Determining the Housing Demands of BPO Workers

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2 Determining the Housing Demands of BPO Workers Subdivision & Housing Developers Association National Convention September 22, 2016

3 Overview of the IT-BPO Market

4 E* No. of FTE in Millions In US$ Bn BPO Market Conditions Philippine BPO Industry Performance IBPAP: FTEs reached 1.14M (+14%), with revenues of US$22B (+16%) in FY M 22 B M e 2016e Direct Employment 777, ,000 1,071,000 ~1,200,000 1,385,000-1,440,000 Contribution to GDP (%) 5.3% 5.7% 6.6% ~7.5% % Global Share of IT / BPM (%) ~10% ~11.3% ~12.3% ~13% ~ % 4 Source: IBPAP, Colliers International Research

5 BPO Market Conditions Next Wave Cities 2015 These IT hubs are ranked based on talent availability, infrastruct ure, good business environment, and cost competitiveness. Centers of Excellence Metro Manila Metro Cebu Clark Bacolod Davao Iloilo Next Wave Cities Baguio Cagayan de Oro Dagupan Dasmarinas Dumaguete Lipa City Malolos Naga Sta. Rosa Taytay Emerging Cities Balanga, Bataan Batangas City Iriga Laoag Puerto Princesa Roxas Tarlac Tuguegarao Legazpi Zamboanga 5 Source: IBPAP 2015

6 BPO Market Conditions Philippine BPO Industry Performance The BPO industry has been evolving toward the higher value skills. IBPAP foresees that a shift into mid and high level services will be seen in the coming years. This is a response to growing threats such as higher costs and automation. Percentage of BPOs and SSCs IBPAP forecasts that by 2022, there will be around 1.7 million to 2.1 million BPO Full-Time Employees (FTEs) BPO Worker Types Based on Skill No. of FTEs % of Total No. of FTEs % of Total BPO SSC Source: DART Institute Low Level FTEs 473,000 43% 445,000 25% Mid Level FTEs 468,000 43% 838,000 47% High Level FTEs 160,000 15% 500,000 28% Total ~1,101, % 1,783, % 8 Source: IBPAP Note: FTE refers to Full-Time Employees

7 What is the housing demand of those working in the BPO industry?

8 BPO Housing Demand Estimation Methodology The BPO Roadmap to 2022 is still being finalized by IBPAP. Limited information has been released so far. While the IBPAP foresees that more BPO activity will be found outside of Metro Manila, no information on the estimates are available as of yet. Estimates on the total number of FTEs by 2022 from IBPAP are used. The Centers of Excellence and Next Wave Cities identified by IBPAP were referred to. Since the IBPAP, DOST and other organizations have extensively studied the strengths of these areas, it is assumed that these areas will see the bulk of BPO activity and therefore BPO worker housing demand in the future.. A survey of BPO workers were conducted by Colliers in Metro Manila, Metro Clark, Metro Cebu and Davao. The housing preferences of the BPO workers were obtained through the survey. The housing affordability requirements per pricing segment was compared to the salary ranges of BPO workers per rank to determine the pricing segment most affordable for each BPO worker rank. This was then compared to their preferred pricing segment. 10

9 Housing Affordability Financing Affordability by Pricing Segment The required monthly payments per housing segment are based on terms from Pag-Ibig (socialized to Mid-End) and major banks (High-End). Based on these, the corresponding required monthly incomes are calculated. Pricing Category Total Contract Price (TCP) Range Low High Balance BALANCE THROUGH BANK FINANCING/PAG-IBIG Term (months) Required gross annual income Required gross monthly income Int. Rate Min Max Min Min Socialized 0 450, % % 2,677 3, ,019 9,463 Economic A 450, ,000 90% % 3,528 5, ,900 12,608 Economic B 750,001 1,700,000 95% % 7,054 15, ,887 21,837 Low Cost 1,700,001 3,000,000 80% % 13,464 23, ,916 51,994 Mid End 3,000,000 6,000,000 80% % 23,761 47,521 1,219,556 93,812 High End 6,000,001 and above 80% % 52, ,661 2,749, , Source: HDMF; Colliers International Research Note: 15 year term loan refers to 180 months

