High demand for new generation of premium residential units at BGC
MANILA, Philippines–Most of the country’s prime office developments are now being constructed in Bonifacio Global City, making this business district become the preferred residential area of the top executives and industry leaders in the country, according to key executives of Filinvest Development Corp. (FDC).
FDC executives said that with traffic in Metro Manila still an unsolved problem, the option to live a few minutes from where one works has become more and more an attraction in the past few years for the high-end market. The holding company of the Filinvest Group, FDC is the developer of The Beaufort, a low-density, 271-unit development that consists of two towers and is one of the few BGC units now ready for occupancy.
Completed this year, The Beaufort is one of BGC’s more premium developments offering only four units to a floor. Its penthouse units in the two towers situated above a six-story banking podium were among the first to be sold, indicating the quality of the development, said Catherine Ilagan, executive vice president of Filinvest Alabang Inc., The Beaufort project developer. Only 14 percent of the units priced from P8 million and up are still available. Most of them range from one- to three-bedroom units.
The Beaufort was FDC’s response to the strong demand for top-end units following the office construction boom in BGC, she explained. In 2013, BGC accounted for close to 40 percent of office space leased; McKinley Hill was a poor second at 20 percent; and Quezon City at 12 percent in third place, according to industry studies.
BGC was also in the top spot in previous years. In terms of supply precommitments as of the end of 2013, or space taken up by a tenant even before the completion of an office space, BGC accounted for 46 percent, significantly higher than all other business districts.
Ilagan revealed that the penthouse unit owners now reside at The Beaufort. They left single-detached homes in posh Metro Manila villages to be closer to work and free of the hassles of commuting. A number of other unit owners share similar stories. Other unit owners, she said, are seeking to rent out the property to executives working nearby, mostly foreigners. Because The Beaufort is ready for occupancy, they look forward to getting a return on their investment by immediately renting out the units to the top officers of large corporations based in the area or in Makati.
“In addition to location, we attribute the strong take-up of The Beaufort units to its exclusivity, superior technology and great views of both the Manila Golf and Makati skyline,” Iligan noted.
The Beaufort is representative of a new generation of luxury units that are smaller in size and make use of advanced technology to provide residents greater convenience and security. The heart of the building is an integrated security and building management system designed by Control Risks, which counts major international airports as clients. The system provides real-time monitoring, command and control, automation, database administration and report management—all from one platform.
For The Beaufort resident, this means that access to basement parking facilities is controlled by an RFID sticker that opens the boom. Further, each resident is issued a preprogrammed card that gives him elevator access only from his parking floor to the specific floor where he resides, and to the ground floor lobby and seventh floor where amenities are found. Thus the privacy of all residents from persons with no business on their designated floors is assured.
Located at one of the quietest enclaves of BGC, The Beaufort is at the corner of 23rd Street and 5th Avenue. While the residents use 23rd Street as entrance, they also have easy access to 5th Avenue and all the prominent establishments on that main BGC thoroughfare including major hotels and the future Philippine Stock Exchange, according to its website thebeaufort.com.ph.
The imposing towers of The Beaufort which rise up to 43 stories were designed by Arquitectonica, a leading architectural firm associated with landmarks like the International Finance Center in Seoul and Walt Disney’s All-Star Resorts in Florida. All residential units enjoy panoramic views through curving glass walls. Meanwhile, the grand lobby interiors and other common areas were designed by Texeira Design Inc., which also rendered the interiors of Peninsula Bangkok Hotel and Ritz Carlton in Dubai.
The Beaufort is a project of one of the most trusted Philippine real estate developers, the Filinvest group. With a 50-year track record in the industry, Filinvest draws from the Gotianum family’s tradition of integrity, quality and service.
