Philippines Urban Living Solutions - MyTown
Name of Organization / Company: Philippines Urban Living Solutions Inc. -MyTown, Makati, NCR, Philippines
Category: Award for Innovation in Living, Learning, and Working Environments
Entry Title: MyTown, The Philippine's First, Leading and Most Exciting Co-living Community
Essay:
Sustainably Addressing a Social Issue
“The company succeeds in disrupting the real-estate sector”-Business Mirror
“MyTown, the trailblazer in the business”-Cushman & Wakefield
“MyTown is the answer. This is one of the most innovative and creative ideas I've seen anywhere in the world.”- Mark Mobius “Innovative”-Rappler
According to McKinsey & Company, the Philippines faces one of the largest affordable housing shortages in the world, yet despite this, local developers have focused on high-end, for-sale housing. Recent affordable housing projects remain largely sold to wealthier individuals, or are located outside of urban areas, and are in no case accessible to the country’s largest and growing demographic: the young professional.
Instead, young professionals’ lives are relegated to 4-5 hour daily commutes to work in what Waze and Uber research has dubbed some of the worst traffic in the world. Thus, their work-life balance is unhealthy, unsustainable, and unworthy of a segment of society that provides most of the country’s economic growth.
MyTown disrupted the local market by creating a new real estate asset class that both (i) improves living conditions to thousands of young, hard-working Filipinos, and (ii) is sustainable and not reliant on any government grants or programs, making it scalable and truly transformative. Starting from a pilot portfolio of three buildings in 2016, it has successfully opened 13 new, innovative buildings in 2018, and now provides 3,300 beds, elevating the work-life balance to thousands of young professionals daily. Its portfolio will grow to 5,500 beds when its latest building is ready for occupancy by early 2020 and it’s actively looking for further expansion.
Data, Not Dogma
By being heavily analysis-driven and focusing on data instead of dogmas, MyTown conducted surveys and sit-down interviews with over 1,200 young professionals, and used the outcome to design its buildings, units, amenities, departments, and rental contract terms. The result: a much-needed affordable housing solution that’s 100% driven by simply listening to its target market.
Data continues to drive the company and has resulted in a reduced carbon footprint, quicker customer care, superior profit margins, and rapid adjustments in its product offering through tenant feedback. Its development of a MyTown smartphone application is unique in the market, and further bolsters operational efficiencies and tenant satisfaction.
Changing the Market
MyTown’s success has resulted in investments from Franklin Templeton and SM Investments, as well as the introduction of “me-too” concepts by incumbent developers seeking to follow in MyTown’s lead. Moreover, the company has changed the way corporations manage their employees. Until MyTown, many corporations struggled to attract and retain staff; employee turnover is a large, and expensive, issue for corporates in the Philippines.
Dozens of corporations now rent from MyTown to provide staff with an affordable yet safe and aspirational product. Employers have seen significant improvements in staff retention, and savings on their budgets.
Live, Work, Play
In its latest buildings, MyTown created a single ecosystem for people to live, work and play by introducing (i) co-working spaces, (ii) training and study rooms, (iii) professional workshops, and (iv) ancillary services such as meal plans. Now, its units and common areas allow for comfortable living, co-working spaces for flexible working, and its unparalleled amenities and events for a perfect venue to relax after a long day of work – all in a single venue
Thanks to MyTown.
MyTown continues to answer a demand for the growing number of professionals who cannot afford high-end housing, but still aspire for a fulfilling lifestyle. MyTown does not see this as a trend, but a way of life that will become the norm in the future.
LINKS:
URL 1: www.mytown.ph
URL 2: https://www.facebook.com/MyTownPhilippines/
URL 3: https://www.instagram.com/mytown_ph/
URL 4: https://www.linkedin.com/company/7799265/admin/
URL 5: https://news.abs-cbn.com/video/business/02/06/19/condormitel-patok-dahil-sa-kalbaryo-sa-trapik
URL 6: https://www.facebook.com/watch/?v=2469155846446673
URL 7: www.puls.ph