An artist’s rendition of The Flats interior
BGC master developer Fort Bonifacio Development Corp. is debuting into dormitory development to cater to the rising shelter need of business process outsourcing (BPO) and other office workers in this central business district.
The BGC dormitory project, called “The Flats BGC at 5th Avenue,” will offer over 1,500 beds. The dormitory building will rise at a prime location along 5th Avenue across St. Luke’s Medical Center, an area accessible to major thoroughfares EDSA, Kalayaan Avenue, C-5 Road, and 32nd Avenue.
FBDC broke ground for The Flats BGC in December last year after the project was awarded to infrastructure conglomerate Megawide. The dormitory is expected to start operating by 2019, FBDC announced on Monday.
FBDC is a joint venture between a private sector consortium led by Ayala Land Inc. and the Campos group (which owns 55 percent) and the state-controlled Bases Conversion Development Authority.
The new BGC dormitory tower will have 375 units in 16 storeys, offering a total of over 1,500 beds.
“There is currently a strong demand for living spaces inside BGC, especially from employees. From current estimates of 120,000, we are expecting about a hundred thousand more workers coming in until 2019. FBDC wants to provide them alternative and relatively more affordable housing options to save them hours of commuting into the city considering the traffic congestion these days,” FBDC business development, property planning and office leasing manager Eli Yaneza said.
Each dorm unit is fully furnished with a bed and mattress, workstation, wardrobe cabinet, toilet and bath, and a mini kitchen. This development will employ a property management team to take care of the administration, safety, and security.
FBDC has opened the project to partnerships with corporate accounts through lease arrangements for their employees. A handful of locators have already expressed inclination to include accommodations in The Flats BGC at 5th Avenue as part of their compensation package, the company said.
The Flats BGC at 5th Avenue serves as FBDC’s exploratory project on what it calls as the trend of “co-living” – described as “a modern, urban lifestyle that puts a premium on openness, sharing, and collaboration.”
An artist’s rendition of dormitory The Flats at BGC
Investing in dormitories catering to young professionals in the central business districts, including BPO workers, is seen as a new growth area for property investors and developers. Across the metropolis, there is a growing pool of office workers – especially young people who had just entered the workforce – who need halfway homes but can not afford yet to purchase their first residence.
“Such a communal living setup is seen to allow individuals to enjoy the luxuries of aspirational modern homes at a fraction of the price,” the FBDC statement said.
“All occupants will enjoy the full benefits of a BGCitizenship, including primary access to the various events sponsored by BGC, as well as firsthand information on sales, promos, and other happenings,” it added.