philippines hotel & liesure market

7/30/2019 Philippines Hotel & Liesure Market

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pHILIppINE rEaL EstatE markEt

research & forecast report

www.ll.

market indicators

office

residentiaL

hoteL & Leisure

industriaL

2q 2012 | Market overview

Executive Summarythe philiine econoy gew by 6.4% in 1Q12, highe hn he 4.9% egieed in he e

eiod l ye. aid he globl econoic lowdown, he ong econoic gowh w inly

ibuble o highe govenen exendiue (+24%), obu conue ending (+6.6%) nd

eilien evice eco (8.5%), of which he el ee ubeco conibued eble

24.3% gowh. Wih he ong 1Q12 efonce nd fvoble econoic envionen, o

ulilel iniuion exec he philiine econoy o gow fo 4.5% o 5.5% by ye-end.

Due to the lack of developable land in Makati CBD, the Zuellig Building remains the only new oce

in he CBD nd i led o be fully oeionl by he hid que of 2012. In 2Q12, vcncyin mi ginlly declined o 3.9% nd i een o bilize he ub 4%-level by end-2012.

Meanwhile, oce rental rates consistently increased as landlords experienced strong pricing

power mainly due to limited oce space.

No coleion wee ighed in mi CBD in 2Q12. Howeve, bou fou high-ie condoiniu

may be turned over by year-end. This includes the premium condominium Raes Residences, with

oe 220 uni. the lge uly of udio nd one-bedoo uni, egen o ocied o

Gde a nd B building, h conibued o he elively high level of vcncie ince l ye.

Ye in he econd que, ovell vcncy e in mi w ble he 11% level.

In Metro Manila, over 11,000 new hotel rooms are expected to be completed in the span of veye. New hoel develoen will nge fo budge o eiu hoel, nd ny will be

ging-oiened in conjuncion wih he ucoing Eneinen Ciy ojec in pñque. In

2011, avege occuncy level fo meo mnil hoel ioved o 69%. Occuncy e e

execed o exceed he 70% level by he end of 2013, he nube of foeign ivl i een o

gow by n ddiionl 660,000 by he end of 2012.

a of my 2012, nufcuing econoic zone egieed wih philiine Econoic Zone

auhoiy (pEZa) gew by 16% ince he econd hlf of 2011. region III, icully Cl, ein

o hve he bigge induil oc by oe 31,853 hece. region IV n nex, ioving

by le hn one ecenge oin o 7,832 hece. pohibiive owe e coninue o be

he bigge chllenge in he exo induy, nd i exc hevy oll eecilly on lge-cle

manufacturing rms. It is for this reason that supply continues to remain passive, as developers

e le oied owd exnding hei induil ojec ofolio.

economy

office

residentiaL

hoteL & Leisure

industriaL



* At constant prices (based on 2000 level)

ECONOmIC INDICatOrs

2005 2006 2007 2008 2009 2010 2011 1Q12

Go Nionl poduc 3.5% 4.8% 6.1% 6.0% 6.5% 8.4% 2.60% 5.80%

Go Doeic poduc 4.8% 5.2% 6.6% 4.2% 1.1% 7.6% 3.70% 6.40%

peonl Conuion Exendiue 4.4% 4.2% 4.6% 3.7% 2.3% 3.4% 6.10% 6.60%

Govenen Exendiue 2.1% 10.6% 6.9% 0.3% 10.9% 4.0% -0.70% 24.00%

Cil Foion 3.0% -15.1% -0.5% 23.4% -8.7% 31.6% 8.10% -23.50%

Exo 5.0% 12.6% 6.7% -2.7% -7.8% 21.0% -4.20% 7.90%

Io 3.3% 3.5% 1.7% 1.6% -8.1% 22.5% 0.20% -2.60%

agiculue 2.2% 3.6% 4.7% 3.2% -0.7% -0.2% 4.50% 2.10%

Induy 4.2% 4.6% 5.8% 4.8% -1.9% 11.6% 2.30% 4.90%

sevice 5.8% 6.0% 7.6% 4.0% 3.4% 7.2% 5.00% 8.50%

Average Ination (Full Year %) 7.6% 6.2% 2.8% 9.3% -3.2% 6.7% 4.80% 3.10%

Budget Decit (Billion Pesos) pHp146.8 pHp62.2 pHp12.4 pHp68.1 pHp298.5 pHp314.4 pHp197.7 pHp27.0

pHp:Us$ (avege) pHp55.0 pHp51.3 pHp46.1 pHp44.7 pHp47.6 pHp45.10 pHp43.31 pHp43.30

avege 91-Dy t-Bill re 6.4% 5.3% 3.4% 5.2% 4.0% 3.7% 1.37% -

economy

the philiine econoy gew by 6.4% in 1Q12, highe hn he 4.9% egieed in he e eiod l ye. the couny’ GDp fo he eiod

w he highe in he asEaN egion, nd ce in econd o Chin (8.1%) co ll of ai. aid he globl econoic lowdown, he ong

econoic gowh w inly ibuble o highe govenen exendiue (+24%), obu conue ending (+6.6%) nd eilien evice

eco (8.5%), of which he el ee ubeco conibued eble 24.3% gowh.

