A Senate bill that lowers approval requirements for condominium redevelopment could breathe new life into older residential properties and kickstart urban renewal, especially in Makati’s central business district, according to Leechiu Property Consultants (LPC).
Senate Bill 2420, or the Condominium Redevelopment Act, revises the 1966 Condominium Act that currently demands a 100 percent unanimous vote from owners to demolish and rebuild a residential tower. Under the proposal, projects up to 30 years old still need full agreement; those 30 to 50 years old would require a two-thirds vote; and buildings over 50 years old would only need a simple majority.
Miguel Galvez, LPC Investment Sales analyst, said Makati stands to gain the most because older condos in prime spots make up about 26.2 percent of its tracked buildings — far higher than the nationwide figure of roughly 3 percent for that age bracket. Across the broader market, around 97 percent of buildings are under 30 years old.
“Metro Manila holds a growing stock of older condos sitting on increasingly valuable land,” Galvez explained. “A clear redevelopment framework makes these assets investable and lets developers recycle underused sites. Right now, the biggest hurdle is getting everyone to agree.”
He noted that while much discussion focuses on building new housing, huge potential lies within existing urban areas. Combined with recent increases in allowable floor area ratio, the new approval rules would make redevelopment far more practical — allowing taller, more efficient buildings on the same land.
“Even as broader economic conditions limit new demand, this reform unlocks value from properties we already have,” Galvez said. “Opportunities will center on mature districts like Makati, where aging structures on prime land are becoming viable redevelopment projects.”
