Need to catch up with what’s happening in the Philippine real estate industry? Here’s a roundup of the top real estate news this week (Oct. 21-27, 2022).
- Wilcon Depot 9-month net income jumps 58%
Home improvement and construction supplies retailer Wilcon Depot posted profits of P2.7 billion on the first nine months of 2022. The company pointed to a strong demand for construction projects with the easing of pandemic restrictions as the reason for the hefty income. Philippine Daily Inquirer
- Investors pick up shares ahead of Q3 earnings
The Philippine Stock Exchange index opened the week in the green as investors gobbled up bargains before the release of corporate earnings reports for the third quarter. Ayala Land Inc. saw its shares the most actively traded. It resulted in a 1.73% rise in value or P26.40 per share. Philippine Daily Inquirer
- PNB to rebid properties, sell various assets to raise P12.3 billion
Philippine National Bank, the country’s fourth largest lender, is rebidding various commercial and residential lots it has acquired in Metro Manila. It is also auctioning off an industrial lot in Laguna as part of its efforts to raise at least P12.3 billion. Philippine Star
- WeWork ramps up hybrid workspace offerings
Coworking space provider WeWork is further improving its hybrid workspace amenities to meet the ever-changing needs of its clients. The company said the Philippines has become its highest performing market in Southeast Asia. Proof is the 68% increase in occupancy in its four locations in Metro Manila and a 76% growth in revenue. Businessworld
- DataLand eyes horizontal developments in Calabarzon
Dataland Inc. is considering moving out of its comfort zone of building vertical projects and going horizontal. The company is eyeing the outskirts of the Calabarzon region for such a project. It has also declared its willingness to join the “Pambansang Pabahay Para sa Pilipino” housing program of the government. The aim is to build one million low-cost houses a year to address the 6.5 million housing backlog of the country. Businessworld
- Office vacancy likely to widen in fourth quarter
Property advisory firm JLL Philippines forecasts an increase in office vacancy rate, from 5.2% in the third quarter to 5.5-6% in the fourth. It pointed to new offices opening, the continued work-from-home setup, and the exit of offshore gaming operators from the country. It added that the residential market has also seen a slight decrease in demand, especially for midscale, upscale, and luxury segments. Real Estate News.PH
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