Buine execuive e now oe oiiic on he econoy, given he couny’ helhy inveen cenio nd ong coeconoic

fundenl. rel ee lon gew fuhe by 20% YoY o pHp524B, while non-efoing lon ojeced downwd quely end o

ju 5.11% gin 6% in 1Q10. Cuenly he inee e i i lowe level, wih lending e hoveing beween 5% o 8%, in con o

a range of 12% to 15% over a decade ago. The robust inow of remittances, which reached US$10.1B (+5.1%) as of June, is expected to further

u conue ending fo he einde of he ye. Wih he ong 1Q12 efonce nd fvoble econoic envionen, o

ulilel iniuion exec he philiine econoy o gow fo 4.5% o 5.5% by ye-end.

p. 2 | coLLiers internationaL

-

5,000

10,000

15,000

20,000

25,000

2 0 0 0

2 0 0 1

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

2 0 1 2

I n M i l l i o n U S D o l l a r s

1Q 2Q 3Q 4Q

PHiLiPPiNeS | 2Q 2012 | THE KNOWLEDGE

OFW reince

Source: Bangko Sentral ng Pilipinas

* As of June 2012



Land VaLues

Ilied lnd vlue in he mi CBD ecied by ligh 0.20% in he econd que, euling in n vege ice of pHp284,635 e q

o n ccoodion vlue of pHp17,790 e q . siilly, lnd vlue in Oig Cene gew by ginl 0.50% o pHp131,430 e q

. Wih odee nube of develoen lnned in boh diic, lnd vlue y egie 4% o 5% nnul gowh in he econd hlf

of 2012. In con, lnd in Fo Bonifcio gew 20% YoY o pHp192,575 e q . the e i een o bech he pHp200,000 e q level

by nex que. Deie he liied vilbiliy of lo, econdy e ice y dive vege ccoodion vlue o be he pHp20,000

e q level in he nex 12 onh.

COmparatIVE LaND VaLUEspEsO / sQ m 2Q12 1Q12 % chanGe (QQ) 2Q13f % chanGe (yy)

makatI CBD 272,170-297,100 271,501-296,759 0.20% 290,250-327,300 8.50%

OrtIGas CENtEr 98,434-164,420 97,952-163,614 0.50% 103,800-175,200 6.10%

BGC 155,500-229,647 154,500-225,145 1.40% 212,000-275,000 15.10%

Source: Colliers International Philippines Research

mi CBD, Oig & Fo Bonifcio avege Lnd Vlue


Licenses to seLL

Although overall residential licenses issued by the HLURB improved by 20% in the rst quarter, the growth trend was stunted in the month

of May. The latest gures indicate that 60,229 units were licensed as of May 2012, down by around 5,500 units compared to the same

eiod he ye befoe. In ie of hi, he low co egen ed o how ign of ecovey ilied by he incee in licene

licion. albei ginl inceen, low-co houing inceed by 1.5% o 16,887 uni. Howeve, licene fo ocilized houing

develoen declined by 305 uni. High-ie eidenil licene lo doed by 8.5% in con o he double-digi gowh oed duing

he e eiod l ye. mid-incoe houing licene declined he o, doing 26% o ju 9,870 uni.

soe of he ecenly oved licene unde he high-ie egen in meo mnil e G reidence towe 3 (1,987 uni) by smDC

nd accolde plce (106 uni) by DmCI, boh in Quezon Ciy; sn miguel reidence (1,478 uni) by High rie Gou/sn miguel

poeie in mi Ciy; soeno Oi Building H1 nd H2 (219 uni) by Filinve in pig; nd he poino nd mii building

azue Ubn reo reidence (1,156 uni) by Cenuy poeie in pñque Ciy. Ovell, he bclog in he eidenil eco which

ood 3.7 illion in 2010 i inly cooed of dend fo ocilized nd econoic houing. the ecen develoen civiy in bohegen ugge gdul ee in uly een bu y no ignify end ove he long e.

-

100,000

200,000

300,000

400,000

500,000

2 Q 9 7

2 Q 9 8

2 Q 9 9

2 Q 0 0

2 Q 0 1

2 Q 0 2

2 Q 0 3

2 Q 0 4

2 Q 0 5

2 Q 0 6

2 Q 0 7

2 Q 0 8

2 Q 0 9

2 Q 1 0

2 Q 1 1

2 Q 1 2

p e s o s p e r s q u a r e m e t e r

Makati CBD BGC Ortigas Ctr





HLUrB LICENCEs tO sELL

UNIts JAN-MAY JAN-MAY % CHaNGE YOY

2012 2011

socilied Houing 12,237 12,542 -2.4%

Low-Co Houing 16,887 16,663 1.5%

mid-Incoe Houing 9,870 13,442 -26.6%

High-rie reidenil 21,235 23,195 -8.5%

Coecil Condoiniu 1,534 327 369.1%

F Lo 0 60 -100.0%

meoil p 58,071 49,524 17.3%

Induil subdiviion 0 24 -100.0%

Coecil subdiviion 85 437 -80.5%

tol (philiine) 119,919 116,214 3.2%

Source: Housing and Land Use Regulatory Board

office sector

suly

As of 2011, Metro Manila had an oce stock of 6 million sq m of net usable space. Some 48% of the total stock is located in Makati CBD. With

he eegence of new buine diic nd he deh in ce in he CBD, mi’ he will decline o oughly 40% in he nex wo ye.

