Lamudi Outlook Quarterly 1Q2022

2. 1Q2022 IN NUMBERS Lead Growth by Property Type by Island Group Condos attracted the largest increase in leads in Metro Manila and Mindanao, while apartments garnered the highest increase in leads out of all other property types in Luzon and Visayas. 60% 1Q2022 in Numbers + 50% + + 40% 30% 20% Property seekers in Metro Manila and Mindanao showed increased preference in condos The real estate industry’s first quarter of 2022 concluded with optimism. Spikes in rental inquiries and achieved vaccination targets are some developments that have pointed to an improved business environment that has adjusted well to the new normal. Lamudi looks into property search and demographic activity in this quarter to identify new trends and anticipate where the market is headed. 10% 0% Metro Manila Luzon Visayas Mindanao Condo House Apartment Land Commercial Source: Lamudi.com.ph Lead Share by Sub-Category Lead Growth by Property Type Rank Metro Manila Luzon Visayas Mindanao Top sub-categories for condos, which had the largest share of leads in the area: Top sub-categories for land, which had the largest share of leads in the area: Top sub-categories for apartments, which had the largest share of leads in the area: Top sub-categories for houses, which had the largest share of leads in the area: Condos and apartments saw the largest quarter-on-quarter increase in leads in 1Q 2022. +29% 1. 2. CONDOMINIUM +25% 1-Bedroom 2-Bedroom Residential lot Agricultural lot Room Bedspace House and lot Beach house APARTMENT 3. Studio Commercial lot Loft Town house +13% COMMERCIAL +5% HOUSE +14% Source: Lamudi.com.ph The property types that attracted the highest lead shares varied across PH island groups. In Luzon and Mindanao, where horizontal developments composed the majority of leads, residential and agricultural lots were among the most popular sub-categories. Metro Manila and Visayas, areas where the share of leads for rentals had continued to increase throughout the last year, attracted most leads for condo and apartment units. LAND 02 | THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 | 03

3. 1Q2022 IN NUMBERS 1Q2022 IN NUMBERS Lead Growth by Price Range for Properties for Sale Most Searched Places by Island Group At least three cities from Metro Manila were among the top ten most searched places by each island group in the first quarter of 2022. Quezon City and Makati in particular were top searched places that were common to each island group. +18% 12M TO 20M For properties for sale, thePHP12M to 20M segmentflexed the largest uptick in leads out of all other price segments. Leads for properties within the segment increased by 18%. METRO MANILA 1 Quezon City Makati Taguig Pasig Parañaque Manila Mandaluyong Las Piñas Muntinlupa Antipolo LUZON 1 Quezon City Makati Taguig Pasig Manila Antipolo Baguio Santa Rosa Mandaluyong Dasmariñas 2 3 4 5 6 7 8 9 10 2 3 4 5 6 7 8 9 10 Lead Growth by Price Range for Properties for Rent VISAYAS 1 Cebu City Lapu-Lapu Mandaue Makati Quezon City Bacolod Talisay Taguig Manila Iloilo MINDANAO 1 Davao City Cagayan de Oro Cebu City Quezon City Makati Manila Taguig Pasig General Santos City Pasay The PHP30,000 to 60,000 price range attracted the highest increase in leads out of all other price segments for properties for rent, attracting 40% more leads in 1Q 2022 from 4Q 2021. 2 3 4 5 6 7 8 9 10 2 3 4 5 6 7 8 9 10 +40% 30K TO 60K 04 | THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 | 05

4. 1Q2022 IN NUMBERS QUARTERLY REAL ESTATE NEWS ROUNDUP head Karl Kendrick Chua, switching to a shorter onsite work week will help conserve energy, save gas, and reduce commuter expenses. In 1Q 2022, Metro Manila-based seekers appeared to prefer staying within the metro as cities within Metro Manila attracted the majority of their leads. IT-BPO Firms to Return to Ofce Following the Fiscal Incentives Review Board (FIRB) resolution issued on March 9, Information Technology and Business Process Outsourcing (IT-BPO) firms operating within ecozones must return to full onsite work by April 1 in order to avail of the tax perks provided to them. Department of Finance Secretary Dominguez clarified that IT-BPO companies may continue implementing work-from-home schemes but must give up the tax holidays they enjoyed. Nearly a third of all leads from Luzon-based seekers went to cities