10 BPO Housing Demand Estimation Number of Employees and their Intent to Buy City/Municipality Est. No. of FTEs (2015) Metro Manila 886,500 Luzon 54,700 Baguio 6,000 Dagupan 250 Malolos/Bulacan 250 Metro Clark 20,000 Lipa 1,000 Metro Cavite 10,000 Santa Rosa/Laguna 12,200 Taytay/Rizal 500 Naga 4,500 Visayas 217,000 Metro Cebu 160,000 Bacolod 25,000 Iloilo 21,000 Dumaguete 11,000 Mindanao 38,000 Davao 33,000 Cagayan de Oro 3,500 Total: 1,200,000 The Full-Time Employee (FTE) counts per area from IBPAP are used to forecast the number of BPO workers by A survey of BPO workers in key areas revealed their intent to either buy or rent housing as well as their income levels. Survey Results Cebu Clark Davao Metro Manila Overall No Intent 12% 12% 12% 8% 4% Whatsoever Intend to Buy 77% 70% 77% 87% 85% Intend to Rent 11% 18% 11% 5% 11% 13 Source: IBPAP; Colliers International Research

11 14 BPO Housing Demand Estimation Summary Forecasts Housing for Sale Demand The calculations on average demand projections indicate a very high theoretical indicative demand based on number of workers, their salaries and the prevailing purchase terms. City/Municipality Metro Manila 47,637 43,378 41,337 51,836 55,493 56,068 Luzon Baguio Dagupan Malolos/Bulacan Metro Clark ,021 1,104 1,195 Lipa Metro Cavite Santa Rosa/Laguna Taytay/Rizal Naga Visayas Metro Cebu 6,568 7,429 8,034 8,688 9,397 10,164 Bacolod 1,027 1,161 1,255 1,358 1,468 1,589 Iloilo ,055 1,140 1,234 1,334 Dumaguete Mindanao Davao 1,367 1,546 1,672 1,809 1,956 2,116 Cagayan de Oro Total: 60,168 57,550 56,665 68,412 73,420 75,460 Source: Colliers International Research

12 BPO Housing Demand Estimation Findings Preferences vs. Affordability A disparity in pricing segment preference and what is actually affordable was observed. Overall Rank and File Supervisors Managers Directors Preferred Segment Economic B (P750K - P1.7M) Economic B (P750K - P1.7M) Low Cost (P1.7M P3.2M) High End (P6M and above) Segment they can Afford Min Economic A (P450K P750K) Economic A (P450K P750K) Economic B (P750K - P1.7M) Mid End (P3.2M P6M) Max Economic B (P750K - P1.7M) Economic B (P750K - P1.7M) Low Cost (P1.7M P3.2M) High End (P6M and above) 15 Source: Colliers International Research

13 Metro Manila Supply Demand Gap Analysis 16 Adjusted Ave. Demand Socialized (up to 450K) 3,543 3,227 3,075 3,856 4,128 4,171 4,436 Economic (450K P1.7M) 38,179 34,765 33,130 41,544 44,475 44,936 47,796 Low Cost (P1.7M P3.2M) 2,835 2,581 2,460 3,084 3,302 3,336 3,549 Mid End (P3.2M P6M) 3,080 2,805 2,673 3,352 3,588 3,625 3,856 High End (Above P6M) Overall 47,637 43,378 41,337 51,836 55,493 56,068 59,637 Assuming that no further launches are made as of 2016, the unsold inventory is adjusted to take into account the demand from the BPO workers. Unsold Inventory (End-Year) Socialized (up to 450K) Economic (450K P1.7M) Low Cost (P1.7M P3.2M) Mid End (P3.2M P6M) High End (Above P6M) (3,543) (6,770) (9,845) (13,700) (17,828) (21,999) (26,435) (38,179) (72,944) (106,074) (147,618) (-192,093) (237,029) (284,825) 24,410 21,829 19,369 16,285 12,983 9,646 6,097 29,448 26,643 23,970 20,618 17,030 13,404 9,548 11,163 11,163 11,163 11,163 11,163 11,163 11,163 Unsold Inventory (Cumulative) 23,299 (20,079) (61,416) (113,252) (168,746) (224,814) (284,451)

