Philippine developer Ayala seeks to lure Hong Kong buyers for residential projects
Firm opens office in Central to offer luxury villas and condominiums to wealthy investors
Ayala Land, a major Philippine property developer, is beating a path to Hong Kong to sell its projects, despite the soured relationship that exists between the city and the Philippines.
The developer has opened an office in Central as part of an expansion drive into international markets that began several years ago. It plans to launch residential projects for sale to Hong Kong buyers this year.
Tom Mirasol, president of Ayala Land International Sales, said the expansion aimed to tap demand in Hong Kong for offshore property investments. Investor appetite for such deals had been on the rise since the Hong Kong government introduced successive measures to cool off the city's home prices, he said.
Ayala's projects have also been well received in Singapore, encouraging it to open an office in Hong Kong. "When we opened up in the Singapore market in September last year we were quite surprised by the level of interest from Singaporean nationals," he said.
"We think we will find a similar situation in Hong Kong."
Ayala has embarked on a three-year plan to establish 10 offshore offices. Its Hong Kong office is the sixth and will allow the developer to serve both the Hong Kong and South China market, said Mirasol.