The top Philippine real estate developers still have a number of ongoing developments that hope to meet the demand for more vacation condos in Tagaytay, particularly residential properties near beaches and tourist sites.
Ayala Land reported P9 billion in sales last year from its 10-year-old Anvaya Cove leisure project in Morong, Bataan.
As the economy grows, resort demand is spreading to the middle class.
SM Prime‘s Hamilo Coast in Nasugbu, Batangas is also getting a lot of attention because of its beach condos.
Now, real estate firms are hiking up from the sea to the hill. Both Ayala and SM are building so-called vacation condominiums in Tagaytay.
“Tagaytay is still really your number one local tourist destination south of Metro Manila…It’s really a place they like to go to on weekends and even for longer periods of time,” said Avida Land senior division manager Herbert Herrero.
Herrero said Serin is targeted at the middle income market who may want to buy a second property for a vacation home or an investment to be rented out to tourists.
With controversies surrounding other condo projects such as Torre de Manila, Herrero was quick to say that the buildings do not block the view of Taal.
“We wanted a project that will blend with the ambiance, the ridge, and that has been in our mindset…Compliment and blend in the atmosphere in Tagaytay, the quaint, garden-type living lifestyle,” he said.
This rise of leisure residential projects highlights the growing market for second homes in the Philippines, so don’t be surprised if you find new developments near your favorite beach or mountain getaway.
(Article by Jekki Pascual for the ABS-CBN News Channel.)