PROPERTY DEVELOPERS are selling noncore assets and cutting debt as they brace for a market slowdown that could last another two to three years, consultancy firm PRIME Philippines said. The shift comes as construction costs have increased by 30% to 50% since the onset of the conflict in the Middle East, according to PRIME Philippines. Sondi Tuazon, senior head of retail tenant representation at PRIME Philippines, said several major mall operators have shortened operating hours to reduce electricity consumption. “You don’t want to be completing an office building, a development, that usually will be vacant for another 12 months,” Mr. Yu said. Mr. Yu said developers should respond to current market conditions through disciplined, data-driven decision-making rather than short-term uncertainty.