'high-Rise Living May Be The Next Big Thing'

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The floods may have altered where people wish to live and this could be the beginning of a condo and high-rise apartment boom.Filipinos may finally begin to see the beauty of high-rise living, following massive floods caused by recent storms in several areas of the Philippines, a company official said Tuesday.Robinsons Land Corp. General Manager Henry Yap said Filipinos may start moving to higher ground to avoid a repeat of the devastation caused by typhoons "Ondoy" and "Pepeng" (international code names Ketsana and Parma, respectively), which hit the Philippines in the past months.The 2 storms have killed hundreds of people and destroyed millions of pesos worth of properties in Metro Manila and in some areas of Luzon."More Filipinos will embrace high-rise living. They still prefer single-detached homes, but now they are more open to high-rises," Yap said in a briefing organized by the Philippine Stock Exchange. He stressed, however, that RLC has yet to observe clear trends in the shift to high-rise living.Yap's projection was supported by Cora Guidote, Vice President for Investor Relations of SM Investments Corp. (SMIC). SMIC, which is owned by mall magnate Henry Sy, has interests in real estate, among many others.Link to the complete story

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