REAL GROWTH AND RETURNS IN REAL ESTATE: Tomas P. Lorenzo CEO, Torre Lorenzo Development Corp.

The worst of the pandemic is over. We’ve learned how to live with the virus, and have gone back to doing the things we used to do, albeit with caution.

We are seeing a lot of activity at the airports, in the malls, etc. Face-to-face events are very well attended. It seems that people are eager to make up for lost time during the pandemic.

Emerging opportunities

We’re excited about opportunities in emerging urban areas outside Metro Manila. We’re seeing increased confidence in investing outside Metro Manila, especially since there are more incentives granted for doing so.

We also see a lot of pent-up demand in real estate. We are now able to reach larger customer bases since, in addition to the traditional channel, we have honed our skills in navigating the digital platforms in the last two years.

For us in Torre Lorenzo, we will move ahead with our medium and long-term growth plans. In 2023, we will be expanding our Tierra Davao complex in Davao City. We will be launching a condo development at the back of our existing Dusit Thani Residence Davao and dusitD2 hotel.

We will also be turning over our ongoing project in Katipunan, Quezon City, break ground on our second residential tower in Lipa, and open our serviced residences in Malate, Manila in partnership with The Ascott Limited.

Robust demand

We believe growth recovery for the industry will continue. Demand for real estate will bounce back, with housing backlog remaining high and with the reopening of the economy re-injecting confidence in the market.

Despite growth in prices, demand is still robust from domestic and foreign investors.

In the past two years, alternative investment products have cropped up and gained a lot of traction. However, seasoned investors are coming to realize that real growth and returns still lie in hard assets like real estate products.