within Metro Manila. More than half of the top ten most searched locations by Luzon-based seekers were for cities in Metro Manila. Of the top ten most searched cities by Visayas-based seekers, four were from Cebu: Cebu City, Lapu-lapu, Mandaue, and Talisay. The remaining six cities were split between cities in Metro Manila and neighboring islands in Visayas. Leads from Mindanao-based property seekers were generally consistent from 4Q 2021 to 1Q 2022. A new addition to the top searched cities from seekers in Mindanao in 1Q 2022 was Pasay. Quarterly Real Estate News Roundup LRT-1 Cavite Extension Phase 1 viaduct completion Photo source: Light Rail Manila Corporation 70% of LRT-1 Extension Complete The Light Rail Manila Corp. announced that as of March 2022, 70% of the LRT-1 extension had already been completed. The extension, which spans 11.7 km to Cavite, will be operational by 2024. Sixteen new generation train sets will be added, bringing its capacity up by around 22,400 passengers. 30% of Metro Manila Subway Project Complete 30.55% of the Metro Manila Subway Project was completed as of February, according to a Department of Transportation announcement in March. The project is presently on track to be partially operational by the end of 2022, and fully operational by 2027. Once completed, travel time between Valenzuela City and Ninoy Aquino International Airport Terminal 3 will be cut down from 1.5 hours to 35 minutes. Stay up to date on the most exciting new projects, infrastructure updates, REIT news and post-pandemic developments that happened this quarter. Here are the highlights: BGC Ofce Buildings Flex High Demand A press release by Leechiu Property Consultants revealed that Philippine Authority (PEZA)-registered ofce buildings in Bonifacio Global City (BGC) had a low vacancy rate compared to buildings in other business districts. BGC–where several new ofce facilities have been erected–hosts the largest number of multinational corporations in the country. TRANSPORT NEWS MRT-3 Trains Run Twice as Fast Following its rehabilitation funded by the Japan International Cooperation Agency in March, the MRT-3 trains now operate at 60 kilometers per hour. The rehab project is one of several government initiatives congestion in the metro. Department of Transportation Secretary Tugade, passenger numbers have already increased from 260,000 pre-pandemic to 280,000 presently. Economic Zone BACK TO THE OFFICE NEDA Suggests 4-Day Work Week To address rising oil and commodity prices, the National Economic and Development Authority (NEDA) suggested that businesses shift to a four-day workweek during an event hosted by Malacanang in early March. According to NEDA to reduce According trafc to REAL ESTATE INVESTMENT TRUSTS (REITS) MREIT Income Hits P2-B Within its first six months of operations, Megaworld Corp.’s REIT–MREIT–posted a Metro Rail Transit (MRT) Line 3 Photo source: Department of Transportation (DOTr) 06 | THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 | 07

5. QUARTERLY REAL ESTATE NEWS ROUNDUP QUARTERLY REAL ESTATE NEWS ROUNDUP Landmasters Inc., is located in the hilly, forested town of Balamban. Balamban is home to various peaks, trails, and falls, including Mt. Manunggal and Mt. Mauyog. passengers. The tests, ofered at random, were conducted during weekday peak hours at North Avenue, Cubao, Shaw Boulevard and Taft Avenue Stations. Passengers who volunteered for testing were ofered a free MRT ride for testing negative, and were otherwise disallowed from boarding the train. IKEA Opens Collection Points in Cebu, Pampanga IKEA Philippines has expanded to more cities in the Philippines, as it opens two new collection hubs in Angeles and Cebu City. Customers outside Metro Manila may collect their online purchases through the collection points. IKEA’s Metro Manila store, located in Pasay, is its largest physical store yet at 730,000 square feet. P2-billion net income. The positive performance may be attributed to an uptick in rental income and contribution of four newly acquired properties in the tail end of last year, according to a Manila Bulletin article. As a result, total dividends for 2021 payable to shareholders had been brought up to P0.48 per share. Implementing Rules and Regulations were made two years ago. As of November last year, Robinsons Land Corporation’s Commercial REIT (RCR) followed