The real estate arm of listed Aboitiz Equity Ventures Inc. in a statement on Monday said reservation sales for the months following the community quarantine averaged above 80 percent of original targets despite restrictions.

It added that it is well on its way to exceed its performance last year.

AboitizLand said the quarantine shifted residential real estate preferences as homes in suburban locations became more attractive to property seekers, according to industry watchers.

The firm cited Lamudi, which reported that 83 percent of respondents on its site are considering properties away from traditional commercial and business districts.

“We are seeing sustained demand for our residential developments despite the limitations brought about by the pandemic. We are attributing this to a shift in our customers’ preferences towards houses and lots in next-wave cities, as bigger living areas, open spaces and amenities become more essential for work-life balance for people in quarantine,” AboitizLand President and Chief Executive Officer David Rafael said.

The coronavirus disease 2019 caused varying degrees of quarantines and lockdowns across the country since last March.

AboitizLand added that the growth in sales is also on the back of its quick pivot to digitize its sales and marketing processes.

“AboitizLand is one of the first developers to respond to changing market needs by taking their operations online and offering end-to-end, digital-based homebuying. From property viewing to unit reservation, everything can now be accomplished through its digital platforms,” the company explained.

Shares of Aboitiz Equity Ventures climbed P2.45 or 5.82 percent to finish at P44.55 each on Friday.

Source: The Manila Times