Colliers Radar | Research 29 June 2017

Shifting Orbits The Rise of Satellite Communities

Colliers expects developers to continue pursuing master- planned communities as these offer a better value proposition than standalone projects. We believe that the emergence of millennial workers, who account for about 40% of the country’s labor force and are primarily employed in BPOs, will sustain the demand for integrated live-work-play environment. The concept of building offices, condominiums, malls, schools and hospitals within

one community satisfies the millennials’ demand for greater mobility and convenience.

By Joey Roi Bondoc Colliers sees developers pursuing more integrated Manager | Research communities outside of Metro such as Cavite, [email protected] Laguna, Bulacan, and Pampanga over the near- to medium-term as land values are unlocked by an aggressive expansion of road networks. We are confident The government’s failure to adequately that this will be sustained by the government’s push to generate economic opportunities in the countryside address issues plaguing anchored on its commitment to usher in the ‘golden age of such as worsening traffic, flooding, and infrastructure.’ poor mass transportation systems has compelled private firms to take the lead in Selected Townships across Metro Manila developing master-planned communities that integrate the live-work-play lifestyle. The expansion of economic activities in the country’s capital has also buoyed demand for integrated communities. To further unlock opportunities, we recommend that developers:

 Distinguish their projects from others by allocating land for education, healthcare, entertainment and recreational uses;  Intensify efforts in terms of strategic landbanking;

 Explore the option of acquiring Source: Colliers International Philippines

reclaimed land;  Redevelop brownfield properties; and

 Build flexible office space to

accommodate non-business process outsourcing (BPO) occupants.

Contents

The problems of Metro Manila ...... 4

Eastwood City: Clothing to outsourcing ...... 5

Rockwell Center: Mothballed thermal to sprawling residential ...... 5

Century City: CBD in periphery ...... 6

Capitol Commons: Capitalizing on Ortigas Fringe ...... 6

Vertis: Northern Metro Manila’s Emerging CBD……………………………………………..7

Arca: Southern gateway to Manila ...... 7

Circuit: Makati’s new entertainment hub ...... 8

Aseana City: Reclaimed BPO and tourism hub ...... 8

Bridgetowne and ArcoVia: From industrial property to integrated community ...... 9

Conclusion and Recommendations ...... 9

3 Colliers Radar | 29 June 2017 | Research | Colliers International

Status of Metro Manila townships

Office (sq m) Residential (unit) Retail (sq m) Hotel (unit) Township Institutional Entertainment (Land Area) Total Total Total Total (sq m) (sq m) Completed Completed Completed Completed Planned Planned Planned Planned GLA Units GLA Units GLA Units GLA Units

Eastwood City (18.5 ha) 352,500 320,100 9,700 7,600 25,000 25,000 90 90 1,300 -

Rockwell Center (15.5 ha) 62,000 62,000 5,900 4,200 51,000 45,000 400 114 3,600 -

Century City 93,800 - 3,800 3,500 17,000 17,000 - - 1,400 - (3.4 ha)

Capitol Commons (10 ha) 32,900 19,200 2,000 - 55,000 30,000 - - - -

Vertis North 120,200 - 4,200 - 47,000 9,000 440 300 11,100 - (29 ha)

Arca South 200,000 - 2,400 - 103,000 - 270 - 1,500 - (74 ha)

Circuit Makati 72,100 - 1,300 - 69,000 11,000 250 - - 31,300 (21 ha)

Aseana City 131,800 42,300 1,700 - 257,000 25,000 3,850 1,620 160,400 33,400 (107 ha)

Bridgetowne 127,800 22,700 - - 17,000 - - - - - (8 ha)

