World’s oldest Chinatown continues to attract businesses

RICHARD A. REYES

A rich, colorful past, an illustrious present, and a promising, burgeoning future.

This, in essence, is what the thriving Chinatown in Binondo, Manila is now all about.

From being the hub of the Pacific where the beginnings of global commerce took place centuries ago, the world’s oldest Chinatown continues to be that highly influential district which saw the seamless fusion of tradition, culture, heritage and modernity.

And despite its numerous transformations over the years, Chinatown’s identity has remained intact and compelling, enabling it to retain a unique flavor that appeals to both the locals and the foreigners.

In the last decade alone, Manila’s Chinatown has seen a revitalization of sorts, as it started to catch up with the changing times—a clear indication that it holds much promise for the future.

Old Binondo

There was, of course, a period when Binondo had lagged.

Wilson Sy, sales and marketing head for Megaworld Corp., admitted that the Binondo of about 20 years ago was highly different than what it is today.

Growing up in Binondo himself, Sy bore witness to the stagnation that this town underwent in earlier years. Binondo, according to him, had seen a period when it lacked energy, was quite dirty, had fewer inhabitants, and had old—sometimes dilapidated—infrastructure, as well as worn down roads.

It took the commitment of one developer to take on the cudgels to help restore and breathe new life into the illustrious Chinatown.

The entry of Megaworld, Sy said, has helped revitalize Chinatown, infusing energy into what then was a sleepy town, through new developments, foremost of which was the Lucky Chinatown Mall.

This large-scale urban renewal project formed part of Megaworld’s bigger and continuing commitment to help bring Manila’s Chinatown back to its former glory.

Close to heart

“What we have now is a revitalized Chinatown that is full of energy. It has again become a tourist spot for the country… And it’s not only the locals, but the foreigners as well, who are flocking to Binondo,” Sy said.

“But while it has become modernized, the rich culture and tradition of Chinatown were preserved,” he added.

Megaworld started in earnest the revitalization of Chinatown about a decade ago, and has remained steadfast to fulfilling this commitment today. Such dedication to this project, according to Sy, stemmed from the fact that Chinatown is one of the locations that is close to the heart of the company’s chairman, tycoon Andrew Tan.

“(Tan) stayed in Binondo—he lived there after the family migrated from Hong Kong. That’s why he really has this vision to transform the image of Chinatown. And putting up the Lucky Chinatown Mall was something that should be worthy of praise and admiration because no other developer would even think of doing this. It helped transform the old image into a very vibrant one, that is full of energy,” Sy explained.

Projects

Apart from the Lucky Chinatown, Megaworld also has within Binondo the Cityplace Twin Tower Residence, a ready-for-occupancy (RFO) luxury residential condominium; the Noble Place, a high rise residential project whose units are scheduled for turnover next year; and the planned 93-room hotel that will also be managed by Richmonde Hotels and Resorts.

Another project currently in the works is the revitalization of the Plaza Cervantes (See related story at B3-4), which formed part of the company’s efforts to preserve the Chinatown culture.

Sy said there is a deliberate effort to seamlessly fuse the rich history of the old Chinatown with that of the modern day Binondo, with Hong Kong being looked at as the model for this revitalization project.

Although new structures are being built, Megaworld has ensured that the famed old shops along Ongpin and elsewhere in Binondo would be part of this transformation.

For instance, Megaworld’s mall in Binondo has as tenants the so-called “old guards of Chinatown” which included the likes of Eng Bee Tin and Sincerity, as well as drugstores and Feng Shui shops.

Welcome change

“Megaworld is about halfway through its vision of transforming Chinatown. We are still doing a lot to modernize and improve everything in accordance to the vision of our chairman, Andrew Tan, who does not only want to revitalize Chinatown, but also uplift the way of life of the people there,” Sy explained.

And these changes were received warmly by the local community, according to Sy. A big factor was the fact that Tan was at the helm of the projects.

“(Tan) is well respected… The Chinese community is happy and satisfied with what we’re doing for Binondo. They even attend the events there because they have seen how the entire community is being energized as well, from the developments to the infrastructure,” he said.

Growing investor interest

As it is, the positive developments in Chinatown have attracted the interest of many investors, particularly the Chinese from mainland China. Also helping boost interest in Chinatown, as with the rest of the country, was Duterte administration’s pivot to China.

“The changes brought a lot of Chinese from mainland China, Taiwan, Singapore, and Malaysia, some of which have already migrated here to do business. The pivot to China is good as the Chinese are now coming in, and one of the first things they are looking at is a home,” Sy explained.

“That’s why we’re so bullish about our new developments in Binondo because of the rosy diplomatic relations between the Philippines and China. It’s giving us more business. And this pivot will not only benefit Chinatown, but the rest of the country as well as we had Chinese investors buying our projects from Makati and Taguig,” he further noted.

According to Sy, the preference among Chinese for Chinatown may be attributed to the fact that there is no language barrier in Binondo with many of local store owners and residents speaking the same language.

“The Chinese feel right at home—it’s like we’re giving them a second home in the Philippines. The others, meanwhile, are here for their retirement,” Sy further said.

Sustained growth

Indeed, the future looks bright not only for Megaworld’s projects in Binondo, but elsewhere in the country as well.

“We expect to sustain the interest and growth as foreign investors continue to patronize the projects of Megaworld and take to liking the rich culture and history of Manila’s Chinatown,” Sy said.

“Megaworld never stops. We will continue to improve and develop (our portfolio) to sustain that vibrancy so that tourists and investors will continue to come in to visit us, and to pour in their investments in our projects,” Sy concluded.