Buoyant consumer confidence ups real estate outlook

MANILA, Philippines - Sound macroeconomic fundamentals and brighter economic prospects raised consumer sentiment in Q3 2010 and, according to a survey by the Bangko Sentral ng Pilipinas (BSP) Department of Economic Statistics, the country’s confidence index increased 14.7 basis points, the highest reading since the nationwide survey started in 2007.

Condominiums continue to be the most sought after residential real estate in the Philippines and the trend of living closer to work will ensure buoyant demand for these units. This is reflected in the strong sales momentum seen at the Raffles Residences Makati where, backed by strong customer response, the third phase of inventory has been released for sale.

“Build quality and design excellence has always set this project apart and customers are aware of the quality and superior standards that we bring to our projects. I believe the strong response from the market is a testament to this. We are at an exciting stage in the construction process,” said Garry Constantine, project general manager, KHI-ALI Manila.

In keeping with the Raffles brand, the precise engineering of the design has meant that all aspects of this tower are built to the highest quality and consistency. The developers, KHI-ALI Manila – a joint venture between Kingdom Hotel Investments (KHI) and Ayala Land – have ensured that the building meets all international and local building requirements.

As part of KHI’s value creation strategy, the company develops branded residential components alongside hotels in high growth markets, like the Philippines. This strategy mandates internal quality protocols to qualify for superior certification standards by reputed agencies. The Raffles Residences and its designs are being appropriately certified by internationally renowned consultancy firm, Bureau Veritas of France.

“The support for quality construction is reflected by the brisk sales pace the project has seen to date. We are delighted to deliver a product that our owners and guests will be proud of for years to come,” according to Brad Berry, vice president of Real Estate at KHI.

Raffles Residences is developed by KHI-ALI Manila. KHI, headquartered in Dubai (UAE), is the leading international hotel and resort acquisition and development company focused on high growth emerging markets such as the Middle East, Asia, and Africa. The company has ownership interests in 27 properties in 19 countries, including 22 operating hotels and resorts, and four hotels and resorts currently under construction.

Raffles is a collection of luxury hotels and resorts worldwide, each distinguished by its luxury, elegance and residential charm. Each hotel is a landmark in its respective city, positioned at the top of its local market and rated among the very best in the world.

Raffles pursuit of service excellence has earned for its hotels and resorts a legion of international accolades, including Condé Nast World’s Best Places to Stay and Travel and Leisure’s World’s Best Awards. Raffles Hotels & Resorts is owned by Fairmont Raffles Hotels International, a leading global hotel company with over 85 hotels worldwide under the Raffles, Fairmont and Swissôtel brands. The company also owns Fairmont and Raffles branded Residences, Estates and luxury private residence club properties.