Speaking at the recent Philippine Property Show in Singapore organized by online property group PropertyGuru, Philippine Trade & Investment Centre (PTIC)-Singapore Commercial Counsellor Glenn Peñaranda said that “Now is the best time to invest in the Philippines as the strong and growing economy offers many opportunities for investments including real estate.”
According to PropertyGuru, investors are setting their sights on the Philippine market as their choice destination for overseas property, promising attractive prospects for higher capital appreciation at lower prices compared to other popular locations within the region. The Condominium Act of the Philippines allows foreigners to acquire units and shares up to not more than 40 percent of the total and outstanding capital stock of a Filipino-owned or controlled condo corporation.
Philippine Ambassador to Singapore Antonio Morales officially opened the event which was attended by property agents, developers and investors. Some Philippine developers participated and provided expert insights such as AyalaLand, Megaworld International, Robinsons Land Corporation and Phinma Properties.
Commercial Counsellor Peñaranda added that Singapore is an important partner in industrial estate development and in operations of hotels in the Philippines. CapitaLand operating the Ascot, Somerset and Citadine brands has several projects in the country. Other investors include Hong Leong Investment Holdings and Fairmont Raffles Hotel Group.
Photo shows (from left): PTIC-Singapore Commercial Counsellor Glenn Peñaranda, Philippine First Secretary and Consul Edna Lazaro, PropertyGuru Editorial Staff Nikki Diane de Guzman, Ambassador Antonio Morales and James Sundram, PropertyGuru International Managing Director