Source: Colliers International Philippines Research Figures are rounded off

surrounded by upscale facilities, spacious open area,

The problems of Metro Manila green surroundings and energy-efficient infrastructure – Several socio-economic issues plaguing Metro Manila all done by private developer-led master planning. In remain unresolved. The lack of economic opportunities these communities, integration prevails over seclusion in the countryside is pushing people to migrate to the as the middle-class family upgrades to condominiums country’s capital, exacerbating Metro Manila’s unabated from house and lots. population growth. Poor public transportation systems coupled with congested traffic make for a gruelling daily The rising demand for these integrated developments as commute for the workforce. well as soaring land values in central business districts (CBDs) have provided the opportunity for developers to These issues continue to constrain Metro Manila from transform idle properties on the outskirts of CBDs into achieving its full growth potential. Developers are masterplanned communities. Eastwood City is the bridging infrastructure gaps and unlocking opportunities former site of a textile mills; a thermal power plant used by building master-planned communities that have the to occupy a portion of Rockwell Center; Century City is potential to become major catchment areas for business the former site of International School-Manila; while activities in the country’s capital. Capitol Commons is a redevelopment of the former capitol of Province. The expansion of business opportunities in Metro Manila has been fuelled by the influx of multinational Rising demand and land prices are also enticing outsourcing companies. The fast-evolving demands of industrial property owners in strategic locations to the capital’s workforce and households play a crucial liquidate land holdings in favor of mixed-use township role in driving a shift in the mindset and strategies of real developments. Examples of these are the upcoming estate developers. Property firms saw the need to add projects along C-5 Road such as Megaworld’s ArcoVia value to the usual standalone building. Market demands City and Robinsons Land’s Bridgetowne. The strategic dictate that they build malls, residential condominiums, location unlocks the potential of these former industrial and institutional facilities such as schools and hospitals properties for more profitable uses. alongside offices. Metro Manila residents’ rising disposable incomes have enhanced their standards of The national and local governments’ thrust of raising living and reinforced their demand for “convenience, non-tax revenues has compelled a number of agencies accessibility, and exclusivity” – features only a master- to put large land parcels out to tender to major property planned community could provide. They now prefer to developers. These properties are now being transformed live, work, dine, and shop in a single community into satellite communities that offer specific value propositions: is being positioned as the new

4 Colliers Radar | 29 June 2017 | Research | Colliers International

CBD of Northern Metro Manila; Makati Circuit is being hundred companies. Its occupants include some of the groomed as the next entertainment hub while biggest BPO and KPO firms in the country such as is poised to serve as the Southern gateway to the Accenture, Citibank, and IBM. country’s capital. Rockwell Center: Mothballed Developers are also building townships outside of Metro Manila. We attribute this to the construction of railways thermal to sprawling residential and roads in key areas outside of the country’s capital which unlock values for properties that could be developed into mixed-use communities. We believe that the sprawl into urban areas such as Cavite, Laguna, Bulacan, and Pampanga was also necessary in capturing a large fraction of the available labor pool that BPO and industrial tenants could tap. The surge in residents’ purchasing power encouraged developers to build malls and recreational facilities alongside office and residential condominium buildings. The entertainment facilities also make these townships an attractive weekend destination for Metro Manila residents. These developments should be sustained by institutional facilities such as schools and hospitals. Colliers believes that the Duterte administration’s decentralization thrust Source: Rockwell Land anchored on the implementation of major public infrastructure projects should entice developers to Rockwell Land was established in 1995 to develop the aggressively pursue master-planned communities 15.5-hectare area occupied by a decommissioned outside of Metro Manila. thermal power facility. The property was transformed into one of the premium locations for residential development in Metro Manila. The community’s high-end residential Eastwood City: Clothing to condominium buildings include , Rizal outsourcing Tower, Amorsolo Square and . At present, these properties’ occupancies hover between 90% and 95% despite being offered to the market in the early 2000’s. Nine residential buildings have been completed since 1999 offering some 4,100 units. The Carlos Ott- designed The Proscenium features five residential towers that will offer an additional 1,600 units. The towers are due to be completed from 2018 to 2021 but are already 86% sold as of 1Q 2017.

The 40,000 sq m (430,000 sq ft) was completed in 2000. The mall has gone through a number of renovations to keep pace with the fast-evolving preferences of consumers. Its 6,000 sq m (64,560 sq ft) expansion will be completed by September 2017.

Source: Megaworld Rockwell is also building a 280-room hotel under the Aruga brand due to be completed in 2019. This will Established in 1999, Eastwood City is Megaworld’s first master-planned community in Metro Manila. A former complement the existing 114-unit Aruga serviced textile mill, it has expanded to 18.5 hectares from its apartment. original scope of 12 hectares. It currently houses 20 condominium projects featuring about 7,500 units and 11 The recently-completed 8 Rockwell attracted some of the office buildings with a combined gross leasable area most prominent pharmaceutical and advertising firms (GLA) of about 320,000 sq m (3.44 million sq ft). From such as Pfizer, Takeda, IMS Health, and Ogilvy & 2017 to 2021 we expect about 1,700 units being added Mather. The 32,000 sq m (344,320 sq ft) facility also to Eastwood’s residential stock while its office stock is houses the ABS-CBN News Channel’s new studio. Other expected to increase by nearly 30,000 sq m (322,800 sq office buildings in Rockwell Center include the 12,700 sq ft). At present, Eastwood City houses more than a m (136,650 sq ft) Phinma Plaza which houses Phinma

