16-story dorm to rise in BGC to cater to traffic-weary employees
BGC master developer Fort Bonifacio Development Corp. (FBDC) is debuting into dormitory development to cater to the rising need for shelter among business process outsourcing (BPO) and other office workers in this central business district.
Called “The Flats BGC at 5th Avenue,” the project will offer over 1,500 beds. The building will rise on 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.
The project broke ground last December after it was awarded to infrastructure conglomerate Megawide. The dormitory is expected to start operating by 2019, FBDC announced on Monday.
“There is currently a strong demand for living spaces inside BGC, especially from employees. From current estimates of 120,000, we are expecting about 100,000 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.
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 (BCDA).
The new tower will have 375 units distributed in its 16 stories, offering a total of over 1,500 beds.
Each unit will be fully furnished with a bed and mattress, workstation, wardrobe cabinet, toilet and bath, and a mini kitchen. A property management team will also be employed to take care of the building’s administration, safety and security.
FBDC has opened the project to corporate accounts, through lease arrangements for employees. A handful of locators have already expressed inclination to include accommodations there as part of employees’ compensation package, the company said.
The dorm serves as FBDC’s exploratory project as it rides on the trend of “co-living”—described as “a modern, urban lifestyle that puts a premium on openness, sharing, and collaboration.”
Investing in dormitories catering to young professionals in central business districts 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 shelters but can’t afford yet to purchase their own homes.
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