This article first appeared in City & Country, The Edge Malaysia Weekly on September 8, 2025 – September 14, 2025
Despite July being a wet month in the Philippines, the skies cleared as if on cue when we touched down at Manila’s Ninoy Aquino International Airport on July 2. Our group of 23 delegates from the youth division of the Real Estate and Housing Developers’ Association (Rehda) Malaysia was there for a three-day, two-night “Manila Inside Track” study tour. The tour was supported by real estate consultancy firm ERA Real Estate Philippine.
As one of the most densely populated cities in the world, Manila is known for its rich history, vibrant culinary scene, dynamic arts culture and striking colonial architecture. It also boasts a thriving real estate landscape, making it a key city of interest for the real estate industry professionals. Iconic landmarks — such as Rizal Park, one of the largest urban parks in the country; the historic walled city of Intramuros; Manila Cathedral; and the National Museum Complex — reflect the city’s cultural depth, thoughtful urban planning and distinctive architectural styles.
“The international study tour is one of Rehda Youth’s flagship initiatives, designed to give members valuable exposure to the real estate industry beyond Malaysia’s borders. It serves as a platform for continuous learning and fresh inspiration, ensuring that we don’t operate in isolation or remain confined to local perspectives. By exploring developments abroad, we gain insights not only into innovative products, cutting-edge design and emerging building technologies, but also into a variety of business models and strategies that can inform and elevate our own practices back home,” said organising chairman Max Lee.
The study tour kicked off with an industry insights session with Shang Properties, one of the biggest real estate players in the country. The Hong Kong-based company has been involved in property investment and development in the Philippines since 1987. It was listed on the Philippines Stock Exchange in 2001.
As part of the Kuok Group conglomerate, which was founded by Malaysian entrepreneur Robert Kuok, Shang Properties owns residential developments, malls and offices across the Philippines. The company also expanded into the property management and hospitality industry.
The developer’s completed residential projects in Manila include The Rise Makati in Makati (launched at PHP98,000 [RM7,269] per sq m vs current asking price up to PHP230,000 per sq m), Horizon Homes in Bonifacio Global City in Metro Manila (launched at PHP360,000 per sq m vs current asking price up to PHP700,000 per sq m), and Shang Salcedo Place in Makati (launched at PHP120,000 per sq m vs current asking price up to PHP320,000 per sq m).
Shang Properties also owns and operates upscale shopping malls such as Shangri-La Plaza, along with hotels including Shangri-La The Fort, Makati Shangri-La, Shangri-La Boracay and Shangri-La Mactan, Cebu.
“The Philippines is one of the countries in Asia with a young population. The median age is 25, which translates into a strong and steady support for current and future demand for housing, retail and office spaces. It is also a developing country with rising urbanisation. We see rapid migration to key cities like Metro Manila, Cebu and Davao, which creates sustained demand for residential and commercial developments,” said Shang Properties director of business development Pamela Perez.
In the industry insight session, she highlighted the competitive property prices in Manila. “Compared to Singapore, Malaysia and Thailand, property prices in the Philippines remain relatively affordable, especially in key cities outside of Metro Manila. There is still a lot of room for capital appreciation, particularly in emerging business districts such as Bridgetowne-C5 Corridor, Ortigas Center and Cebu IT Park.”
As the global leader in business process outsourcing (BPO) that brings in an annual revenue of nearly PHP38 billion to the country, coupled with government-initiative ongoing and planned mega infrastructure projects such as Metro Manila Subway, North-South Commuter Railway and new expressways, Manila’s property market has bright prospects, according to Perez.
Housing on demand
The second stop on the first day was a courtesy visit to the Embassy of Malaysia in Manila, where we were welcomed by ambassador Datuk Abdul Malik Melvin Castelino.
“The Philippine construction industry is expected to grow by almost 8.4% in 2025, reaching almost PHP1.94 trillion. This growth is driven by robust government infrastructure investment, public-private partnerships and rising demand in various sectors. Although there is currently a surplus in condominium units, developers remain optimistic, particularly in the mid to high-end market and in the affordable housing sector.