5 Colliers Radar | 29 June 2017 | Research | Colliers International

Corporation and Trans-Asia Petroleum and the 16,800 Capitol Commons: Capitalizing on sq m (180,770 sq ft) building occupied by Nestle Philippines. Ortigas fringe

Century City: CBD in Makati periphery

Source: Ortigas & Company

A redevelopment of the former Rizal Provincial Capitol complex, Capitol Commons is a 10-hectare mixed use

Source: development by Ortigas & Co. situated in City. It is bannered by Estancia, which offers 30,000 sq m Century City is a 3.4-hectare development by Century (322,800 sq ft) of retail space and more than 19,000 sq Properties located in the fringes of Makati CBD. The m (204,400 sq ft) by GLA of office space, half of which is township sits on a property previously occupied by the occupied by the shared service center of Maersk Group. International School of Manila. Century City’s residential The township will also house a 10,000 sq m (107,600 sq projects are marketed to be in the upscale segment by ft) Unimart to cater to grocery shopping needs of partnering with prominent personalities and brands such residents in the Eastern part of Metro Manila. as Daniel Liebskind, Trump, Armani and Versace. Of the five residential buildings, four have already been From 2018 to 2020, three residential towers featuring completed featuring some 3,400 units. , more than 1,900 units are due to be completed. The the last of the five residential skyscrapers to rise in residential condominiums are more than 60% sold as of Century City, features 335 units and is 92% sold as of 1Q 2017. 1Q 2017. Capital Commons augments the existing office, retail, was completed in 2014. The 17,000 sq and residential developments in the eastern part of the m (182,920 sq ft) retail outlet is anchored by Rustans metropolis. Its strategic location in the fringe of Ortigas Supermarket. Center shields the satellite community from traffic congestion within the business district. These features The integrated community also features the country’s enable Capitol Commons’ residential units to command first medical mall, the 28-story Centuria Medical Makati. a price per square meter about 30% higher than The medical mall should benefit from the country’s comparable units in . emergence as a viable medical tourism hub in Asia Pacific.

6 Colliers Radar | 29 June 2017 | Research | Colliers International

Vertis: Northern Metro Manila’s Line 3 – that pass through Metro Manila’s main thoroughfare. emerging CBD Arca: Southern gateway to Manila

Source: Ayala Land

Ayala’s 29-ha Vertis North is being positioned as the Source: Ayala Land CBD of northern Metro Manila. The satellite community 74-hectare Arca South is being positioned as the next should capture the growing demand for office, retail, major CBD in southern Metro Manila.The former site of residential, and institutional space in and government-owned Food Terminal Inc. (FTI) will directly the ---Valenzuela benefit from the construction of infrastructure projects (CAMANAVA) corridor area as well as parts of Bulacan that link the capital to the thriving provinces of Cavite in Central Luzon. and Laguna. Vertis North’s six residential towers offer a combined Nine BPO buildings with a combined GLA of 200,000 sq 4,121 units. Take-up is at 89% as of 1Q 2017. m (2.15 million sq ft) are in the pipeline. Arca South The Seda Vertis North, Ayala’s largest hotel under the Retail will offer some 103,000 sq m (1.1 million sq ft) of Seda brand, had a soft launch in April this year. The leasable space and will open this year. The township’s 438-room hotel was well-received given the lack of facilities will be complemented by a 265-room Seda quality accommodation in the northern part of Metro Hotel and a 250-bed QualiMed Hospital. Manila. Bloomberry Resorts, the operator of Solaire, will Some 2,300 residential units have been launched with also build a casino in the area that aims to capture the about 91% already sold. mass-gaming market in northern Metro Manila and northern and central Luzon. The upcoming South Integrated Transport System (ITS) will be built right beside the Arca South. About 4,000 Vertis North mall, a 47,000 sq m (505,720 sq ft) retail buses and 160,000 passengers are expected to pass outlet primarily targeting millennial mallgoers, partially through the terminal daily and this should directly benefit opened in June. It will be 85% operational by the end of Arca South’s retail components. Furthermore, the the year. community’s proximity to key locations such as Makati The three-tower Vertis North Corporate Center will have CBD, Ninoy Aquino International Airport (NAIA), and Fort a combined gross leasable area (GLA) of about 140,000 Bonifacio should help facilitate the community’s sq m (1.51 million sq ft) and will mainly house BPO and development into a full-blown CBD. KPO companies. The 39,000 sq m (419,600 sq ft) Tower 1 is due to be completed this year.