Currently, strong demand from the Oshore and Outsourcing sectors translated to ramped-up construction activities. As a result, total oce

oc i ojeced o ech 7 illion q in 2014, ove 20% highe hn he eviou ye. Deie hi, uly ein ode in mi. Due

to the lack of developable land in the area, the Zuellig Building remains the only new oce in the CBD and is slated to be fully operational by the

hid que of 2012. soe ohe ojec in he ieline e alhlnd mi towe (38,400 q ), V-towe (23,000 q ) nd he Gloie

1 nd 2 BpO building (27,800 q ech). In ohe locion, ojec uch he a plce, techno plz two, Ne Li, Bench towe nd

aen One e geed o be fully oeionl by he econd hlf of he ye.

HLUrB Licene

Source: Housing and Land Use Regulatory Board

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

1 Q 9 9

3 Q 9 9

1 Q 0 0

3 Q 0 0

1 Q 0 1

3 Q 0 1

1 Q 0 2

3 Q 0 2

1 Q 0 3

3 Q 0 3

1 Q 0 4

3 Q 0 4

1 Q 0 5

3 Q 0 5

1 Q 0 6

3 Q 0 6

1 Q 0 7

3 Q 0 7

1 Q 0 8

3 Q 0 8

1 Q 0 9

3 Q 0 9

1 Q 1 0

3 Q 1 0

1 Q 1 1

3 Q 1 1

1 Q 1 2

u n i t s

Quarterly Approvals (LHS) Moving 12-Month Average (RHS)





Makati CBD vs. Metro Manila Oce Stock


0

100,000

200,000

300,000

400,000

500,000

600,000

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

1 9 9 0

1 9 9 1

1 9 9 2

1 9 9 3

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2 0 0 0

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2 0 1 0

2 0 1 1 F

2 0 1 2 F

2 0 1 3 F

i n s q . m .

i n s q . m .

Metro Manila Stock Makati CBD YoY Change (RHS)

0%

2%

4%

6%

8%

10%

12%

14%

16%

-

1,000,000

2,000,000

3,000,000

4,000,000

5,000,000

6,000,000

7,000,000

8,000,000

1 9 9 0

1 9 9 1

1 9 9 2

1 9 9 3

1 9 9 4

1 9 9 5

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

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2 0 0 9

2 0 1 0

2 0 1 1

2 0 1 2 F

2 0 1 3 F

i n s q . m .

Metro Manila Stock (LHS) Makati CBD (Stock) (LHS) Total Stock YoY Change (RHS)

office sector

Dend

In 2Q12, vcncy in mi ginlly declined o 3.9% bu i een o incee o ound 4% he Zuellig Building becoe fully oeionl

nex que. In icul, peiu, Gde a nd Gde B vcncie conced o 2.12%, 3.46% nd 4.47% eecively. the ne e-u y

ech oe 65,000 q hi ye, 74% incee YoY diven once gin by he Zuellig Building. Nevehele, he vcncy e i een o

bilize he ub 4%-level by end-2012.


Makati CBD Oce Supply and Demand

-5%

0%

5%

10%

15%

20%

(80,000)

(30,000)

20,000

70,000

120,000

170,000

220,000

270,000

1 9 8 9

1 9 9 0

1 9 9 1

1 9 9 2

1 9 9 3

1 9 9 4

1 9 9 5

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

2 0 0 2

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2 0 0 6

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2 0 1 0

2 0 1 1

2 0 1 2 F

2 0 1 3 F

i n s q . m .

New Supply During Year (LHS) Take-Up During Year (LHS) Vacancy at Year End (RHS)


PHiLiPPiNeS | 2Q 2012 | OFFICE



makatI CBD COmparatIVE OFFICE VaCaNCY ratEs (%)

2Q12 1Q12 2Q 2013F

prEmIUm 2.12% 3.38%

GraDE a 3.46% 3.63%

GraDE B & BELOW 4.47% 4.83%

aLL GraDEs 3.99% 4.42% 3.77%


FOrECast OFFICE NEW sUppLY

LOCatION End-2011 2012 2013 2014 tOtaL

makatI CBD 2,699,696 57,353 87,837 - 2,844,886

OrtIGas 1,145,350 - 69,720 - 1,215,070

FOrt BONIFaCIO 592,272 173,839 263,923 114,147 1,144,181

EastWOOD 292,819 35,765 - - 328,584

aLaBaNG 265,552 - 33,560 10,400 309,512

OtHEr LOCatIONs* 766,369 199,803 146,179 115,284 1,227,635

tOtaL 5,762,058 466,760 601,219 239,831 7,069,868


*Manila, Pasay, Mandaluyong, and Quezon City

ren

Oce rental rates consistently increased in the second quarter as landlords experienced strong pricing power mainly due to limited oce space.

