AS HOUSEHOLDS ACROSS METRO Manila have started tweaking their behavior to reduce their fuel consumption—whether that means bundling errands into a single trip or switching to a diesel or smaller displacement vehicle — they also now factor the price of fuel into their decisions about where they want to live.
“The old real estate maxim ‘location, location, location’ couldn’t be more apt during these days of P60 plus gasoline. There now seems to be a tendency to move back to Metro Manila,” observed Roy Calleja, president of PA Metro Residences Builders Inc.
He reported that most of their homebuyers who bought a unit at their East Residences Ortigas in Pasig City are cutting down on fuel costs as the main reason for moving in.
“With fuel prices as expensive as they are now, our homebuyers said they were no longer interested in having a 40- to 50-kilometer commute to work. Indeed, with East Residences Ortigas’ location on Ortigas Avenue extension, their commute became significantly shorter,” Calleja said.
Modern contemporary
East Residences Ortigas is a modern contemporary community composed of four (named Ivory, Amethyst, Jade and Topaz) five-story buildings.
Within this less than a hectare development, Calleja said they have provided amenities such as multipurpose hall, swimming pool, parks and playground as well as a separate building for parking.
“It is perfectly designed for single professionals and small families wanting a house near their workplace. Every modern designed 30-square meter unit comes furnished with a ceramic floor tile, modular kitchen counter with base cabinet and with two-bedroom provision,” described Gary de Guzman, PA Metro Residence Builders Inc. Strategic Marketing Service Group manager.
De Guzman reported that of the 480 units available (price ranges from P890,500 to P1 million depending on floor location), only 270 units remain.
Positive impact
“I absolutely believe that today’s rising cost of fuel will have a substantial positive impact on residential projects within Metro Manila, especially the condominium type of housing,” Calleja explained.
He believes that selling, buying and moving are big financial decisions, so these are not the sort of knee-jerk reactions that they might expect from their homebuyers.
“Where you live in relation to where you work now has a higher priority on the list of things that homebuyers now consider,” Calleja said.
Retirees and old couples
But even homebuyers who don’t choose a house near their workplace—like retirees and old couples—are now choosing to move to condominium projects like East Residences Ortigas.
“A number of our residents, most of whom have children already have their own families, even opted to move out from their previous houses that are much bigger. The reason: since their children have grown and have their own respective families, they will no longer need a big house that consumes more energy (that impacts on their electrical bills) and wastes a lot of space (now that they are just two),” Calleja explained.
He believes this development will become the wave of the future if higher prices persist.
“People will start looking at housing differently here in Metro Manila as well as in other centers of commerce and activities around the Philippines. Indeed, developers of condominiums will have their hands full,” Calleja said.