Vertis North’s viability as northern Manila’s new business district will be buoyed by the completion of the Metro Rail Transit (MRT) Line 7 which links North EDSA to San Jose del Monte in Bulacan. The government expects the project to become operational by 2021. The master- planned community is also linked to two existing railways - Light Rail Transit Line 1 and Metro Rail Transit (MRT)

7 Colliers Radar | 29 June 2017 | Research | Colliers International

Circuit: Makati’s new entertainment Aseana City: Reclaimed BPO and district tourism hub

Source: Ayala Land Source: Aseana City

The former Sta. Ana Racetrack is envisioned as the new The presence of large casino-resort operators should lifestyle and entertainment hub of Makati City. It features sustain demand for office, retail, and residential an indoor theatre, multipurpose entertainment spaces, developments in this 107-hectare integrated community. skate park, and open grounds. It features the 170-unit Pixel Residences condominium that is recording strong take-up among the segment of The 21-hectare Circuit will feature residential buildings the population that wants to live within the Manila Bay from Alveo Land and Ayala Land Premier. Three Area and the city centers surrounding it. residential towers featuring more than 1,200 units have been launched so far. Take up is strong with about 83% Demand for Makati CBD and Fort Bonifacio office space of units already sold. should spill over into Aseana City. It will offer a total of 290,000 sq m (3.12 million sq ft) of leasable office space Its Seda hotel, due for completion in 2018, will add 255 that will mainly target BPOs. Of the total, some 125,000 rooms to Makati CBD’s hotel stock. sq m (1.35 million sq ft) has been completed with BPO firm One Trilogy Systems and London-headquartered Its office buildings will offer about 72,000 square meters maritime service provider V Ships among the tenants. (774,700 sq ft) of leasable space. Colliers expects these office buildings to attract a mix of BPO and traditional Aseana City also houses a Blue Leaf events pavilion, a tenants, especially those looking for available space in popular venue for weddings and large gatherings with a Makati’s peripheries. capacity of 1,000 guests.

DM Wenceslao’s partnerships with major national (Ayala land) and regional (Hongkong Land) developers as well as the presence of major infrastructure projects (NAIA Expressway, LRT 1 Extension, and Southwest Integrated Terminal) affirm Aseana City’s potential as a key business district.

8 Colliers Radar | 29 June 2017 | Research | Colliers International

Bridgetowne and ArcoVia: From Conclusion and Recommendations industrial property to integrated Colliers expects developers to continue pursuing satellite community communities in and outside of Metro Manila. Townships offer a better value proposition than standalone projects since they offer mixed-use developments. We believe that this feature makes integrated townships a more attractive option for investors.

More BPO tenants will also gravitate toward integrated communities as they offer a better living and working environment.

Colliers sees the emergence of millennial workers, who account for about 40% of the country’s labor force, sustaining the demand for township projects. The concept of building offices, condominiums, malls, schools and hospitals within one community satisfies millennials’ demand for greater mobility and convenience. By 2030, millennials and the next Source: Robinsons Land generation will comprise about 70% of the country’s workforce based on data from the Philippine Statistics Bridgetowne Business Park is a 8-hectare property Authority (PSA). A 2015 Urban Land Institute (ULI) acquired from Republic Glass Holdings Corporation. It report noted that about 60% of millennials would like to features four office buildings with a combined GLA of live where they do not need a car often and that about 127,000 sq m (1.37 million sq ft). The 23,000 sq m millennials will continue to be a strong driver of demand (247,500 sq ft) Tera Tower was completed in 2015. for compact and mixed-use communities. Among its major occupants is the BPO firm Concentrix. The firm will also occupy additional space in Zeta and Eventually, we see private developers taking the lead in Exxa Towers which are expected to be completed over building crucial infrastructure to boost growth within their the next 18 to 24 months. Details of Bridgetowne’s retail integrated communities. A key example is the planned and residential components have yet to be released. The construction of a bridge over River that will integrated community also features a Blue Leaf events connect two parcels of land in Pasig and Quezon City pavilion. owned by Ayala Land and Eton Properties, respectively. The properties cover the planned 35-hectare mixed-use ArcoVia is Megaworld’s newest township and dubbed as estate along the C-5 corridor that will be developed by the country’s first ‘green’ community. It spans 12.3 two of the largest property developers in the Philippines. hectares. Three LEED-registered office buildings, due for completion late this year and in 2018, will be designed We believe that the current administration’s thrust to by the firm behind Burj Khalifa in Dubai, currently the spread economic opportunities outside Metro Manila and world’s tallest building. The office towers will offer a intensify infrastructure development should provide combined 87,000 sq m (936,100 sq ft) of leasable space impetus for developers to be more aggressive in and are expected to be completed between 2018 and pursuing mixed-use projects outside of the country’s 2019. capital.

