JLL enters Philippine luxury residential market
Acts as exclusive sales agent for upscale 27 Annapolis in San Juan
The Philippine unit of real estate services firm Jones Lang Lasalle (JLL) is venturing into Metro Manila’s luxury residential market as the exclusive sales agent of the upscale 27 Annapolis condominium tower in San Juan City, the company announced over the weekend.
In a statement, JLL said it was appointed by local developer Bayswater Realty to be the exclusive selling agent of the 45-story luxury tower located in Greenhills, San Juan, the maiden project of Bayswater.
27 Annapolis, which was designed by the architecture firm of WV Coscolluela and Associates and is being built by Megawide Construction Corp. as the general contractor, offers just 190 units in studio, 2-bedroom, and 3-bedroom configurations ranging in size from 40 square meters to an expansive 657 square meters. All of the residential units are located on the 15th floor or higher in the building, with expansive views and air and natural light access in every room – each unit features floor-to-ceiling windows, the developer said – being a significant selling point.
Building amenities include a grand lobby, a fully equipped fitness center, lap pool, kiddie pool, multipurpose function rooms, a bar area, and playroom area for the children.
Bayswater Realty also pointed out that the building is equipped with a number of key access and safety features, including a drivers’ lounge, three high-speed elevators, 100 percent electrical generator back-up, pressurized fire escape stairs, backup water tanks for both building supply and fire safety, and CCTV coverage in all common areas.
Luxury in high demand
The 27 Annapolis project targets the mobile entrepreneurs and professionals market, according to Bayswater Chief Executive Officer Andie Ngan.
“The market of 27 Annapolis also includes Greenhills residents looking to downsize and avoid the maintenance problems of a single-detached home,” Ngan said. “Its access to the three major central business districts of Ortigas, Makati, and Bonifacio Global City is also a major feature.”
JLL Country Head Lindsay Orr emphasized that there is high demand for top-end residential condominiums in Metro Manila, as indicated by the decline in vacancy rates in the luxury segment.
Orr noted that vacancy rates for high-end condominiums in Makati and Bonifacio Global City declined to 6.3 percent in the second quarter of 2016 from 7.5 percent in the previous quarter.
“JLL studies also show that demand drivers include not only high net worth Filipino individuals and expatriate employees but also affluent buyers from China, Hong Kong , Singapore and other global hubs,” the company said.
In an earlier interview, JLL head of research, consultancy and valuation services Claro Cordero Jr. said the growing demand for luxury residential property is being driven by the Philippines’ rising middle class market.
“As the families in the middle class improve their earning position, they are able to invest in higher end luxury properties, in search of high-yielding investment instruments,” Cordero said.
Cordero also noted the residual demand for luxury properties outside of the Makati CBD/BGC areas, due to the growing number of multinational companies.
Orr said that average capital values in Metro Manila remain low compared to those in other centers in the region.
“We will tap JLL’s international networks as well as strong relations with local clients and partners to expand the reach of top-end projects like 27,” Orr said.
JLL Associate Director Andy Gomez said that at present, already 20 percent of 27 Annapolis has already been sold, mostly to Chinese-Filipino buyers.
“It’s proving popular with the Filipino-Chinese community and buyers that have an affinity with that market,” Gomez said.
He added that the project is scheduled for completion in the fourth quarter of 2017.
Orr expressed his optimism for JLL Philippines’ partnership with Bayswater.
“JLL is a global synergy — our offices all over the world bring those opportunities within reach of a greater number of individual as well as corporate clients. And 27 Annapolis will have that very advantage only JLL can offer,” Orr said.