by Megaworld’s MREIT and DoubleDragon’s DDMP netted the highest amounts following their initial public oferings. Photo source: Metropolitan Manila Development Authority (MMDA) PITX Hosts 5-Day Vaccination Drive Through a joint initiative Metropolitan Manila Development Authority (MMDA) and the DOTr, the Paranaque Integrated Terminal Exchange (PITX) hosted a mobile COVID-19 vaccination drive for transport workers and commuters. The event, which transpired from January 24 to 28, 2022, ofered qualified individuals Astrazeneca first, second, and booster shots. between the NEW DEVELOPMENTS New Data Center in Pasig In February, Beeinfotech PH opened The Hive–a PHP5.1 billion data center facility–in Bridgetowne Destination Estate, Pasig City. The facility can accommodate over 3,000 racks, 70% of which intended to host at least three of the world’s largest hyperscalers, according to an interview with BusinessWorld. Other major players entering the local data center space are YCO Cloud Centers and Alibaba Group. PH’s First Renewable Energy REIT Makes Debut The Citicore Energy REIT (CREIT) Corp. made its debut in late February, making it the country’s first renewable energy real estate investment trust. It is also the Philippines’ first non-ofce REIT, with proceeds from its sale being allocated to purchase properties for solar power plants in South Cotabato and Bulacan. Demand for CREIT was so significant that its listing day had to be postponed to process refunds to investors whose orders couldn’t be allocated once demand exceeded the ofer size. Photo source: IKEA Philippines COVID UPDATES Metro Manila Exceeds Vaccination Targets Metro Manila achieved over 106% of its vaccination targets last February, with roughly 10.4 million people fully vaccinated against COVID-19. As of February, NCR had also achieved roughly 66% of its vaccination targets for children receiving their first dose. The country as a whole had already fully vaccinated 78.1 million individuals against COVID-19 as of January’s end. Cebu Ecotourism Park Aboitiz Construction, Inc. announced last February that development works for a new ecotourism site–Magspeak Nature Park Inc.–has been completed. The site, partly-owned by Cebu PH REITs raise PHP76-B in 2 years Last January, the Department of Finance (DOF) announced that REITs in the country raised over PHP76 billion since amendments to the REIT Law MRT-3 Ofers Free Antigen Tests in January From January 11 to January 31, MRT Line 3 started ofering free antigen tests to volunteer 08 | THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 | 09

6. FEATURE: RESIDENTIAL RENTAL TRENDS IN CBDS FEATURE 2 Did demand for each price segment change from the previous quarter? Lead Growth for Residential Rentals in CBDs by Price Segment (1Q 2022 vs. 4Q 2021) 90% 80% Lead Growth by Price Segment Residential Rental Trends in CBDs 70% 60% 50% 40% 30% 20% 10% by: Ady Chiongbian 0% Makati Pasig Taguig Metro Manila CBDs The first quarter of 2022 saw a spike in leads for residential rentals in central business districts (CBDs). This came at a time when Metro Manila had achieved over 90% full vaccination against COVID-19, and ofces pushed return-to-ofce (RTO) initiatives and hybrid work arrangements. Lamudi data revealed that leads for residential rental properties (apartments, condominium units, houses) overall attained double-digit lead growth in cities with CBDs, particularly Makati, Pasig and Taguig. 1 Distribution of Leads for Makati by Price Pasig by Price Below PHP 15K PHP 15K - 60K PHP 60K - 200K PHP 200K and up Source: Lamudi.com.ph Across the three CBDs, demand for residential rentals within the low-cost, mid-cost and upscale (PHP60K to 200K) segments continued to increase from 4Q 2021 to 1Q 2022. Taguig exhibited the largest increase in leads for residential rentals belonging to the upscale and luxury (PHP200K and up) segments–a trend that may be influenced by returning expats and C-level executives amid an improving business environment. What were the most inquired price segments? 3 Distribution of Leads for Distribution of Leads for Taguig by Price What kind of rental units are seekers looking at in CBDs? Lead Growth for Residential Rentals in CBDs by Sub-category (1Q 2022 vs. 4Q 2021) 90% Lead Growth by Rental Unit Type 80% Majority leads for Makati residential rentals were for the mid-cost segment. The low-cost price segment contributed the most leads for Pasig residential rentals. The mid-cost price segment contributed the largest share of leads in Taguig residential rentals. 