14 Metro Clark Supply Demand Gap Analysis Adjusted Ave. Demand Socialized (up to 450K) Economic (450K P1.7M) Low Cost (P1.7M P3.2M) Mid End (P3.2M P6M) High End (Above P6M) Grand Total ,021 1,104 1,195 1,292 Unsold Inventory (End-Year) Socialized (up to 450K) (347) (739) (1,163) (1,621) (2,117) (2,654) (3,234) Economic (450K P1.7M) (39) (584) (1,173) (1,810) (2,500) Low Cost (P1.7M P3.2M) 1,248 1,242 1,235 1,228 1,220 1,212 1,203 Mid End (P3.2M P6M) High End (Above P6M) Unsold Inventory (Cumulative) 2,741 1,969 1, (869) (1,973) (3,168) 17

15 Metro Cebu Supply Demand Gap Analysis Adjusted Ave. Demand Socialized (up to 450K) 2,031 2,297 2,484 2,687 2,906 3,143 3,400 Economic (450K P1.7M) 4,468 5,054 5,465 5,910 6,392 6,914 7,480 Low Cost (P1.7M P3.2M) Mid End (P3.2M P6M) High End (Above P6M) Grand Total 6,568 7,429 8,034 8,688 9,397 10,164 10,996 Unsold Inventory (End-Year) Socialized (up to 450K) (2,031) (4,328) (6,812) (9,499) (12,405) (15,548) (18,948) Economic (450K P1.7M) (1,933) (6,987) (12,452) (18,362) (24,754) (31,668) (39,148) Low Cost (P1.7M P3.2M) 3,605 3,553 3,496 3,435 3,369 3,298 3,220 Mid End (P3.2M P6M) 5,056 5,030 5,002 4,971 4,938 4,902 4,864 High End (Above P6M) 1,605 1,605 1,605 1,605 1,605 1,605 1,605 Unsold Inventory (Cumulative) 6,302 (1,127) (9,161) (17,850) (27,247) (37,411) (48,407) 18

16 Metro Davao Supply Demand Gap Analysis Adjusted Ave. Demand Socialized (up to 450K) Economic (450K P1.7M) 1,122 1,268 1,372 1,484 1,604 1,736 1,877 Low Cost (P1.7M P3.2M) Mid End (P3.2M P6M) High End (Above P6M) Grand Total 1,367 1,546 1,672 1,809 1,956 2,116 2,289 Unsold Inventory (End-Year) Socialized (up to 450K) (231) (493) (775) (1,081) (1,412) (1,769) (2,156) Economic (450K P1.7M) 1, (1,227) (2,711) (4,315) (6,051) (7,928) Low Cost (P1.7M P3.2M) 3,651 3,651 3,651 3,651 3,651 3,651 3,651 Mid End (P3.2M P6M) 5,064 5,048 5,030 5,011 4,990 4,968 4,943 High End (Above P6M) 1,605 1,605 1,605 1,605 1,605 1,605 1,605 Unsold Inventory (Cumulative) 11,503 9,956 8,284 6,475 4,519 2,

17 Overall Survey Results

18 BPO Worker Survey Results Respondent Profiles Age Range Distribution Gender vs. Age Range 16% Positions 1% 1% 8% 2% 1% 7% 72% Below 25 years old Rank and File 45% 40% 35% 30% 25% 20% 15% 10% 5% 0% 70% 60% 50% 1% 0% Below 25 years old 30% 42% 9% 7% 4% 4% Marital Status vs. Age Range 61% 1% 1% 1% 0% 0% 0% Male Female 21 26% 66% Supervisor / Officer Manager / Mid- Management Director / GM / Vice President 40% 30% 20% 10% 0% 1% Below 25 years old 11% 13% 4% 4% 4% 2% 1% 0.3% Single Married/Partnered Divorced/Separated

