WORLDBEX Drawn Another History in the Industry!

Wazzup Pilipinas!?

The World of Building and Design Expo (WORLDBEX) proudly announces the successful conclusion of its highly anticipated event, Worldbex 2024. Throughout March 14-17, 2024. With the theme "Drawn to Ascendancy", WORLDBEX 2024 served as a platform for industry professionals and enthusiasts to explore the latest trends, technologies, and innovations shaping the future of the construction, architecture, and interior design industries. From immersive showcases to interactive exhibits, attendees were treated to a glimpse of the transformative power of design and creativity.

Throughout Worldbex 2024, attendees had the opportunity to engage with a diverse spectrum of exhibits, seminars, and networking events. From exploring the latest advancements in sustainable architecture to discovering state-of-the-art design solutions, there was something for everyone at WORLDBEX 2024.

As Worldbex 2024 draws to a close, the organizers would like to thank all attendees, exhibitors, sponsors, and partners for their support and participation. Together, we have celebrated the spirit of creativity, innovation, and collaboration, and we look forward to continuing to push the boundaries of what is possible in the years to come.

#WORLDBEX2024

#DrawnToAscendancy

UP Geologists Discover Evidence of Gas Hydrates in Manila Trench

Wazzup Pilipinas!?

Gas hydrates are great alternative energy sources, but they could also harm us and the environment.



Bathymetric map of Luzon, including the Manila Trench, the North Luzon Trough (NLT), West Luzon Trough (WLT), Stewart Bank (SB), and Philippine Mobile Belt (PMB). (Photo credit: Maglalang et. al. 2023)

Much like carbonated drinks are water infused with carbon dioxide, gas hydrates are ice mostly infused with methane, a natural gas used as fuel. Gas hydrates are ice-like substances that usually only form beneath the seafloor, where the pressure is high and the temperature is just below the water’s freezing point of 0°C.

Elisha Jane Maglalang, Dr. Leo Armada, Madeleine Santos, Karla May Sayen, and Dr. Carla Dimalanta of the UP Diliman College of Science National Institute of Geological Sciences (UPD-CS NIGS) discovered that gas hydrates may be abundant in the Manila Trench, west of Luzon. Their study is the first to investigate these substances in Philippine trenches, pioneering gas hydrate research in the country.

Because gas hydrates contain huge amounts of carbon and methane, they can be a great alternative energy source. “The western Philippines has vast potential for this unconventional energy resource,” the researchers said. They discovered that a total area of around 15,400 square kilometers in the Manila Trench, or about the size of Palawan, could contain gas hydrates. They estimate these substances might be around 200 to 500 meters below the seafloor.

However, gas hydrates can be a geologic and environmental threat. Because gas hydrates are unstable solids, they will dissociate and melt when the conditions in which they form change, usually during earthquakes. Worryingly, the Manila Trench is an active margin, responsible for numerous earthquakes in Western Luzon. When gas hydrates melt, it will agitate the seafloor, possibly triggering submarine landslides and tsunamis.

Moreover, methane can harm the environment when released into the atmosphere. Methane is a potent greenhouse gas that contributes to global warming, and just one cubic-meter block of gas hydrate contains as many as 160 cubic-meter blocks of methane in its gas form. This is equivalent to 14% of an average Filipino’s methane emission in 2021.

“Therefore, it is essential to determine the distribution and stability conditions of gas hydrates offshore of the Philippines,” the researchers emphasized.

To determine their location without drilling through the seafloor, scientists rely on sound waves. Similar to how a pond reflects sunlight, gas-bearing substances like gas hydrates reflect sound waves. These seismic reflections, called bottom-simulating reflectors (BSRs), indicate where gas hydrates might be present. By analyzing existing seismic data in the Manila Trench, the UP geologists were able to map out BSRs and, consequently, deduce possible locations of gas hydrates in the region.



A section of the seafloor as mapped using sound waves. (Photo credit: Maglalang et. al. 2023)

The researchers note, however, that while BSRs are tell-tale signs of gas hydrates, they are not definitive. “Future drilling of offshore targets will be instrumental in confirming methane hydrate occurrence,” the researchers said. “These investigations offer a vital opportunity to develop our indigenous energy wealth,” they added.

