Ayala Land Inc. (ALI), the property development arm of Ayala Corporation, expands its reach for sales and customer service as its first US-based permanent office marks its second year.
ALI is the Philippines’ most successful developer of prime residential and commercial spaces. It is presenting this year an increased volume of property offerings to suit the investment and home needs of overseas Filipinos. Ayala Land’s first sales and customer service office in the US is located at the Seasons MarketPlace, a Filipino lifestyle center in Milpitas, California. Milpitas is 64 km from the City of San Francisco and is situated within the Silicon Valley region. Milpitas has the largest concentration of Filipinos in Northern California. To better serve Filipinos living and working in urban centers around Milpitas, Ayala Land has set up a downtown office at the Philippine Consulate Building at 447 Sutter street CA 94108. In addition, ALI is opening a satellite office in California. “Further, we are looking at another full office in the east coast, specifically in New York,” revealed Aquino.
ALI President and CEO Antonino Aquino led Ayala Land executives in welcoming guests during the celebration at the Consulate Office’s Philippine Center. Aquino spoke of the generally improved investment conditions in the Philippines. Aquino said that the country’s positive investment outlook was built on low inflation rate, high domestic liquidity, structural reforms that result to sustainable growth, and the increasing remittances from Filipinos overseas. Upgrades in investment grade ratings and strong domestic consumption have also buoyed investor confidence.
Manila’s high rental yields make it a top choice for city investment prospects. Gross rental yields in the Philippines are one of the highest in the region at 7.1%. Manila remains a top outsourcing destination, giving rise to numerous rental opportunities in the central business district. The business process outsourcing (BPO) industry’s demand for office spaces is also stimulating the real estate sector’s growth. BPOs are also upping the city’s expatriate population, giving rise to a demand for more high-end residential units. Properties in the Philippines also have steady price appreciation: capital values are expected to grow six to eight percent, year on year. Largest overseas Filipino market Anna Tatlonghari, General Manager of Ayala Land International Sales Inc., highlighted Ayala Land’s role in nation building and enhancing land for more people as it provides shelter and community to the biggest overseas Filipino market in the world. Data from the Commission on Filipinos Overseas showed an estimated 9.4 million Filipinos live and work overseas. Three million of these are based in the US.
”OFWs working here have shown interest in purchasing properties like condominiums and housing units, either for investment or personal use.”Overseas Filipinos’ remittances are powering the affordable to mid-range residential property market.Some buy condominium units for use as vacation homes while others buy high-end or luxury properties for investment, with the intention of renting out the unit to the expatriate market. Housing projects and mid-scale subdivisions in regions near Metro Manila such as Cavite, Batangas, and Laguna provinces are also popular. Tatlonghari also shared that the company is looking forward to bringing more investors to the Philippines via Ayala Land and its subsidiaries’ host of products found in key locations across the country. Property offerings are provided by Ayala Land Premier, Alveo, Avida, Amaia and their newest brand, BellaVita.