19 BPO Worker Survey Results Respondent Profiles Position vs. Income Range 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 2% 30% 61% 6% Salary Range Distribution 1% 46% 29% 20% 4% 60.0% 52.8% Position Salary Range 50.0% 40.0% Rank and File Below P15,000 P25, % 20.1% Supervisor / Officer P15,000 P60, % 11.7% 8.4% 10.0% 3.2% 1.3% 1.0% 0.3% 0.3% 1.0% Mid Management P15,000 P80, % Directors P150,000 P200,000 and above 5% 5% 24% 33% 14% 14% 5% Rank and File Supervisor / Officer Manager / Mid- Management 25% 75% Director / GM / Vice President Below P15,000 P15,000-P25,000 P25,000-P35,000 P35,000-P45,000 P45,000-P60,000 P60,000-P80,000 P80,000-P100,000 P100,000-P150,000 P150,000-P200,000 P200,000 and above 22

20 BPO Worker Survey Results OVERALL RESPONDENT PROFILE 88% of the overall respondents would prefer to purchase a home residence and only 12% were willing to lease. 80% of the overall respondents who were willing to buy will prioritize investing on a single detached house & lot unit over a condominium unit. 4% of these respondents were also willing to invest on duplex / townhouse units while 14% were looking to invest on condominium units. Only 1% preferred rowhouses. Only 12% of the overall respondents were willing to rent, of which 32% of these respondents preferred single detached house & lot units, 22% preferred bed spaces and 19% chose single rooms in dormitories. Only 19% chose to lease condominium units. Most of the respondents who wanted to buy had a monthly salary between Php15,000 to Php25,000 (52%), followed by those who had a salary less than Php15,000 (18%). Of those who wanted to rent, the majority also had monthly salaries between Php15,000 to Php25,000 (57%), followed by a larger percentage of those who had a salary less than Php15,000 (35%). 23 Housing Demand Summary of Findings

21 BPO Worker Survey Results Housing Demand Summary of Findings CONDOMINIUM BUYERS The most preferred unit sizes are between sq m for a 1-BR unit, and sq m for a 2- BR unit. These buyers are willing to spend Php 1.7 to Php 3.2 million for their purchase of a condominium unit Affordable reservation fee is from Php10,000 to Php15,000 with some willing to pay up to as much as Php25,000 DP requirement should not be more than 10%-20% and DP terms of at least 18 to 24 months Turnover meanwhile can be as long as 24 months, but not longer than 30 months Pag-ibig financing is still the most preferred financing option, followed by in-house financing Major deal makers among the condominium buyers is location and TCP Major deal breakers is TCP, Location and financing options. Turnover condition of condominium units is well distributed among fully-furnished (35%), semifurnished (30%), and unfurnished (35%). Finally, condo buyers would prefer a development with nearby establishments like a supermarket / market and office/workplaces. 24

22 BPO Worker Survey Results Housing Demand Summary of Findings HORIZONTAL BUYERS Most of the respondents would prefer two (2) storey houses. 41% of the respondents preferred unit sizes of sq m, followed by those preferring units less than 100 sq m (38%). 57% preferred single-detached units as compared to the 15% who chose townhouses and the 28% who chose all other single-attached house type preferences. Affordable reservation fees range from less than P10,000 to as much as P15,000. The respondents can tolerate a down payment requirement of up to 10-20% for a months term. Pag-Ibig financing is still the top financing option, followed by bank financing. Location and TCP is still the top deal maker, followed by financing and amenities. As for deal breakers, TCP, Location, and Financing are still the top three but with additional consideration on the turnover period. Respondents had an equal preference for either semi-furnished or unfurnished units (38%), while fully furnished units were the least preferred (25%). 25

23 BPO Worker Survey Results Residential Market Demand based on Market Surveys 100% Intention to Buy per Worker Rank 95% 90% 85% 80% 75% 26 16% 84% 5% 95% Rank and File Supervisor / Officer Rent 100% 100% Manager Buy Director / GM - As a reflection of their income status, there is a lesser preference for renting as the rank goes up. - Rank and file has a large preference to rent, indicating opportunities for rental properties. Housing Type Preference per Worker Rank 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 73% 3% 14% 1% 80% 4% 19% 16% Rank and File Supervisor / Officer 71% 75% 10% Manager Bedspace Dormitory Rowhouse Condominium Unit Duplex / Townhouse House and Lot - BPO workers among all ranks heavily prefer single detached houses and lots. - Condominiums are usually the next highest choice except for managers who typically prefer duplexes or townhouses 0% 25% Director / GM - Rank & File employees also mentioned bedspaces and dormitories.

