Global marketplace for luxury assets: Sotheby’s realty arm debuts in PH
Sotheby’s International Realty Affiliates LLC (SIR), a global network of real estate agents, has expanded into the Philippines through a partnership with a seasoned real estate professional.
The newly launched Philippines Sotheby’s International Realty (PSIR) is the local affiliate of SIR, which aims to open up properties in the country to its extensive marketing and referral system.
Through this network, properties in the Philippines will be made available to overseas buyers and vice versa.
Catherine Ocariz-Florencio, a seasoned real estate professional for the past 15 years through SQFT Global Properties Philippines, will lead the alliance as managing partner.
In a press conference on Tuesday, Chris Palumbo, SIR global vice president for affiliate services in Asia-Pacific, said that PSIR would open up cross-border activity in the luxury real estate industry.
“Our expansion in the Philippines represents [SIR’s] continued growth in Asia-Pacific,” Palumbo said, explaining that the country’s new infrastructure and evolving demographics heralded the growth of the local luxury property market.
“Foreign and local investors are tuned in; they’re ready to seize the inbound and outbound investment opportunities that PSIR now offers, and which our global network is especially well positioned to facilitate,” Palumbo added.
Ocariz-Florencio, meanwhile, said that PSIR would be an opportunity to share her vision of showcasing unique properties that embody the essence of Philippine luxury living.
International showcase
“And what I am really excited to take on with this brand is having, you know, the best practices, showcasing us [on] a global platform … and it’s my own way of contributing to marketing our country [on] a global level,” said Ocariz-Florencio.
“A lot of our affluent buyers have been looking into the leisure market, and we’d like to open [those] doors up, not just locally and nationally, but internationally; and with this prestigious brand, I believe we can take that on,” she added.
Founded in 1976, SIR was set up “to provide independent brokerages with a powerful marketing and referral program for luxury listings,” according to its website.
By capitalizing on the Sotheby’s brand, which traces itself to London back in 1744, the firm aims to connect independent real estate companies to the luxury real estate clientele.
According to Palumbo, SIR did not rush to set up shop in the Philippines until they had the “right partner.”
“What we have here in the Philippines is an amazing opportunity. I think … they really have the local expertise and the international perspective, and I think they’re really poised to do their thing here in the Philippines,” he said of Ocariz-Florencio.
In 2004, Sotheby’s entered into a partnership with Anywhere Real Estate Inc., a New Jersey-based real estate services company listed on the New York Stock Exchange, that allowed the licensing of the SIR brand through a franchising system.
Affiliations are only given to brokerages and individuals “meeting strict qualifications.”
SIR has 1,100 offices in 84 countries and territories, with 62 offices in Asia.
It earned $4.6 billion in annual global referrals and had a global sales volume of $157 billion in 2024.