70% 60% 50% 40% 30% 20% 10% 0% Makati Pasig Taguig Metro Manila CBDs Below PHP 15K PHP 15K - 60K PHP 60K - 200K PHP 200K and up Studio 1-BR 2-BR 3-BR Source: Lamudi.com.ph Source: Lamudi.com.ph Leads for studio units, 1-bedroom, 2-bedroom and 3-bedroom units continued to increase across all three CBDs quarter-on-quarter. Prospective CBD renters contributed significantly more leads to 2-bedroom rental units in 1Q 2022 compared to 4Q 2021, a trend that may be driven by increasing preference for larger personal space following the pandemic. Property seekers interested in renting at CBDs generally appeared to prioritize units that provided them value for money. The low-cost (below PHP15K) and mid-cost (PHP15K to 60K) price segments continued to contribute the most leads to residential rental properties in Makati, Pasig and Taguig. 10 | THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 | 11

7. FEATURE: RESIDENTIAL RENTAL TRENDS IN CBDS AREA IN FOCUS 4 Where are potential CBD residential renters from? MAKATI Sources of leads PASIG Sources of leads TAGUIG Sources of leads DAVAO REGION Quezon City Quezon City Quezon City 1 1 1 Manila Makati Pasay Parañaque Lipa Pasig Angeles Antipolo Calamba Manila Pasig Makati Antipolo Angeles Parañaque Taguig Bacoor Baguio Manila Makati Pasay Taguig Antipolo Parañaque Lipa Cebu City Calamba 2 3 4 5 6 7 8 9 10 2 3 4 5 6 7 8 9 10 2 3 4 5 6 7 8 9 10 Referred to by many as Mindanao’s center for trade and investment, Davao Region is among the country’s leading real estate destinations outside of Metro Manila. Its capital, Davao City, is consistently among the top searched cities beyond NCR, having attracted the third most number of leads out of all cities outside of Metro Manila. The region is not only home to beaches and nature parks but also beneficiary to a number of big-ticket infrastructure projects in the works. To uncover some of the property search patterns shaping the region, Lamudi takes a look at demand trends in Davao Region for 1Q 2022. 1 Houses and land were the most inquired property types in Davao Region. In each CBD assessed, the top sources of leads were roughly split between property seekers within and outside Metro Manila. Seekers from Quezon City and Manila sent in the most inquiries for each city, while Makati, Paranaque, Pasay, Pasig and Taguig were also among the most active seekers for the CBDs. Houses continued to attract the largest share of leads in Davao Region in 1Q 2022. Houses were also the most inquired property type for sale in the region, while leads for house rentals increased since the last quarter. After ‘house and lot’, ‘townhouses’ were the most inquired house sub-category on Lamudi in 1Q 2022. A few cities in CALABARZON, right outside the metro, were also among the top CBD rental property seekers. Antipolo, Bacoor, Calamba and Lipa contributed significant shares of leads to residential rentals in CBDs in 1Q 2022, a trend influenced by employees abiding by RTO mandates and some students returning to face-to-face classes. Baguio and Cebu City were also among the top sources of leads for Pasig and Taguig respectively. 2 Demand for properties for sale in Davao Region was most concentrated in the economic and low-cost segments. Data from the first quarter of 2022 also showed that unit preference varied by location of the property seeker. Nearly 50% of all leads from the aforementioned cities outside Metro Manila were for rooms, bed spaces and studio units. Seekers from these cities are likely renting as solo occupants or are returning and re-adjusting to costs of living in the Metro and opting for smaller spaces to minimize expenses. Properties for sale priced PHP6M and below attracted the most leads out of all price segments in Davao Region Property seekers from within Metro Manila looking at the assessed CBDs generally preferred larger spaces, with 1-bedroom, 2-bedroom and studio units contributing the highest shares of leads. 12 | THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 | 13