24 BPO Worker Survey Results Residential Market Demand based on Market Surveys 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Preferred TCP per Worker Rank - Condominium 27 50% 42% 8% 8% 92% Rank and File Supervisor / Officer 33% 67% Manager 100% Director / GM Less than P1.75 million P P3.2 million P3.2 - P6 million - For those that indicated that they preferred to purchase condos, most of the workers indicated pricing preferences that were reflective of their income levels - Upper management indicated a preference for mid-end condos Note: TCP refers to Total Contract Price Preferred TCP per Worker Rank House & Lot 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 15% 34% 36% 3% 21% 43% 27% 11% 32% 47% 11% 3% 5% 11% 2% 33% 33% 33% Rank and File Supervisor Manager Director / GM Less than P450,000 P450,000-P1 million P1 - P1.75 million P1.75-P3.2 million P3.2-P6 million P6 - P8 million P8 million and above - For horizontal projects, most Rank & File and Supervisorlevel BPO employees prefer a H&L within the P1M-1.75M range. - Managers have a tolerance for a higher budget, preferring P1.75M to P3.2M - Directors oddly have a wider preference from P1M to P8M and above.

25 BPO Worker Survey Results Residential Market Demand based on Market Surveys Preferred Establishments Around the Property- Condo 70% 60% 65% 58% 50% 40% 30% 20% 10% 0% Preferred Amenities - Condo 120% 100% 80% 60% 40% 35% 33% 33% Market Office Hospital School Recreational Sites 98% 70% 58% 43% 30% Terminal 38% 35% 33% Those that preferred to buy a condo wanted to be near markets for grocery shopping, their office and the hospital. Swimming pools, gyms and garden spaces are the most preferred amenities for condos. 20% 0% 31 Swimming Pool Gym Garden Jogging Path Game Room Function Room Play Area

26 BPO Worker Survey Results Residential Market Demand based on Market Surveys Preferred Establishments Around the Property- House and Lot Preferred Amenities House and Lot 32 70% 60% 50% 40% 30% 20% 10% 0% 70% 60% 50% 40% 30% 20% 10% 0% 58% 56% 60% Swimming Pool 54% 45% 47% 45% Gym Clubhouse Playing Court 39% 41% Garden 32% 37% 37% Jogging Path 24% Market Office School Hospital Terminal Recreational Sites Play Area For H&L buyers, market places are also the preference, followed by offices and schools. Swimming pools are also the most preferred amenity type.

27 Rental Market Units for rent Bed spaces for rent

28 Rental Market Coverage Metro Manila, Metro Cebu, Davao City METRO MANILA Makati City Taguig City Pasig City METRO CEBU Cebu IT Park Cebu Business Park Mactan Newtown DAVAO CITY Damosa IT Park Pryce Business Park Matina IT Park Colliers International Philippines collects data using a mix of field work, internet research and phone calls. For the rental market scan, a sample of projects offering units and bed spaces for lease in condominiums, apartments, townhouses and single detached homes within a 1.5 to 2 km radius of the CBDs and IT Parks in the Centers of Excellence (Metro Manila, Metro Cebu and Davao City) were covered. Vacancies were based on market listings (i.e. Units for rent, etc.) and not on physical vacancies (i.e. unit is not being utilized). 36

29 Rental Market Metro Manila, Metro Cebu, Davao City Metro Manila Metro Cebu Citihub Mandaluyong Gestoso Apartment Metro Davao Euroflats Cofeville Apartment Homes Davao Jade Valley Dorm Prestigio Apartments Camella Northpoint 37 Grade C Bed space

