SMIC’s MyTown reports 70% increase in staff housing demand

SM Investments Corp.’s (SMIC) MyTown brand reported an increase in demand for staff housing over the past year as companies adjusted operations in line with quarantine restrictions.

“We have seen a dramatic increase in staff housing by more than 70% over the last year. The number of inquiries and sector diversity more than doubled over the same period,” Jogee A. Arellano, chief leasing officer of MyTown, said in a statement on Friday.

MyTown is a dormitory chain by Philippines Urban Living Solutions, Inc., which offers furnished rooms, housekeeping, and daily meal plans for tenants.

Its dormitories are located at a walking distance from Bonifacio Global City in Taguig and Makati City’s central business district.

The company said it has since adopted comprehensive COVID-19 (coronavirus disease 2019) protocols.

“The corporate clients who utilize our staff housing have seen attrition rates decline up to fourfold, which have material direct and indirect impacts on companies’ bottom lines,” Mr. Arellano said.

Amid the country’s lockdown period, MyTown has been providing housing for its corporate partners, some of which are China Banking Corp., the Aboitiz group of companies, and KMC Solutions.

On Friday, shares of SMIC at the stock exchange went down by 0.11% or one peso to finish at P920 each. — Keren Concepcion G. Valmonte

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