To move forward, the researchers are conducting additional investigations in other offshore places in the Philippines to expand our geophysical dataset. Moreover, the team is spearheading efforts to foster marine geophysics in the country. ”These efforts will contribute not only to the advancement of scientific knowledge but also to the development of the expertise of Filipino geoscientists in marine geophysics,” they concluded.

References:Maglalang, E. M., Armada, L. T., Cecília, M., Sayen, K. F., Dimalanta, C. B., Shu Kun Hsu, & Yumul, G. P. (December 2023). Bottom simulating reflectors in the Manila Trench forearc and its implications on the occurrence of gas hydrates in the region. Marine and Petroleum Geology, 158, 106538–106538. https://doi.org/10.1016/j.marpetgeo.2023.106538












By Harvey Sapigao

Metro Manila to see largest condominium completion since 2018

Wazzup Pilipinas!?

Bay Area to have largest condo supply as Metro vacancy nearing pandemic peak

Metro Manila will see the turnover of nearly 11,300 condominium units in 2024, the biggest completion since the 11,700 units delivered in 2018, according to data from leading diversified professional services and investment management company Colliers

 From 2024 to 2026, Colliers sees the completion of 8,000 new condominium units in Metro Manila, much less than the nearly 13,000 residential units turned over in the capital region every year from 2017 to 2019. Colliers recorded the delivery of 1,240 units in Q4 2023. This brought total completion in 2023 to 3,540 units, lower than our earlier forecast of 4,920 units due to delay in the completion of some projects, particularly in the Bay Area. Colliers forecasts condominium completion to recover in 2024 with the delivery of 11,290 units, the largest since 2018. According to Joey Roi Bondoc, Colliers Director of Research, the Bay Area will likely account for more than 60% of new supply during the period. “We also expect this submarket to dominate other Metro Manila sub-locations in terms of condominium supply in 2024. By the second half of this year, the Bay Area will have the largest condominium supply across Metro Manila with 44,000 units, even higher than Fort Bonifacio’s total of 43,800 condominium units.”

Lukewarm Metro Manila pre-selling launches and take-up

In 2023, Colliers recorded the take-up of about 23,400 condominium units in the Metro Manila pre-selling market, an improvement from the 21,600 units sold in 2022. The affordable to lower mid-income segments (PHP2.5 million to PHP7 million per unit) dominated in terms of pre-selling condominium demand in Metro Manila, accounting for 57% of total take-up in 2023. Meanwhile, pre-selling condominium launches reached 24,900 units in 2023, down 4% YOY. In our view, developers are becoming more cautious with their new residential launches especially with still sizable number of ready-for-occupancy (RFO) units in Metro Manila with remaining inventory life currently at 3.2 years. 

Vacancy in the secondary market improves

Vacancy in the secondary residential market dropped further to 16.8% as of end-2023 as vacancies across all sublocations improved. Residential leasing in major business hubs, such as Rockwell Center, Fort Bonifacio, Makati CBD, Ortigas Center, and the Bay Area, was mainly driven by returning expatriates from outsourcing, manufacturing, and logistics industries. Some local employees that are starting to return-to-office (RTO) are actively looking for units to rent, taking advantage of rental corrections for studio and one-bedroom units in prime business districts such as Makati CBD, Fort Bonifacio, Bay Area, and Ortigas Center. Vacancy nearing pandemic peak due to sizable completion in 2024

“We project rents and prices to grow albeit at a slower pace starting 2024. We attribute this to still elevated vacancy given the substantial number of RFO units in the secondary market. We see substantial addition to Metro Manila RFOs given the new units to be delivered especially in the Bay Area,” said Bondoc. “Colliers forecasts residential vacancy to increase to 17.7% in 2024, near the record-high vacancy of 17.9% we recorded in 2021. We see vacancy in the Bay Area submarket rising to 28%, an all- time high, partly due to the completion of more than 7,000 new condominium units this year.”

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations

in 65 countries, our 19,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people.