30 Rental Market Units for Rent by Type Occupancy, Monthly Rental Rates and Terms By Housing Type Occupancy Average Unit Min. Monthly Max. Monthly Ave. Monthly Typical Size (sqm) Rental Rate Rental Rate Rental Rate Rental Rate Metro Manila 95% 84 2, ,000 67,668 10,000 Apartment 81% 32 3, ,000 12,071 12,000 Condominium 95% 88 2, ,000 73,452 9,000 House/Townhouse 79% 113 3, ,000 26,336 5,000 Cebu 96% 34 2,500 90,000 23,945 5,000 Apartment 100% 27 4,500 32,500 16,750 15,000 Condominium 97% 39 12,000 90,000 32,750 33,214 House/Townhouse 85% 26 2,500 35,000 6,621 6,000 Davao 96% 37 3,000 48,000 22,194 5,000 Apartment 91% 28 3,000 24,750 9,161 8,500 Condominium 97% 38 13,500 48,000 26,602 26,839 Dormitory 83% 26 5,000 5,000 5,000 8,000 House/Townhouse 59% 56 4,800 45,000 15,800 5,000 Grand Total 95% 80 2, ,000 63,783 10, Location Ave. Advance (months) Ave. Deposit (months) Ave. Contract (months) Metro Manila Cebu Davao Grand Total 4 2 9

31 Rental Market Bedspaces for Rent by Type Occupancy, Monthly Rental Rates and Terms By Housing Type Total No. of Units No. of Available Units Occupancy Average Unit Size (sqm) Min. Monthly Rental Rate Max. Monthly Rental Rate Ave. Monthly Rental Rate Typical Rental Rate Metro Manila 1, % 34 1,700 17,000 3,456 2,500 Apartment % 20 1,700 17,000 3,902 2,500 Condo-sharing % 54 2,500 5,200 4,009 5,000 Dormitory % 30 3,000 4,620 3,732 3,000 House/Townhouse % 28 1,700 7,500 2,782 2,500 Cebu % 13 1,000 6,000 2,776 2,500 Apartment % 17 4,000 6,000 5,000 5,000 House/Townhouse % 13 1,000 6,000 2,726 2,500 Davao % 14 1,200 8,000 2,895 2,000 Apartment % 14 1,500 6,000 2,950 2,500 Dormitory 8-100% 26 2,000 2,000 2,000 2,000 House/Townhouse % 13 1,200 8,000 2,900 2,000 Grand Total 1, % 21 1,000 17,000 3,074 2, Metro Dorm (Grade B) Cebu Bed space (Grade C) Jade Valley Dorm (Grade C)

32 Similar Developments Euroflats MyTown

33 Euroflats Notable Developments Euroflats has a portfolio of three apartment buildings located in Yakal St., Bgy. Comembo, in Amorseco St., Bgy. Rizal, both in Makati City; and another in Alabang, Muntinlupa City. Each room is provided with the following: a split-type aircon electric wall fan refrigerator cable TV flat iron and board cabinet Wi-Fi Renters are also provided with: two sets of bedsheets with free laundry twice a month two pillows and 5 Uratex mattress electronic access control card for the gate and door lock 41

34 Euroflats Notable Developments Some of the apartments have their own restaurant/sports bar and gym facilities. Euroflats also delivers meals to its tenants. A building administrator also handles the concerns and needs of the tenants. Room Type Monthly Rent 2-BR P10,500 P11,000 Bed Space (Max. 8 pax per room) P3,700 - P4,000 Terms 2 month deposit, 6 months contract 42

35 MyTown Notable Developments MyTown by Philippine Urban Living Solutions (PULS) opened its first staff housing project, MyTown London, in Camia St., Pembo, Makati City with 92 beds while MyTown Manila, located in 467 Samar St., Pitogo, Makati City offers 20 beds for rent. While MyTown London is fully occupied, MyTown Manila is 35% leased as of May Each unit comes with a bathroom, kitchenette, storage space, built-in cabinets, beds, mattresses and beddings. The kitchenette includes a small countertop and cupboard space while the bather will have toilet, shower and sink. The sqm units are also inclusive of a bed, 2 pillows, a 6-inch mattress, sheets and personal storage space. Water heaters, airconditioning, microwave and refrigerator are optional. WiFi is also available in all of the suites. 43 Condominium-type amenities that are offered in MyTown London include a 20 meter infinity pool, fitness center, in-house movie theater, and KTV rooms. Rental Rate/Person/Month Room Type (inclusive of VAT and service fees) 2 persons/room P8,500 4 persons/room P4,800 1 person/room P17,000 1 month security deposit, 1 month advance rent, Terms monthly rent upon move-in Utilities (water and electricity) are billed separately Other fees Access to all MyTown Club facilities for PHP560/person/month.

36 46 Thank You.

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