REAL ESTATE agencies PHILGEMS Realty Corp. and IQI Caliver on Thursday announced a merger to service developments in Ortigas Center, Bonifacio Global City, and Makati City.

The companies will operate under the IQI Caliver brand, Juwai IQI said in a press release on Thursday.

IQI Caliver as part of Asian real estate technology group Juwai IQI completed P600 million in transactions last year, as it operates from its Makati City and Bonifacio Global City, Taguig offices.

It was established in 2018 and has been expanding its market share through partnerships and establishing new offices in key areas.

PHILGEMS, a real estate services firm specializing in residential real estate, primary sales, and advisory in Ortigas Center in Pasig, usually completes around P600 million in transactions each year.

Emmanuel Andrew Venturina, managing director of IQI Caliver, said that he expects the delivery of coronavirus disease 2019 (COVID-19) vaccines to spur some recovery in the office, retail, and residential sectors in Metro Manila.

“By around mid-year, consumer and business psychology will shift from defensive to optimistic. Consumers will be ready to make major purchases, including real estate. Businesses will be prepared to invest in expansion and taking up office, manufacturing and logistical space,” he said.

The former president of PHILGEMS Realty Corp. who now serves as IQI Caliver vice-president, said that the Ortigas business district is poised for a post-pandemic property market rebound.

“This new hotspot for new developments offers a more affordable price per square meter of approximately P240,000 to P280,000. That compares to P280,000 to P400,000 in Makati and BGC (Bonifacio Global City),” he said. — Jenina P. Ibañez