“I have travelled around the Philippines and noticed an acute housing shortage, particularly in informal settlements. The Philippine government has been making progress in trying to fill this gap, and that is where I think companies from Malaysia, especially you [Rehda Youth] here today, can play a part — not only by reinforcing our relations but also providing new development opportunities. With your foresight and knowledge, you can share expertise with local counterparts and build a stronger market here in the Philippines,” said Abdul Malik in his welcome speech.
The event was followed by a presentation by the president of Alloy MTD Philippines Patrick Nicholas P David.
As part of the Malaysia-based MTD Group, an infrastructure conglomerate with a long-established track record in the construction, tollway business, real estate and property development, manufacturing and outdoor advertising business industry, Alloy MTD Philippines brings its expertise and knowledge and has completed several mega infrastructure and integrated development projects, such as the South Luzon Expressway, Palayan City Government Center, Bataan Government Center and Central Business Hub and National Government Administrative Center.
Other local projects in the pipeline are the local government unit in Muslim Mindanao, the PNR East-West Rail Project and the official residence of the Embassy of Malaysia in Manila called Rumah Malaysia.
“While Metro Manila is rapidly developing with numerous upcoming high-rise residential projects, there remains a significant demand for housing in areas outside the capital. The country is currently facing a backlog of approximately seven million residential units, a massive gap that presents tremendous opportunities across the Philippines. As a long-established Malaysia-based builder, we aim to leverage our experience and network to support the country’s development efforts. We also welcome and encourage other Malaysian firms to collaborate and contribute to meeting this growing housing demand,” David shared.
Urban redevelopment plan
After lunch, we visited the sales gallery of two upscale residential development projects in Bridgetowne called The Velaris Residences by Hongkong Land and Robinsons Land Corp, and Haraya Residences by Shang Properties and Robinsons Land. We also have a quick site visit to the premier Opus Mall that was built and operated by Robinsons Land.
Bridgetowne is a 32ha redevelopment master plan by Robinsons Land that is located at the border of Pasig and Quezon City in Metro Manila. It is situated in a former industrial area on both banks of the Marikina River near the junction of Eulogio Rodriguez Jr Avenue and Ortigas Avenue.
Since the launch of the master plan in 2013, the area has been given a new lease of life, transforming into a modern and vibrant business hub with premium residential developments, complemented by recreational amenities and a new landmark — The Victor, a 60m tall steel statue designed by Filipino-American artist Jefre Figueras Manuel, who goes by the mononym Jefrë. It is one of the tallest lighting projection art installations in the world.
The Velaris Residences is one of the latest residential offerings in Bridgetowne. Comprising two towers, the 40-storey North Tower features 247 units with built-ups ranging from 77 to 274 sq m, while the 45-storey South Tower offers 457 units with built-ups ranging from 46 to 323.5 sq m. The selling price starts from PHP15.4 million. Both towers offer their own set of grand lobbies, 24-hour in-house property management services, concierge and round-the-clock security system with CCTV surveillance. Some of the key facilities are a swimming pool, gymnasium, cards and wine room, golf simulator studio, private theatre and event pavilion.
Meanwhile, the 66-storey Haraya Residences features 558 residential suites with typical built-ups ranging from 106 to 140 sq m and a selling price from PHP17.8 million for the first phase, the South Tower. The details of the second phase, the North Tower, will be announced later. The South Tower offers over 2,500 sq m of facilities, including a swimming pool, Jacuzzi, tea room, gourmet kitchen, a 450 sq m ballroom, an open lawn and a co-working space.
With 154,000 sq m in gross floor area and 148,000 sq m of retail space across five levels, Opus Mall is the first ever premier shopping centre developed by Robinsons Land, offering premium local and international fashion and F&B brands. It has become one of the key luxury malls in Manila since its opening in mid-2024.
The last stop of the day was the walkabout and dinner in Bonifacio High Street. As part of the bigger mixed-use master plan Bonifacio Global City in Taguig — which was built and run by Ayala Land, one of the leading real estate players in the Philippines — the 1km Bonifacio High Street is the retail addition to the master plan and was completed and opened to the public in 2018.
It is also the first street mall in the country. Surrounded by premium commercial towers and residential projects such as the 63-storey The Suites residential tower, the Philippine Stock Exchange Tower and Shangri-La The Fort, the street mall offers diverse shopping and dining options, some of which operate round-the-clock to cater to the needs of the international BPO companies in the area.
