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Manila Bulletin devider Business devider The Stock Market devider Top 4 Philippine developers shift to premium housing amid mass market slump—S&P Global

Top 4 Philippine developers shift to premium housing amid mass market slump—S&P Global

Published May 22, 2025 03:47 pm

Ayala Land Inc., Megaworld Corp., Robinsons Land Corp., and SM Prime Holdings Inc., the Philippines’ top four property developers, are set to accelerate their premium residential projects over the next one to two years, in a bid to cushion the impact of slowing demand in the mass housing segment.

“The top four Philippine developers will ramp up premium residential projects over the next one to two years to offset the slowdown in the mass market,” S&P Global said in a report released on Wednesday, May 21.

According to the credit rater, these top four developers were selected based on the single criterion that “their market capitalization exceeds $1 billion,” or about ₱58 billion.

S&P Global also reported that these developers account for 60 percent of the sector’s market value and total revenue among listed real estate firms in the Philippines.

It said that the top four developers are “pivoting away from residential development, where demand is soft.”

As of 2024, residential presales by the top four developers were lower by 17 percent compared to before the pandemic. Despite this, the top developers are “leading their sector out of a post-pandemic hangover.”

Based on S&P Global’s report, these companies are shifting to “more high-end projects” because the demand for these properties has been “resilient.”

Spending on big investments has also gone back to the pre-pandemic levels, “but with a gradual shift in weight from residential projects toward investment properties and land acquisitions, reflecting a growth stance.”

Data showed that sales of high-end properties accounted for 41 percent of the total units launched last year, higher than the 20 percent in 2023. 

S&P Global expects this trend to “persist for the next one to two years. Wealthy homebuyers are less sensitive to inflation and interest-rate hikes.”
“Inventory levels remain low in the premium segment, which accounts about five percent of total inventory in Metro Manila,” it also noted.
Additionally, these firms have higher debt than before the pandemic, the credite rate said. But despite this, their presales are also expanding. S&P Global believes that the developers’ focus on growth investment will have positive outcomes.
“We do not expect material deleveraging over the next one to two years as the top four continue investing for growth,” it said.
S&P Global said the top four developers are part of large, diverse groups and have strong access to funding through bank loans, bonds, real estate investment trust (REIT) platforms, and steady income sources.

Related Tags

Ayala Land Inc. Megaworld Corp. Robinsons Land Corp. SM Prime Holdings Inc. S&P Global
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