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
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