8. AREA IN FOCUS: DAVAO REGION AREA IN FOCUS: DAVAO REGION 4 Rank 1. 2. Davao City was the most searched city located in Davao Region. Lead Distribution by Price Segment for Properties for Sale in Davao Region 1Q2022 Metro Manila Davao City Mati Luzon Visayas Davao City Island of Garden Samal Tagum Mindanao Overseas Davao City Davao City Davao City Tagum by Price Segment Lead Breakdown Tagum Island of Garden Samal Tagum 3. Island of Garden Samal Tagum Island of Garden Samal 4. Panabo Panabo Magsaysay Island of Garden Samal Digos 100% Economic Below PHP3M Low-cost PHP3M to 6M Upscale PHP6M to 12M Luxury PHP12M and up 5. Digos Digos Panabo Panabo Panabo Source: Lamudi.com.ph Source: Lamudi.com.ph Property seekers across the Philippines as well as overseas were generally interested in the same cities across Davao Region. Other than Davao City, the cities of Tagum, Island Garden of Samal and Panabo were also among the top five most searched cities in Davao for each island group. Digos, where Mt. Apo is located, as well as the beach town of Mati were also among the top searched cities in the region. Properties within the economic segment–particularly listings within the PHP1.5M to 3M price band–attracted the largest share of leads out of all other price segments in Davao Region in 1Q 2022. Leads for properties priced below PHP1.5M had the most significant quarter-on-quarter growth during that period, increasing by 154% from 4Q 2021 to 1Q 2022. 3 5 Demand for rentals in Davao Region was most concentrated in mid-cost listings. Outside of the Philippines, pageviews for Davao properties were mostly from North America followed by Europe. Lead Distribution by Price Segment for Rental Properties in Davao Region 1Q2022 On the other hand, the overseas city that contributed the most leads for properties in Davao was Edmonton, Canada - wherein roughly 4% of its population were Filipinos as of 2016, according to the Department of Foreign Afairs. This was followed by Brisbane, Singapore, Dubai and Nagoya - locations with significant overseas Filipino worker (OFW) presence. + + + + + + + + + 100% + + + Low-cost Below PHP15K Mid-cost PHP15K to 60K High-end PHP60K to 200K Luxury PHP200K and up + + + Source: Lamudi.com.ph Properties priced between PHP15K to 30K attracted both the largest share in leads and the highest quarter-on-quarter increase in leads in 1Q 2022. 14 | THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 | 15

9. AREA IN FOCUS: DAVAO REGION AREA IN FOCUS: DAVAO REGION 6 8 Seekers looking into Davao were most concentrated in the 25 to 34 followed by the 35 to 44 age segments. The most popular amenities searched by Davao City-based seekers in 1Q 2022 were wi-fi, air-conditioning and built-in wardrobes A year earlier, their most searched amenities were wi-fi, swimming pool, and carport. Leads for Davao listings were split almost evenly between males and females. 7 Davao City was the top search term by Mindanao-based seekers in 1Q 2022. Quezon City Taguig BGC CaviteButuan Other amenities that increased in popularity in 1Q 2022 were home features with dedicated spaces such as ensuites and study rooms. The intercom was also an amenity that had not previously been among the most searched in Davao, but leads for such have increased in the last quarter - possibly driven by the convenience it provides to those accepting deliveries for online purchases. Bulacan MakatiAntipolo San Fernando Davao Davao City Mandaluyong With the completion of Davao City’s 54.74 km bike lane network in 2021 and talks of an expansion underway, Davao Region continues to progress as one of the most livable locations in the country. Real estate investment prospects in the region have grown, with cities such as Tagum being awarded by the Philippine Chamber of Commerce and Industry as the country's most business friendly LGU in 2021 and real estate activities being the top source of investments in the region as per the Board of Investments. As more developers, sellers and brokers meet the increasing demand for low-cost housing and house rentals, property seekers looking at Davao Region can expect entry into an area committed to growth as a healthy, business-friendly, and inclusive place to live. Cebu Cagayan de Oro Pag-ibig House and Lot Cebu City Siargao Parañaque Pasig Rush Sale Pasay Manila Laguna Davao del Sur Marikina Bukidnon Baguio Tagaytay South Cotabato 16 | THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 THE OUTLOOK QUARTERLY: A WRAP-UP OF THE PHILIPPINE HOUSING MARKET IN 1Q2022 | 17