December 26, 2024 | 12:00am
MANILA, Philippines — The Philippines has the second largest supply of branded residences in Asia, according to a Thailand-based hospitality consultancy firm.
In its Branded Residences Market Review, C9 Hotelworks said the Philippines has a market share of 17.3 percent in the supply of branded residences in the region.
The country follows Thailand, which registered a 23.3-percent share. South Korea came in third with an 11.6-percent share.
“Emerging markets such as Malaysia, Vietnam and India collectively account for 24.5 percent of the total market share,” C9 Hotelworks said.
The report noted that Wyndham Hotels & Resorts leads total supply of branded residences with 10,941 units, followed by The Ascott Limited, the Banyan Group and Marriott International.
“Among key destinations, Phuket has the highest number of units, totaling 4,771 units across 26 developments, followed by Manila and Bangkok,” the report said, noting that Manila has over 4,000 branded residences units.
C9 Hotelworks said the branded residences market in Asia is valued at $26.6 billion, comprising 68,001 units in total.
It added that over the past four years, the sector has experienced robust growth, expanding at a compound annual growth rate of 11 percent, with strong prospects for continued development.
“From 2025 onwards, an additional 43,100 units across 180 projects are expected to be completed, nearly doubling the existing supply of branded residences in the region,” the report said.
“Thailand currently has the highest number of launched units in the primary market, with 12,656 units across 55 projects, while Vietnam has the largest number of upcoming units, with 11,390 announced but not yet released for sale from 36 developments,” it added.
Including unlaunched projects, C9 Hotelworks said the total supply of branded residences in the Philippines is at 13,276 units spanning 46 properties.
Figures from the 2024 Philippine Accommodation Pipeline Report by the Philippine Hotel Owners Association (PHOA) and Leechiu Property Consultants (LPC) showed that branded residences account for five percent of the 40,048 hotel keys in the pipeline.
“The growing number of serviced apartments and branded residences, many with optional rental programs, highlights the industry’s response to evolving market preferences,” the report said.
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