"It's becoming difficult to buy a sprawling parcel of land for a home, so one compromise is to go up [through condominiums], wherein you share the same piece of land several times over", explained Jose Juan Jugo, Ayala Land Premier senior division manager.

Starting families, young professionals and balikbayans are snatching up condo units, enough to encourage property developers to build more. Property consultant Colliers International expects some 9,284 residential condominium units to be completed in 2011, more than 3,000 of which are Taguig's Bonifacio Global City, where projects like Ayala Land's east Tower at One Serendra and Filinvest's The Beaufort West and East Towers are located. Over at Rockwell, Makati City, 1,336 units more will be turned over to owners with the completion of One Rockwell East and West Towers this year.

Jones Lang LaSalle Leechiu (JLLL), another consultancy, cities the strength of the middle-end residential condominium sector, which it expects to be a steady source of growth for many developers in the coming years.

More than 100,000 condo units- almost double the volume of units completed in the past decade- are expected to boost the supply within the next five years, JLLL said. For instance, property developer Megaworld Corp. alone plans to launch 11,110 condo units worth P41 billion this year.

But buildings aren't only going up in the capital. Down south, Cebu is getting more condominiums of its own, too.
Horizon 101, 55-storey tower developed by Gaison-led Taft Property Venture Development Corp,; The Residences and 2 Residences, 22- and 25- storey building, respectively, both by Federal Land; and Ayala Land's 27-storey project, 1016 Residences, are just a few of the city's towers-in-the-pipeline.

"Cebu has always been and will always be a key area of the country- as site for commerce, leisure and residence,' said Bobby Dy, Ayala Land, Inc. senior vice-president and head of its Residential Business Group.
"[Ayala Land builds] in select, very strategic communities. While we don't feel it's time for us to go into certain markets yet, Cebu is already a prime area for us. All developers are going to Cebu these days," added Mr. Jugo.

Ayala Land has long had a presence in Cebu- back in the ‘80s, it led the transformation of a 50-hectare lot into what is now the city's key commercial district. But its first high-rise development in Cebu, said Mr. Dy, will particularly answer the needs of the discriminating Cebuano urban dweller: a distinct living space close to his place of work and leisure.

"A lot of foreign companies now use Cebu as their hub [so there are a lot expatriates there]," observed Mr. Jugo.

"That was also one of the considerations when we decided to cater to Cebu's high-end market."
Ayala Land Premier marketing head Eunice Acejo also noted locals' increasingly sophisticated taste. "The interest is there, they have been waiting to experiences available in manila," she said.

However, the cost of a unit at 1016 residences wouldn't be necessarily as a steep as the offerings in Manila. According to Mr. Jugo, units will be priced 15%-20% lower than those in Makati, for the same quality. And while Ayala's newest tower caters to Cebu's wealthy residents, local businessmen and expatriates, it has also been generating interest from nearby areas. "There's a lot wealth around Cebu. So we expect people living in Mindanao to buy as well," he added.