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'Like buying a pair of shoes': real estate developer taps OFWs to fuel growth

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Cathy Yang and Jil Danielle Caro, ABS-CBN News

MANILA – Investments from overseas Filipino workers (OFWs) and the government’s support for growth in key cities outside Metro Manila are seen as growth drivers amid weakening peso and higher interest rates, the CEO of a premium university and condominium developer said.Torre Lorenzo Development Corp is tapping overseas workers who are looking for long-term property investments, its CEO Tomas Lorenzo told Cathy Yang in an exclusive interview for ANC&#x27;s The Boss.“A good portion of our buyers are overseas Filipinos. I go for roadshows to London, Singapore, Middle East, Macau, wherever there are Filipinos,” he said.<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/business/04/27/cathy.jpg?ext=.jpg"/><figcaption>Tomas Lorenzo speaks to Cathy Yang for ANC&#x27;s The Boss</figcaption></figure></div>He said with the 20 percent down payment, the amortized 80 percent of the total cost is “negligible” despite rising interest rates.“For example for a nurse in London, if you buy our condo, it is like buying a pair of shoes every month. That’s how much the amortization is for them,” he said.Weaker peso could also mean more foreign investments coming in, Lorenzo said.He said parents spending for their children’s education also help propel the growth of their university residences and condominium developments.Lorenzo said he also pushed for high-end developments in Davao while everyone else is looking at real estate in Metro Manila. Today, he has already built the first premium residential project and the first premium hotel in Davao which is set to be completed in October.“In Davao, rather than doing a mid-level development, I said go high-end,&quot; Lorenzo said.&quot;Davao, even 5, 10 years ago was really open for business. It just needed that impetus to go out and do it,&quot; he added.Lorenzo said he will be developing a resort to complement its premium leisure projects in the city.

Investments from overseas Filipino workers (OFWs) and the government’s support for growth in key cities outside Metro Manila are seen as growth drivers amid weakening peso and higher interest rates, the CEO of a premium university and condominium developer said.

Investments from overseas Filipino workers (OFWs) and the government’s support for growth in key cities outside Metro Manila are seen as growth drivers amid weakening peso and higher interest rates, the CEO of a premium university and condominium developer said.

'Like buying a pair of shoes': real estate developer taps OFWs to fuel growth

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'Like buying a pair of shoes': real estate developer taps OFWs to fuel growth

Cathy Yang and Jil Danielle Caro,

ABS-CBN News

Published April 27, 2018 06:29 PM PHT

Read More:

The Boss

Torre Lorenzo

condominium

real estate developer

Davao

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