For prominent property development group Shang Properties, the pandemic’s impact has been felt in every aspect of its operations in the design, development and management of luxury property.
While residential development projects have slowed, its interests in commercial and office developments have felt the full force of COVID-19, but the company has found ways to maintain business and protect its clients.
Executive Director Wilfred Woo puts this down to the determination of the company’s employees and their ability to adjust to changing circumstances. “The Philippine property market has had a very strong cycle for many years before COVID-19 hit the world in early 2020,” he says.
“It’s no surprise that we see a general slowdown in the Philippine economy and property market due to COVID-19. “This is particularly felt in the hotels and shopping malls and now the office sector due to the extended lockdown and its restrictions imposed by the Philippine government.
“However, we did notice that the luxury residential sector, in which our company is involved as well, is not as badly affected as our other sectors. We expect the Philippine property market will continue to be slow over the next few years but will gradually recover over time.”