To support and provide inexpensive housing to Filipinos, top housing developer Bria Homes announced that it will be investing Php 2.5 billion for affordable housing projects in the Philippines.
In its announcement on Monday (August 30), the land property management and consulting company revealed that its new initiative will focus on the development of housing in the country’s suburban areas.
“As a percentage of the work force will be working physically in the office while some will be working remotely or from home, the blended work force is expected to persist in the medium- to long-term,” Claro Cordero Jr., Cushman, and Wakefield Philippines director and head of research, consulting, and advisory services, told BusinessMirror.
According to Cordero, their plan will support this setup.
“The availability of quality houses and accommodation for workers will support this growth direction,” he added.
At present, the Philippines has a backlog of 4 million when it comes to national housing, the Subdivision and Housing Developers Association (SHDA) revealed in a recent study.
And this figure, the University of Asia and the Pacific (UA&P) said, could go up to more than 6 million by 2030.
Bria Homes said this dilemma should be addressed immediately, specifically in the affordable housing segment.
“The shortfall needs to be specifically addressed in the affordable housing segment, which industry experts consider a lucrative market for developers to pursue so long as costs can be kept down to ensure affordability,” the company explained.
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Image credit: Bria Homes; Breno Assis via Unsplash