Brand power
On the second day of the study tour, we visited Acqua Private Residences in Mandaluyong City. Developed by boutique home-grown developer Century Properties, the 2.4ha riverfront development features six towers — five residential and one integrated that consist of hotel and serviced suites, all sitting atop a podium with a car park and two-storey retail lots.
Century Properties is the first developer in the Philippines to introduce the fully fitted and furnished unit concept in a residential development, which is one of the factors behind the 100% take-up of the five residential towers in Acqua Private Residences.
The developer also introduced the first branded development in the city, having launched and completed the 60-storey Century Spire in Makati, a luxury residential skyscraper designed by Armani/Casa Interior Design Studio, which was led by Giorgio Armani; 57-storey Trump Tower Manila, which was designed and developed under licence from real estate mogul and US President Donald Trump through Trump Marks Philippines LLC; and Azure Beach Club Paris Hilton with the celebrity heiress Paris Hilton in Metro Manila.
“Manila is a very competitive market [in the high-rise residential segment]. To capture market attention, we need to do more than just taking care of the product quality … [we need to] use the power of branding. Working with brands is a form of quality assurance to the buyers [as we need to meet the brand partner’s standard]. It will create more value to the buyer in the long term,” said Century Properties design manager Jennifer Maglaqui.
For example, Azure Beach Club Paris Hilton, which is part of the bigger Azure Urban Resort Residences, enjoyed an overall price appreciation of 124% since its launch in 2009. The price per sq m is PHP213,345 as at 2Q2024.
We also met up with Fulgar Architects principal architect Ian Fulgar, who presented some of his completed and upcoming projects, and shared insights into the local construction industry.
“Real estate joint ventures in the Philippines offer a powerful way for landowners and investors to collaborate on value-driven development projects. By partnering through structured joint venture frameworks, both parties share expertise and resources while aligning incentives.
“This approach, distinct from outright land sales, enables a co-development journey where landowners contribute land and investors bring capital, unlocking stronger earnings and strategic value as the project progresses. With clarity in roles and responsibilities, these real estate partnership models create more resilient and profitable ventures tailored to local needs,” he shared.
Green and sustainable buildings gain traction
On the third and last day, we visited Savya Financial Center in Arca South. Arca South is a 74ha ongoing mixed-use development master-planned by Ayala Land. Located in the southern part of Metro Manila, the master plan comprises retail, commercial, office, institutional and residential developments.
Meanwhile, Savya is an office development by ArthaLand, a local developer widely known for its sustainable and green developments. The two-block, 18-storey completed development is certified by local and international green building rating organisations such as Building for Ecologically Responsive Design Excellence (BERDE), Leadership in Energy and Environmental Design (LEED), Excellence in Design for Greater Efficiencies (EDGE) and Well Building Standard (WELL).
“Occupants of this development will benefit from its optimised operational performance, such as 40% savings on energy and water, and a 100% reduction in greenhouse gas emissions,” said the developer’s representative.
Some of the key green features are operable windows, energy-efficient building envelope using double-glazed low-E glass; efficient air-conditioning and energy recovery ventilation system; enhanced ventilation with efficient filtration system; low-flow water-efficient and contactless plumbing fixtures; rainwater harvesting and recycling system; and using of recycled content and low-emitting and non-toxic building materials.
“We are also focusing on the well-being of our occupants. We have landscaped gardens on the Bridgeway deck and breezeway, green open spaces, and even a herb garden that provides fresh, nutritious and organic produce free for everyone to enjoy. We promote a greener environment by providing bicycle racks and shower facilities in the building, as well as shuttle services to encourage occupants to drive less,” she noted.
Wrapping up the study tour, Lee said it was an eye-opening experience for him, and hoped the rest of the delegates would learn something valuable.
“One key takeaway, I think, is that we need to ensure our sector remains inclusive, catering not only to high-end markets but also to those in need of affordable housing. This is especially important in countries where marginalised groups require support in the Philippines, and in Malaysia too. As youths of today and leaders of tomorrow, our role is to ensure that no one is left behind.”