'Serendra blast didn't hurt sales of high-end projects'
MANILA, Philippines - The blast at Ayala Land's Two Serendra condominium hasn't appeared to affect sales of high-end projects, especially at the Bonifacio Global City, according to a property consultant.
CBRE Philippines senior director for research and consultancy Jan Paul Custodio said the Serendra blast didn't have a long-term effect on sales of high-end units.
"With the Serendra, it actually didn't have much of an effect on the sales of high-end units. We see this as just an isolated case... In terms of its effect on the market, we still see developments in the high-end segment still going strong," he said.
Custodio noted Ayala Land remains bullish about the market. "They're still one of the biggest high-end developers and they continue to come out with new product launches. They recently came out with Two Roxas Triangle. That goes to show just how bullish they are about the market," he said.
Last week, the Inter-Agency Task Force (IATF) on the Serendra condominium blast last May 31 said the blast was caused by a liquefied petroleum gas (LPG) leak. However, the gas leak was blamed on the negligence of the unit owner all the way to the building owners, including the Ayala companies.
Custodio noted the incident may have also prompted property companies to be more cautious when it comes to its developments.
"I think Ayala has pulled out all gas operated appliances in all of their developments in BGC and offered to replace these with electric-powered stoves and range tops. It promotes vigilance in terms of the buyers, you get to scrutinize the developers more and you can demand more from them. Developers have to step up their game in the quality of their developments," he said.