Condo crazy? Manila developers slash prices, offer ₱150K GCs to move inventory

Manila: From slashed prices to ₱150,000 ($2,573) gift certificates (GCs), Philippine condo developers are pulling out all the stops — and then some — to sell off ready-for-occupancy (RFO) units amid still-high vacancy rates in Metro Manila.

According to Colliers Philippines, RFO inventory dropped to 30,500 units in Q2, driven by never-before-seen promotions aimed at reviving a sluggish market.

“We haven’t seen promos as aggressive as this,” said Richard Raymundo, Colliers' managing director, told local business news site Bilyonaryo. “Before it was like 10%. Now, it’s like 45, 50% discounts and you can extend the terms.”

What’s on the table?

• 45–50% discounts

• Waived VAT and downpayments

• Rent-to-own options

• Fully furnished, move-in ready units

• Gift certificates worth ₱100,000 to ₱150,000

And the strategy seems to be working. Not only are cancellations down, but take-up is significantly up.

Still, the sector’s challenges remain.

Vacancy in the secondary residential condo market of Metro Manila stands at a worrisome 25%, and Colliers forecasts it could hit 25.8% by yearend, up from 23.9% in 2024.

This is due largely to a new wave of project completions flooding the market.

However, not all districts are hurting equally.

BGC vs Bay Area

According to Colliers research director Joey Roi Bondoc, areas like Makati CBD, BGC, and Ortigas Center are showing resilience, while the Bay Area is facing a harder hit — one in every two units there sits empty.

Colliers remains cautiously optimistic.

“By 2026, we will see residential vacancy finally declining,” Bondoc said, citing fewer upcoming project completions as developers slow their pipeline.

In a related trend, Gulf News recently reported that Filipino homebuyers —especially OFWs and young professionals — are seizing these deals.

With low interest rates, flexible financing, and aggressive marketing, the market is becoming a buyer’s playground.

So if you’ve ever dreamed of snagging a swanky BGC or Bay Area condo at a good discount and walking away with a ₱150,000 shopping spree — this just might be your moment.