounting and other information discussed with or

reviewed by it and has assumed such accuracy and completeness for purposes of this document. This document contains statements that are not purely historical in

nature but are forward-looking. These include, among other things, hypothetical illustrations and discussions describing potential future outcomes and developments.

Such illustrations and discussions are based upon certain assumptions that JLL in its discretion considers appropriate. JLL does not makes any representation about

the likelihood of any future outcome, development or other event discussed in this document and this document should not be relied upon as a prediction or guarantee

of any future event. Actual events are difficult to predict, are beyond the control of JLL, and may differ from those assumed, and such differences may be material. JLL

does not make any representation or warranty, express or implied, as to the accuracy or completeness of the information contained in this document and any liability

therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed. This document does not purport to contain all of the

information that may be required to evaluate any potential transaction and should not be relied upon in connection with any potential transaction. JLL does not

undertake or expects to update or otherwise revise this document. JLL does not provide legal, accounting or tax advice and you are strongly advised to consult your

own independent advisors on any legal, tax or accounting issues that may be relevant to you. The receipt of this document by any recipient is not to be taken as

constituting the giving of investment advice by JLL to that recipient, nor to constitute such person a client of JLL. This report serves as an inception report to the First

Progress Report.

metro manila property market overview -...

Documents