Specically, premium rates grew by 2.5% to an average of PHP895 per sq m and are expected to break the PHP900 level in the third quarter.

avege enl e in Gde a nd B egen beched he pHp700 nd pHp500 e q level nd e ojeced o fuhe exnd by

ound 4% nd 3% eecively in he nex welve onh. menwhile, in Fo Bonifcio, ong dend fo BpO building oelled enl e

o ech level of ound pHp750 e q . Howeve, coecion in he e i execed o occu nex ye new uly becoe

ubnil.

COmparatIVE OFFICE rENtaL ratEs (pEsO / sQm / mONtH)

makatI CBD (BasED ON NEt UsEaBLE arEa)

2Q12 1Q12 % CHaNGE (QOQ) 1Q13F % CHaNGE (YOY)

prEmIUm 840-950 825-922 2.5% 865-1,035 6.1%

GraDE a 550-900 500-895 3.9% 580-930 4.1%

GraDE B 465-530 455-510 3.1% 480-550 3.5%






NOtaBLE LEasING DEaLs

Building ae Loco size (q )

Ne Li tguig phillife 10,300.00

Gloie 2 Building mi aDp 11,300.00

sLC Building mise Globl

sevice17,300.00


Cil Vlue

Cil vlue in mi CBD gew by 15.6%

YoY. re fo eiu uni e cuenly

egged n vege of pHp120,950 e q

nd will evenully ech pHp127,000 e

q in he nex welve onh. On quely

basis, capital values for Grade A and B oces

inched u by 0.9% nd 1.8% o pHp83,400

nd pHp56,755 e q , eecively. Boh

gde e een o dju by 3% o 4% byecond que of nex ye.

COmparatIVE OFFICE CapItaL VaLUEs (pEsOs / sQm)makatI CBD (BasED ON NEt UsEaBLE arEa)


prEmIUm 115,800-126,113 104,569-125,113 5.3% 121,100-133,000 5.0%

GraDE a 70,173-96,634 70,091-95,267 0.9% 72,788-101,000 4.2%

GraDE B 48,810-64,700 48,060-63,430 1.8% 49,200-65,910 3.6%


Makati CBD Oce Capital Values


30,000

50,000

70,000

90,000

110,000

130,000

150,000

2 Q 0 0

4 Q 0 0

2 Q 0 1

4 Q 0 1

2 Q 0 2

4 Q 0 2

2 Q 0 3

4 Q 0 3

2 Q 0 4

4 Q 0 4

2 Q 0 5

4 Q 0 5

2 Q 0 6

4 Q 0 6

2 Q 0 7

4 Q 0 7

2 Q 0 8

4 Q 0 8

2 Q 0 9

4 Q 0 9

2 Q 1 0

4 Q 1 0

2 Q 1 1

4 Q 1 1

2 Q 1 2

4 Q 1 2 F

2 Q 1 3 F

i n p e s o p e r s q . m .

Premium Grade A Grade B/B-





rEsIDENtIaL sECtOr

suly

As of the end of 2011, the supply of high-rise residential condominiums in the ve sub-markets tracked by Colliers was over 46,000 units. An

vege of bou 5,500 uni will be coleed nnully, leding o gowh in ol oc of 30% by 2014. mi nd Fo Bonifcio cuenly

hve he onge eidenil develoen civiy, followed by Ewood nd Oig. thi i in con o rocwell, whee uly will be

conined befoe he coleion of Edde in 2014.

No coleion wee ighed in mi CBD in 2Q12. Howeve, bou fou high-ie condoiniu y be uned ove by ye-end. thi

includes the premium condominium Raes Residences, with some 220 units. Total new supply in Makati will reach to 1,750 units this year, 5%

oe hn in 2011. menwhile, Fo Bonifcio i ojeced o delive ove 1,600 uni in he econd hlf o ech 4,511 uni fo he ye.

Overall in Metro Manila, project launches reached over 19,000 units in the rst half of this year, while reservation sales exceeded the total

lunche by ove 5,000 uni. . te-u ein conienly ong deie he ubnil nube of uly in he ieline.

mi CBD reidenil soc

FOrECast

rEsIDENtIaL NEW sUppLY

LOCatION end 2011 2012 2013 2014 tOtaL

makatI CBD 14,735 2,483 2,358 220 19,796

rOCkWELL 3,718 - - 441 4,159

FOrt BONIFaCIO 12,074 4,511 1,992 1,276 19,853

OrtIGas 9,870 1,117 934 792 12,713

EastWOOD 5,735 558 977 278 7,548

tOtaL 46,132 8,669 6,261 3,007 64,069


-5%

0%

5%

10%

15%

20%

25%

-

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

2 Q 0 0

4 Q 0 0

2 Q 0 1

4 Q 0 1

2 Q 0 2

4 Q 0 2

2 Q 0 3

4 Q 0 3

2 Q 0 4

4 Q 0 4

2 Q 0 5

4 Q 0 5

2 Q 0 6

4 Q 0 6

2 Q 0 7

4 Q 0 7

2 Q 0 8

4 Q 0 8

2 Q 0 9

4 Q 0 9

2 Q 1 0

4 Q 1 0

2 Q 1 1

4 Q 1 1

2 Q 1 2

4 Q 1 2 F

2 Q 1 3 F

i n u n i t s

Residential Stock (LHS) YoY Change (RHS)



