Demand picks up for DMCI luxury condo

Oak Harbor Residences in Bay City is the first high-end project of DMCI Homes Exclusive, the quadruple A property developer’s initial venture into the luxury market. It occupies a sprawling 12,000 square meter property right in front of Manila Bay. Situated west of Roxas Blvd. and a kilometer away from Okada Manila, its strategic location at Bay City ensures appreciating value for the property, as the area is widely known as an emerging business and entertainment hub with access to the 1.7-kilometer NAIA Expressway road that links Pagcor Entertainment City to NAIA Terminals 1, 2, and 3 and the Skyway.

Jan Venturanza, assistant vice president for marketing of DMCI Homes Exclusive, reported sales for Oak Harbor Residences this year was phenomenal. “There is now a high demand for waterfront homes around the world due to its constantly appreciating value. The idea of waking up and commanding a full, glorious view of the water is what drives interest for properties like this.” All units at Weston and Lauderdale buildings have since enjoyed a three percent price increase starting in January this year.

According to the recent property briefing by Colliers International, a leading company in commercial real estate services, the key to the Bay area’s growth will be the major projects that are planned and already undergoing construction. Infrastructure projects will impact all sectors as residential and office stock at the Manila Bay area is foreseen to more than double by 2020.

The launch of luxury projects at Bay City, such as the Okada Hotel and Casino, City of Dreams, and the expansion of Solaire, also spur demand for high-end residential properties despite limited supply, as most residential product offerings at Bay City are currently leaning towards the affordable to mid-income markets.