ArcoVia will also have retail and residential components. To the south, we see Cavite benefiting from the The Filipino concept membership supermarket Landers implementation of rail and road expansion projects which will open a branch within the township. ArcoVia will be should provide access to properties that could be supported by a rainwater catchment facility and a redeveloped into mixed-use communities. These transportation hub. infrastructure projects include the recently-completed -Cavite Expressway (MCX) as well as Light Both Bridgetowne and Arco Via are attractive locations Rail Transit (LRT) 1 Cavite extension, Cavite-Laguna for outsourcing companies given their proximity to Pasig Expressway (CALAx), and North Luzon Expressway and , Cainta, and Taytay in Rizal Province, a (NLEX) and South Luzon Expressway (SLEX) connector corridor considered a rich source of BPO talent. road which are under construction.With several infrastructure and township investments in the pipeline,

9 Colliers Radar | 29 June 2017 | Research | Colliers International we expect Cavite to come to its own as an urban center developers assess each community’s distinct assets and and rise from its previous image as a mere suburban potential and eventually build facilities that will maximize support area to Metro Manila. Among the major those features. A well thought-out placemaking strategy townships located South of Metro Manila are should keep people interested to stay in an integrated Megaworld’s Southwoods, Vista Land’s Vista City, and township. Overall, placemaking should help transform Ayala Land’s Nuvali and Vermosa. While these places into destinations where people can synergistically townships offer a significant portion for lifestyle and converge. recreational facilities, they are also envisioned as major retail and academic hubs of Southern Luzon. The Strategic landbanking establishment of the first University of the Philippines Colliers believes that developers should take advantage (UP) Technopreneurship campus in Vista City should of the government’s thrust to intensify infrastructure support local technological start-ups as well as the development in and outside of the country’s capital. The expansion of the existing manufacturing base in the completion of public infrastructure projects should result Cavite-Laguna-Batangas corridor in a more aggressive construction of townships. To cash in on the opportunities, developers must intensify efforts To the north, we see Pampanga cornering the bulk of in terms of strategic landbanking. Within Metro Manila, township-related investments in the region given the opportunities for township developments are in Quezon government’s commitment to develop the North Luzon City North (Fairview, San Jose del Monte, Novaliches segment of North-South Railway project and expand the and Commonwealth), Marikina and Pasig. Meanwhile, existing Clark International Airport. Townships such as other provinces that are viable locations for township Ayala’s Alviera and the Megaworld’s Capital Town are developments include La Union, Pangasinan, Tarlac, allotting a significant space for industrial parks. These Batangas, Naga, Iloilo, Bacolod, Cebu, Davao, and industrial spaces, coupled with major infrastructure Cagayan de Oro. projects, should further enhance Pampanga’s appeal to existing and prospective industrial locators. Developers As an example, Ayala Land is able to launch major are also building a substantial amount of office space to townships in and outside of Metro Manila due to strategic take advantage of Pampanga’s viability as a key landbanking. After the launch of Vertis and Arca in the outsourcing hub. northern and southern portions of Manila, the property firm said it has concluded a deal with the Lucio Tan Over the near to medium term, Colliers sees more group’s Eton Properties to develop a 35-hectare property industrial-related developments as part of townships spanning Quezon and Pasig cities. Recently it launched being pursued by developers nationwide, especially in its 250-hectare Evo City project in Cavite and the 25- areas where adequate infrastructure support is available. hectare Azuela Cove in Davao City. Given the growing appetite for township development, we recommend that developers implement the following: Development of flexible office space to accommodate firms that require smaller space Differentiation of townships The robust economic growth in the country’s capital Developers are aggressively acquiring large parcels of reflects not just the sustained dynamism of the BPO-led land that could be developed into master-planned services sector but also the expansion of other key communities. In the increasingly competitive economic sub-sectors such as construction, environment, developers need to distinguish their telecommunications, banking and finance, warehousing projects from others. Apart from the typical land uses and logistics, and manufacturing. We expect companies such as office, residential, retail, and hotel, developers engaged in these businesses to expand and thus occupy should also incorporate institutional uses such as additional office space. We encourage developers to education and healthcare. Other developers have been make their office buildings in their respective townships more aggressive in “differentiating” their communities by more flexible to accommodate demand from non- integrating entertainment and recreational facilities for BPO/traditional companies that require smaller cuts. outdoor sports such as football and wakeboarding. These townships include with its skate This recommendation also applies to office buildings in park; Nuvali with its wakeboarding facility; and Alviera townships outside of Manila since the current bannered by Sandbox, which features the country’s first administration’s decentralization push is encouraging roller coaster zipline. The developers’ differentiation national government agencies and their attached strategies are anchored on placemaking or the ‘multi- bureaus, which occupy less office space than BPOs, to faceted approach to the planning, design and transfer to nearby provinces such as Pampanga. We management of public spaces.’ Under this method,