PHiLiPPiNeS | 2Q 2012 | RESIDENTIAL



makatI CBD

COmparatIVE rEsIDENtIaL VaCaNCY ratEs (%)

2Q12 1Q12 2Q13F

LUXUrY 5.0% 6.0%

OtHErs 12.8% 12.4%

aLL GraDEs 11.8% 11.7% 12.6%


ren

Luxuy 3Br enl e in he mi CBD inceed by 6% in 2Q12. ren e cuenly pHp700 e q , which nle o pHp175,000monthly for a 250 sq m unit. The completion of the posh Raes Residences may only have a trivial eect on average rental rates, as itsbnolly high enl e execion ee feible only fo ho e lee. Nonehele, ie e y exnd by 6.6% in 2Q13 dueo lc of uly. On he ohe hnd, ie e in rocwell nd BGC gew by ove 1% quely o pHp785 nd pHp695 e q e onh,

eecively.

mi CBD reidenil Vcncy

2%

4%

6%

8%

10%

12%

14%

16%

18%

1 Q 9 8

4 Q 9 8

3 Q 9 9

2 Q 0 0

1 Q 0 1

4 Q 0 1

3 Q 0 2

2 Q 0 3

1 Q 0 4

4 Q 0 4

3 Q 0 5

2 Q 0 6

1 Q 0 7

4 Q 0 7

3 Q 0 8

2 Q 0 9

1 Q 1 0

4 Q 1 0

3 Q 1 1

2 Q

1 2 F

2%

4%

6%

8%

10%

12%

14%

16%

18%

2 Q 9 8

4 Q 9 8

2 Q 9 9

4 Q 9 9

2 Q 0 0

4 Q 0 0

2 Q 0 1

4 Q 0 1

2 Q 0 2

4 Q 0 2

2 Q 0 3

4 Q 0 3

2 Q 0 4

4 Q 0 4

2 Q 0 5

4 Q 0 5

2 Q 0 6

4 Q 0 6

2 Q 0 7

4 Q 0 7

2 Q 0 8

4 Q 0 8

2 Q 0 9

4 Q 0 9

2 Q 1 0

4 Q 1 0

2 Q 1 1

4 Q 1 1

2 Q 1 2

4

Q 1 2 F

2

Q 1 3 F


Dend

peiu eidence hve coninuouly been uoed by exie dend. pohibiive en nd he liied uly of ie ingle filyhoe hve wyed ex, icully hoe wih filie, o eo o 3-Br condo uni, which liewie hve liied uly vilble folee. Nonehele, ie condoiniu in rocwell e ill he efeed oion due o i excluiviy, followed by boh he mi CBD nd

the more recently developed Fort Bonifacio. Overall, the vacancy level for prime condominiums remains low at 5% – down from the rstque’ 6%.

the lge uly of udio nd one-bedoo uni, egen o ocied o Gde a nd B building, h conibued o he elively highlevel of vcncie ince l ye. Ye in he econd que, ovell vcncy e in mi w ble he 11% level. Gde a nd Gde Bvcncy eined he e he ub-11% nd ub-15% level eecively. Ovell, 13% vcncy e in he CBD i eied by ye-end dueo he izeble new uly coing in.





mEtrO maNILa rEsIDENtIaL CONDOmINIUm

COmparatIVE LUXUrY 3Br rENtaL ratEs


makatI CBD 520-875 455-860 6.08% 570-920 6.67%

rOCkWELL 675-900 665-890 1.27% 700-940 4.14%

BONIFaCIO GLOBaL CItY 562-828 584-897 1.68% 584-897 6.53%


COmparatIVE rEsIDENtIaL LEasE ratEs

tHrEE-BEDrOOm, sEmI-FUrNIsHED tO FULLY FUrNIsHED

mINImUm aVEraGE maXImUm

aen ridge / rox tingle

renl rnge * 100,000 15,000 250,000

avege size ** 210 280 330

slcedo Villge

renl rnge 65,000 95,000 135,000

avege size 170 190 330

Legi Villge

renl rnge 65,000 190,000 250,000


rocwell

renl rnge 150,000 200,000 300,000


Fo Bonifcio

renl rnge 70,000 160,000 280,000

avege size130 200 300

Source: Colliers International Philippines Research* in pesos per month

** in square meters

mi CBD, rocwell, Bonifcio Globl Ciypie 3Br Uni reidenil ren


-

100

200

300

400

500

600

700

800

900

2 Q 0 1

4 Q 0 1

2 Q 0 2

4 Q 0 2

2 Q 0 3

4 Q 0 3

2 Q 0 4

4 Q 0 4

2 Q 0 5

4 Q 0 5

2 Q 0 6

4 Q 0 6

2 Q 0 7

4 Q 0 7

2 Q 0 8

4 Q 0 8

2 Q 0 9

4 Q 0 9

2 Q 1 0

4 Q 1 0

2 Q 1 1

4 Q 1 1

2 Q 1 2

4 Q 1 2 F

2 Q 1 3 F

i n p e s o p e r s q . m . p e r m o n t h

Makati CBD Rockwell Bonifacio Global City





mEtrO maNILa rEsIDENtIaL CONDOmINIUm

COmparatIVE LUXUrY 3Br CapItaL VaLUEs (pEsOs / sQ m)


