Aqua Private Residences, which are the first waterfront apartments in Manila, Philippines, have just been released for sale to international investors in the UK and Europe.
Aqua Private Residences is an innovative and iconic waterfront development which is designed to include the equivalent of two times its total land area in tropical greenery, water features and open spaces. Other amenities include The Riverwalk Promenade and The Pebble, which is a luxury shopping and dining area.
The demand for property in Manila is huge right now due to its booming business district and expanding population. According to the International Monetary Fund the Philippines economy grew by an unprecedented 7.3% in 2010, which is the highest rate in 34 years. Economic growth this year is expected to be around 5% or 6%. The Philippines survived the global crisis reasonably well as the banking sector had low exposure to sub-prime assets.
Located at the point where the cities of Makati and Mandaluyong intersect, Aqua Residences are the first development to be built on the historic Pasig River. The development is easily accessible from the newly built Estrella-Pantaleon Bridge.
Stephen Worboys of Experience International is marketing the development in conjunction with Century and says “The Philippines has been one of our strong market performers for a number of years now, and we anticipate increased interest in growth following the UK release of Aqua Private Residence. We can offer our clients Strong rental yields and capital growth.”
The CBRE Asian market report showed luxury rental yields in Manila to be between 7% and 10% in 2009. Rental yields for luxury residences in Manila are anticipated to increase to 10% to 13% this year. Prices for Aqua Private Residences start at £37,772 for a one-bedroom apartment. Two-bedroom apartments start at around £80,000.