A DIFFERENT real estate industry, which will find a way to rise in the midst of all challenges and come out more resilient than ever, will emerge in the “next normal”, according to Filinvest.
Company executives shared this sentiment with other industry experts at the recent Asia CEO Real Estate Forum, which explored how the entire real estate industry weathered the worst of the Covid-19 crisis, as well as new market trends and consumer behavior after the pandemic.
“With the survival experience gained over the past 21 months, we now find ourselves better prepared and able to support the growth of the business,” said Tristan Las Marias, Executive Vice President and Chief Strategy Officer of Filinvest Land Inc. (FLI).
At FLI, for example, he said working together helps them grow stronger and their employees’ sense of family makes difficult days easier.
He noted that the ensuing health crisis is so far the greatest difficulty that Filinvest has faced and overcome in its 66 years of activity, thanks to its diversification strategies and financial prudence.
The group’s geographic presence at parity was an essential strategic factor for a faster recovery. According to Las Marias, they can prepare for and get through the next disruption thanks to technology and people.
Meanwhile, the President and CEO (CEO) of Filinvest REIT Corp. (FILRT), Maricel Brion-Lirio, explained how companies like FILRT have already taken a more human-centered approach to dealing with the adverse effects of the pandemic, as well as the importance of gaining the trust of the locator, between others.
“To continue the sustained pace of the recovery, especially in the real estate sector, it is important to regain the confidence of global locators. We must also aggressively pursue sustainable green and digital initiatives, in order to ensure the sustainability of the business of all stakeholders. The key to gaining the trust of locators is to develop a solid strategy that highlights the key assets of the facility that our office buildings have at FILRT, ”she said.
For James Montenegro, country manager of Chroma Hospitality, which operates the group’s hotel brands like Crimson Hotels and Resorts + Quest Hotels, they had to learn to recalibrate, recover and rebuild during the pandemic.
“We saw the challenges we went through as opportunities to surpass ourselves and learn more about our customers, their needs and the best ways to protect them. It was during these difficult times that we were able to truly live our company slogan, Driven Hospitality, which we achieved by working and growing together, ”he said.
Reflecting on the current situation, FLI’s Director of Sales and Marketing, Vince Abejo, called this period a “test of resilience, leadership and community”.
“Almost two years after Covid-19 first hit our country, the story is now different. At Filinvest, we are much more optimistic about the near future. The story is full of anecdotes about the rebound in business as more people travel and mobility has returned and is slowly boosting economic activity, ”he noted.
With what lies ahead for the industry, Filinvest CEO Josephine Gotianun Yap stressed that developers must infuse the concept of sustainability into all the businesses they have now.
“We launched our sustainable business in 2017, at a time when sustainability was not as big a buzzword as it is today. But I felt it was the right way to go. The real sustainable development projects that companies should embark on are those that make financial sense, so it’s a win-win situation for all shareholders. We are optimistic about the future of real estate in the country in 2022 and in the years to come ”, she underlined.