makatI CBD 78,936-151,922 78,000-150,121 1.2% 87,096-155,217 5.0%

rOCkWELL 98,913-141,816 98,421-140,551 0.7% 101,042-145,710 2.5%

BONIFaCIO GLOBaL CItY 90,658-136,746 90,658-135,125 0.6% 92,669-151,219 7.4%


mi CBD reidenil Cil Vlue


60,000

70,000

80,000

90,000

100,000

110,000

120,000

1 Q 0 1

3 Q 0 1

1 Q 0 2

3 Q 0 2

1 Q 0 3

3 Q 0 3

1 Q 0 4

3 Q 0 4

1 Q 0 5

3 Q 0 5

1 Q 0 6

3 Q 0 6

1 Q 0 7

3 Q 0 7

1 Q 0 8

3 Q 0 8

1 Q 0 9

3 Q 0 9

1 Q 1 0

3 Q 1 0

1 Q 1 1

3 Q 1 1 F

1 Q 1 2 F


Makati CBD Rockwell Bonifacio Global City60,000

70,000

80,000

90,000

100,000

110,000

120,000

130,000

140,000

2 Q 0 1

4 Q 0 1

2 Q 0 2

4 Q 0 2

2 Q 0 3

4 Q 0 3

2 Q 0 4

4 Q 0 4

2 Q 0 5

4 Q 0 5

2 Q 0 6

4 Q 0 6

2 Q 0 7

4 Q 0 7

2 Q 0 8

4 Q 0 8

2 Q 0 9

4 Q 0 9

2 Q 1 0

4 Q 1 0

2 Q 1 1

4 Q 1 1

2 Q 1 2

4 Q 1 2 F

2 Q 1 3 F


Makati CBD Rockwell Bonifacio Global City

Cil Vlue

Cil vlue fo eidenil condoiniu in mi CBD e cuenly egged pHp114,000 e q . thi exceed he BGC vege vlue(P113,500 per sq m) since the second quarter of 2011. In the next 12 months, prices in both locations are expected to level o at PHP121,000e q , diven by he inoducion of new eiu uly. In rocwell Cene, cil vlue ioved odely by lo 1%. Now 120,000e q , i i eied o incee by 10% uon coleion of Edde in 2014.





-

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

2011 2012 2013 2014 2015 2016

n o .

o f r o o m s

Foec on New Hoel roo suly


o mnil Hoel roo soc

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

1 9 9 0

1 9 9 1

1 9 9 2

1 9 9 3

1 9 9 4

1 9 9 5

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

n o . o f r o o m s

De Luxe First Class Standard Economy

Source: Department of Tourism

meo mnil roo soc

HOtEL & LEIsUrE

sulyIn 2011, tourist arrivals in the Philippines breached the government’s forecast to reach 3.9 million. The inux of foreign travelers are goodindico h he govenen will hi i ge of bou 4.6 illion viio in 2012 nd evenully i 10-illion ge by 2016. thi gowhoenil h encouged develoe o venue ino hoiliy-eled ojec ll ove he couny. In meo mnil lone, ove 11,000 new hoelrooms are expected to be completed in the span of ve years. New hotel developments will range from budget to premium hotels, and many willbe ging-oiened in conjuncion wih he ucoing Eneinen Ciy ojec in pñque. the id ojec i enviioned o becoe eyging cene in ai nd y c illion oui ivl nnully. Cuenly, hee e ol of 5,000 oo in he ieline wih ojecuch he solie, Belle Gnd Colex nd reo Wold By shoe. New uly hi ye y ech 2,340 uni, 1,500 uni oe hn henew oo inoduced in 2011.


PHiLiPPiNeS | 2Q 2012 | HOTEL & LEISURE



0%

10%

20%

30%

40%

50%

60%

70%

80%

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

Deluxe

First Class

Standard

Economy


meo mnil Hoel – avege Occuncy re

Dend

avege occuncy level fo meo mnil hoel ioved in 2011, gowing by 2.43%. Occuncy e wee lighly lowe hn 70% coll egen, ye highe hn he 67% ecoded in 2010. the ioveen in occuncie h inly been ibued o he incee in oui

ivl, which h been gowing 11% nnully. Fuheoe, he lengh of y lighly ioved fo 2.30 dy in 2010 o 2.48 in 2011.