10 Colliers Radar | 29 June 2017 | Research | Colliers International also see firms which conduct businesses with these of developments as long as the projects are aligned with government agencies opening shops outside Metro the entire township’s design guidelines. This should Manila. Some of the recently completed office buildings result in a more interesting development mix and within Metro Manila townships that house a mix of BPO landscape for the entire integrated community. The and traditional tenants are Aseana Two in Aseana City, Aseana City, for instance, should become a more Estancia in Capitol Commons, and Tera Tower in attractive master-planned community once the mixed- Bridgetowne Business Park. use projects of Ayala Land and Hong Kong Land are completed. Acquisition of reclaimed land

Developers should be on the lookout for ongoing reclamation projects in the Manila Bay Area as a As for end-users and investors, we recommend the potential supply of developable land. At present, there following: are four active reclamation projects around the Manila Bay Area where commercial, residential, industrial, and Emphasis on the lifestyle educational zones can be developed. Land in reclaimed For end-users, we recommend opting for developments areas is much cheaper than in established business in mixed-use satellite communities as these enhance hubs. Townships developed on reclaimed land in the working and living conditions. In fact, smaller-sized retail Manila Bay Area, such as DM Wenceslao’s Aseana City, and office developments are being created in line with should also benefit from public infrastructure projects the live-work-play philosophy. nearby such as the Southwest Integrated Terminal, NAIA Expressway, Sangley Airport, and Metro Manila subway. Possible enhancement of yields According to the Philippine Reclamation Authority (PRA), the major reclamation projects in the Manila Bay Area We recommend that investors choose projects in include the 148-hectare Manila Solar City stretching from townships due to possible yield enhancement. Given that the Cultural Center of the Philippines to the United capital values in established CBDs have significantly States embassy and the 635-hectare Las Piñas- escalated in recent years resulting in yield compression, Parañaque Coastal Bay Reclamation Project which is lower entry price for strata-titled office and residential near the existing Mall of Asia Complex and across the developments could offer some enhancement in yields. Libertad channel.

Redevelopment of brownfield assets

Developers must aggressively scout for idle private properties or government assets that they can acquire and redevelop into master-planned communities. This strategy is similar to Rockwell Land’s redevelopment of a mothballed power facility into a thriving Rockwell Center and Megaworld’s transformation of an idle textile mills into a fully-developed Eastwood City. We expect the government to be more active in putting land parcels out to tender to private developers as it intends to raise additional revenues for its massive infrastructure development program. Given the lack of developable land in Metro Manila, we think that some developers should revisit the option of buying back properties that were previously donated to government agencies.

Implementation of a unique development mix with other developers

We recommend that developers that own large parcels of land for their mixed-use communities consider selling individual lots while retaining the greater part of the land holdings. These developers with massive landbank should also allow other firms to pursue their own pockets

11 Colliers Radar | 29 June 2017 | Research | Colliers International

396 offices in Primary Authors: Joey Roi Bondoc Manager | Research 68 countries on +632 858 9057 joey.bondoc @colliers.com

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