DEVELOPERS are now building condominiums outside of traditional central business districts (CBDs), as land in Makati and Bonifacio Global City become more difficult and expensive to acquire.
“With land prices in the Makati central business district and Bonifacio Global City scarce and prohibitively costly, developers are venturing out of the traditional business districts for their next Metro Manila projects,” Pinnacle Real Estate Consulting Services, Inc. said in a Real Estate Market Insight report for the first quarter of 2019.
Pinnacle identified the Chino Roces area in Makati City as an increasingly popular location for residential condominiums.
Property developers who are already in the area are Avida Land Corp. with its Avida Towers San Lorenzo; Geo Estates Development Corp.’s The Beacon; Vista Land & Lifescapes, Inc.’s Laureano di Trevi; Empire East Land Holdings, Inc.’s San Lorenzo Place; and Federal Land, Inc.’s Paseo de Roces, Oriental Garden Makati and Oriental Place.
New condominium projects are also being built along Chino Roces Avenue. Megaworld Corp. is building Vion Tower which will have 1,051 units and is targeted for completion in 2023. SM Development Corp.’s Red Residences offers 1,100 units, which will be completed by 2022, while DMCI Homes’ Fortis Garden is targeted to be finished on 2022.
Avida Land recently launched Avida Towers Makati Southpoint — a three-tower residential condominium development. The first tower is expected to be completed by 2024.
“Another area is Circuit Makati, which is at the former Santa Ana Racetrack in Carmona, Makati, which is at the northern end of Chino Roces Avenue along the banks of Pasig River. Already we’re seeing plenty of developments in nearby Santa Ana district of Manila,” Pinnacle said in an email.
Property firms are also entering areas where key infrastructure projects have been completed, such as in Taguig City and the C5 corridor in Pasig City and Quezon City.
Ayala Land, Inc. (ALI) and Eton Properties Philippines, Inc. (EPPI) is building a 35-hectare mixed-use estate covering areas in Quezon City (QC) and Pasig City called Parklinks.
Megaworld has committed to spend P35 billion for the development of Arcovia City located in Pasig City in a span of 10 years. Robinsons Land Corp. is developing an IT park called Bridgetowne in Quezon City. — Vincent Mariel P. Galang