Occuncy e e execed o exceed he 70% level by he end of 2013, he nube of foeign ivl i een o gow by n ddiionl660,000 by he end of 2012. In 1Q12, onhly ivl gew in double digi nd egieed n ll-ie high of 1,148,072. While koen vii hecouny ll ye ound becue hey e inly dwn o educionl nd leiue eled eblihen, cyclicl viion in foeign ivlillustrates that annual entries typically increase in May in sync with the USA’s and Japan’s summer vacations. This again increases during theholidy feiviie owd he end of he ye. togehe wih viou oui develoen ln nd he ucoing Eneinen Ciy, 3%gowh in occuncy level i ued.

0%

10%

20%

30%

40%

50%

60%

70%

80%

-

500,000

1,000,000

1,500,000

2,000,000

2,500,000

3,000,000

3,500,000

4,000,000

4,500,000

1 9 9 0

1 9 9 1

1 9 9 2

1 9 9 3

1 9 9 4

1 9 9 5

1 9 9 6

1 9 9 7

1 9 9 8

1 9 9 9

2 0 0 0

2 0 0 1

2 0 0 2

2 0 0 3

2 0 0 4

2 0 0 5

2 0 0 6

2 0 0 7

2 0 0 8

2 0 0 9

2 0 1 0

2 0 1 1

Philippine Tourist Arrivals Vs. Occupancy Rate

V is it or Arr iv al s Ave rage Occ upancy


philiine toui aivl v. Hoel Occuncy re


PHiLiPPiNeS | 2Q 2012 | HOTEL & LEISURE



mm avege Hoel roo re

CLasspublihed re (Us$) Cooe re (Us$)

1H12 2H11 1H12 2H11

5 - s 312 259 209 180

4 - s 257 255 191 158

3 - s 133 129 118 112


INDUstrIaL

suly

a of my 2012, nufcuing econoic zone egieed wih philiine Econoic Zone auhoiy (pEZa) gew by 16% ince he econdhlf of 2011. region III , icully Cl, ein o hve he bigge induil oc by oe 31,853 hece. region IV n nex, iovingby le hn one ecenge oin o 7,832 hece. In Cvie, Lgun nd Bng, whee he joiy of he econoic zone e loced,uly exnded inilly by 0.75% o 6,240 hece – inly due o he incluion of Golden Ge Buine p-Cvie Exo poceingZone (46.75 hece).

re

In contrast with the hotel industry performance during 2H11, ve-star published rates increased signicantly by 20% to US312 per night.menwhile, hee- vege e gew by 3%, while fou- e eined ble wih ege gowh of le hn one ecengepoint. On the other hand, corporate rates for ve-, four- and three-star hotels improved HoH by 16%, 20% and 5%, respectively. Theinceing end i o liely o coninue in he long e, in niciion of he ie in oui ivl.

1.00

1.50

2.00

2.50

3.00

3.50

2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11

n o .

o f d a y s

Deluxe First Class Standard Economy


meo mnil Hoel – avege Lengh of sy


PHiLiPPiNeS | 2Q 2012 | HOTEL & LEISURE | INDUSTRIAL



*INDUstrIaL VaCaNCY ratEs (maNUFaCtUrING)

rEGION IV 1H 2012 2H 2011

Lgun 4.63% 3.07%

Cvie 5.86% 6.60%

Bng 23.21% 24.66%

tol 11.39% 11.61%

Source: Colliers International Philippines Research* PEZA accredited economic zones

INDUstrIaL sUppLY stOCk (maNUFaCtUrING) a

region IV1H12 b 2H11 chanGe (hh)

hece hece %

Bng 2,669.48 2,669.48 0%

Cvie 2,224.00 2,177.20 2.15%

Lgun 1,347.23 1,347.23 0%

tol 6,240.66 6,193.91 0.75%

a PEZA (operating, proclaimed, and development in progress)

b As of May 2012

Source: Philippine Economic Zone Authority

Dend

the le govenen d how h ol exo oe by 19.7% o Us$4.3 billion in my hi ye, he highe in 17 onh. the ecovey inhe eleconic egen, icully in eiconduco, y hve fily been eul of lowe be in he le of 2011. In ie of hi,industry ocials are hopeful for moderate growth towards the remainder of the year. Meanwhile, vacancy rates in Cavite and Batangas slightlyeased to 5.86% and 23.2% respectively in the rst half of 2012. On the other hand, Laguna vacancy rates inched up to 4.63%. Unlike heavynufcuing oeion, ohe induil civiie uch logiic evice, wehouing, oge nd ebly oceing e highly liely oincee in he long e ince hee e oe vible induie in he philiine.

pohibiive owe e coninue o be he bigge chllenge in he exo induy, nd i exc hevy oll eecilly on lge-clemanufacturing rms. A study conducted by the Australian-based international energy consultant AIC showed that the Philippines has the

second-highest industrial rate in the world at US$0.13 per kilowatt hour, second to Singapore (US$0.14) yet higher than Japan (US$0.12),thilnd (Us$0.09), mlyi (Us$0.08), souh koe (Us$0.07), Vien (Us$0.06) nd Indonei (Us$0.05). I i fo hi eon h ulyconinue o ein ive, develoe e le oied owd exnding hei induil ojec ofolio.

