Maximizing opportunities in the ‘Bay’
All roads now seem to lead to emerging districts that offer businesses a huge potential for further growth.
For many investors, there is that conscious effort to look into new growth areas outside the more established, premier business districts, where space has become increasingly limited and rents, more expensive.
And if certain indicators are accurate, it seems that the Bay City—the reclamation area west of Roxas Boulevard and is split between the cities of Manila and Pasay on the north and Parañaque on the south—is enjoying a fair share of investors and homebuyers this early.
In terms of office space for instance, vacancy in the Bay area stood at only 1.8 percent as of end March this year despite the completion of new office buildings in 2017. This, according to Colliers International Philippines, can be attributed to a strong take up of office space.
For this year alone, it is expected that completed projects in the Bay area will make available some 273,000 sqm in leasable office space.
Despite this additional supply, Colliers still expects the Bay area to post one of the fastest growths in terms of office space rents, as demand from offshore gaming and knowledge process outsourcing firms puts upward pressure on prices. In the first quarter of the year, rents in the area were estimated to range from P675 to as high as P1,200 per sqm per month.
Similarly on the residential front, the Bay City showed the biggest decline in vacancy to 15 percent in the first quarter of the year, from a high of 19.1 percent in the previous quarter.
“We attribute this to the strong demand from the growing Chinese community which concentrated in Manila Bay area and portions of Makati CBD,” Colliers said.
“Manila Bay Area and Fort Bonifacio would be of interest as supply for the year will come from these two major submarkets, representing 31 percent and 52 percent, respectively, of upcoming supply for the remainder of 2018. The shifting trend in vacancy in these locations would be indicative of real demand. The decline in Manila Bay area vacancy supports the reported strong demand from Chinese nationals who are working for offshore gambling companies,” it explained.
Add to that the fact that the Bay City is near the Entertainment City, home to major gaming establishments Solaire, City of Dreams and Okada, which can also be a source of primary and secondary demand for residential space, whether permanent or short-term.
On top of these numbers, it would be hard to resist Manila’s charm, with its famed sunset, historic waterfront, the Manila Cathedral and the distinctive cultural character of Ermita and Malate, two districts that continue to draw crowds of foreign tourists yearly.
The Bay City thus offers a highly attractive, potentially lucrative proposition for any investor or homebuyer because of its strategic location—being the premier gateway for cross-over investments across the metro—and the numerous opportunities that one can tap, across real estate segments.
To tap the growing opportunities in Bay City, investors and homebuyers may consider one of the many projects of upscale developer Anchor Land Holdings Inc. in the said area.
As a pioneer residential developer in the Bay City, Anchor Land offers the 16-storey Copeton Baysuites, masterplanned to be an ultra-luxurious project that will rise along Macapagal Boulevard and right beside City of Dreams Manila, the heart of the gaming strip of Aseana.
From the extravagance that the name implies, the much-anticipated enclave that is Copeton Baysuites will feature three magnificent residential towers and will be highlighted with special features such as curtained walls and double glazed glass window panels.
Copeton Baysuites—named after Copeton Mine, a popular quarry where the hardest and the most precious diamonds can be harvested—was designed to match the extravagant lifestyle of Bay City. Here, one can revel in an opulent living space within a self-contained community where every need and luxury is well within reach—be it for business, retail or leisure.
Indeed, this limited opportunity to own part of the newest real estate masterpiece in the Bay City and to be part of an exclusive community of upscale and high profile personalities residing within the multi-billion dollar Entertainment City, is simply too good to pass up.
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