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Business trends

Developers race to house Southeast Asian middle class

Financing and rising incomes have put homes within reach for a growing population

Myanmar is building more public housing to address shortages linked to urbanization. (Photo by Yuichi Nitta)

YANGON/MANILA -- Property developers are charging into the market for affordable housing in Southeast Asia, seeking to profit as rising incomes make homeowners of the middle class.

In the Philippine province of Cavite, a commuter region serving the capital of Manila, a joint venture by Philippine developer Century Properties Group and Japanese trading house Mitsubishi Corp. is hard at work on a new development catering to first-time homebuyers. The project's 3,000 or so units start at just 1.2 million pesos (around $23,000), and the 1,000 or so units already on offer have nearly sold out.

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