R-III, 58%

R-IV, 14%

R-VII, 8%

R-X, 6%

R-VIII ,

5%

*philiine Induil suly soc by region of Highe suly(mnufcuing)

* PEZA accredited economic zones Source: Philippine Economic Zone Authority


PHiLiPPiNeS | 2Q 2012 | INDUSTRIAL



-20%

-10%

0%

10%

20%

30%

40%

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

45,000

50,000

1 Q 0 4

3 Q 0 4

1 Q 0 5

3 Q 0 5

1 Q 0 6

3 Q 0 6

1 Q 0 7

3 Q 0 7

1 Q 0 8

3 Q 0 8

1 Q 0 9

3 Q 0 9

1 Q1 0

3 Q1 0

1 Q1 1

3 Q1 1

1 Q1 2

Car Sales YoY Change (RHS)

Source: Chamber of Automotive Manufacturers of the Philippines

Quely Vehicle sle

re

As of the rst half of 2012, land leasehold rates and lease rates for warehouses and standard factory buildings witnessed minor upticks of 2.7%and 0.83% respectively. The recent recovery in electronic products, which account to 38% of the total export earnings, may not reect a trendin he long e. moeove, he lc of uwd oenu in en ugge gowh of le hn 5% by ye-end. menwhile, lnd vlue eseen to be generally at with a growth of 0.68% in the next twelve months from the current PHP3,700 per sq m rate.

INDUstrIaL LEasE ratEs (maNUFaCtUrING)

region IV a1H12 2H11

(pHp/q /onh) (pHp/q /onh)

Lee Hold (Lnd) 23.08 22.46

Lee re (sFB b) 165.12 163.76

a Cavite, Laguna and Batangas

b Standard Factory Building


sending Indico

The improved supply chain in Japan and Thailand have recently boosted car sales in the Philippines to about 14,265 units in May – a quarterlygrowth of 31%. However, this only resulted in a negligible growth of about 0.26% during the rst ve months of the year, or just about 155 unitsoe coed o he e eiod ye go. Bed on he d fo he Chbe of auooive mnufcue of he philiine Inc.(CampI), enge c le conced by 9.98% deie he 5.34% incee in coecil vehicle old. the ecovey in oducion ouuugge n uwing in le fo he einde of he ye.

2,000

2,200

2,400

2,600

2,800

3,000

3,200

3,400

3,600

3,800

4,000

2 Q 0 1

4 Q 0 1

2 Q 0 2

4 Q 0 2

2 Q 0 3

4 Q 0 3

2 Q 0 4

4 Q 0 4

2 Q 0 5

4 Q 0 5

2 Q 0 6

4 Q 0 6

2 Q 0 7

4 Q 0 7

2 Q 0 8

4 Q 0 8

2 Q 0 9

4 Q 0 9

2 Q 1 0

4 Q 1 0

2 Q 1 1

4 Q 1 1

2 Q 1 2

4 Q 1 2 F

2 Q 1 3 F

Cavite, Laguna, & Batangas

Cavite, Laguna, & Batangas


region IV Induil Lnd Vlue


PHiLiPPiNeS | 2Q 2012 | INDUSTRIAL



522 oces in62 counie on6 coninen

United States: 147 ocesCanada: 37 ocesLatin America: 19 ocesAsia Pacic: 201 ocesEMEA: 118 oces

• $1.8 billion in annual revenue

• 1.25 billion square feet under management

• Over 12,300 professionals worldwide

coLLiers internationaL

phiLippines

10F towe 2 rCBC plzayl avenue, mi Ciyphiliine

tEL +632 888 9988FaX +632 845 2612

www.collie.co

kl pbResearch AnalystConsultancy and Valuation ServicesMain +632 888 9988 ext.4030Fx +632 845 2612

Email [email protected]

Jl Gvaocie Dieco & De. Hedadvioy & reechmin +632 888 9988 ex.4024FaX +632 845 2612Eil [email protected]

dv a. ygmnging DiecoCollie philiinemin +632 888 9988FaX +632 845 2612

Eil [email protected]

Coyigh © 2011 Collie Inenionl.

the infoion conined heein h been obined fo ouce deeedreliable. While every reasonable eort has been made to ensure its accuracy,we cnno gunee i. No eonibiliy i ued fo ny inccucie.rede e encouged o conul hei ofeionl dvio io o cingon ny of he eil conined in hi eo.

COLLIErs INtErNatIONaLpHILIppINEs maNaGEmENt tEam

INVEstmENt sErVICEs

ieyo De Guzn | Execuive Dieco

OFFICE sErVICEs - Lndlod & tenn reeenion

Jie Espinosa | Director

rEaL EstatE maNaGEmENt sErVICEs

Chiin Ein | Dieco

VaLUatION & aDVIsOrY sErVICEs

mi Beniez | Dieco

rEsIDENtIaL sErVICEsGigi Ligungco | aocie Dieco

rEaL EstatE maNaGmENt sErVICEs

micy Oiol | aocie Dieco

rECENt rECOGNItIONs

pHILIppINE EUrOmONEYrel Ee awd 2011 - Winne* Be Ovell advie & Conuln

* agency | Leing

* Vluion

* reech


philippines hotel & liesure market

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