Makati City: A tale of prestige and prominence
There are a few addresses that can continue to command a certain prestige and prominence.
Despite the emergence of newer suburbs across the metro and in key provincial areas, a few locations would remain to be aspirational, touted as the ideal address by many due to various reasons. Some would value these locations for being at the forefront of all things cutting edge and contemporary, whether you’re talking about business and technology, arts and culture, or even retail, dining and entertainment.
These are some of the reasons why Makati City continues to have that irresistible pull among those looking to purchase or upgrade their homes. For this particular market, a Makati address lends a certain kind of stature and a much sought distinction as well.
Others, who want to be right in the middle of the hustle, see it as a practical move to live within Makati City, which is home to some of the biggest businesses and multinational companies.
Many expatriates also prefer to reside within the country’s prime financial hub as its strategic location conveniently places them near almost every establishment and institution they would ever need.
Growing supply, demand
The sustained demand for a Makati address has prompted many developers to put up one high rise residential condominium after another, to cash in on this lucrative opportunity.
According to the 1Q19 Metro Manila Market Overview by Jones Lang Lasalle (JLL), Makati City continues to contribute significantly to the total stock of residential units, and command one of the highest rental rates.
“A significant amount of residential units was added to the total stock due to projects completed in the districts of Parañaque City and Makati City in (the first quarter of 2019). For residential projects in the 2019 pipeline, most of the residential units to be added are located in the cities of Quezon, Taguig, Pasay and Makati,” JLL said in the report.
Data from JLL showed that new supply in the first quarter of the year reached 5,400 units. Total supply as of end March this year was meanwhile estimated at 347,200 units. Such a strong demand was said to be driven largely by high net worth individuals who drive the investment selling market, starting families, upgraders, as well as expatriate and local employees.
JLL data further showed that Makati City will dominate the future residential market, accounting for about 20 percent of the upcoming supply from the second quarter of 2019 up to 2022.
Given such a robust demand, Makati City also continues to demand the highest rental rates primarily due to the concentration of luxury developments within this district. It also registered the highest preselling prices across the metro.
According to JLL, rents in Makati hover between P450 to P1,920 per sqm per month, while preselling prices in this district range from P145,000 to as high as P433,000 per sqm.
One need not focus on the central business district itself when finding a suitable home, investment or a halfway house. Just outside the Makati CBD are emerging areas, unique in character, but offer a livable space that can also be conducive to raising families and nurturing passions.
Exuding a vibrant yet a more friendly neighborhood vibe are several areas within the fringes of the CBD, including Bagtikan Street, the so-called North Makati that includes Malugay Street, and Chino Roces Avenue.
These locations are now home to growing sustainable communities, complemented by commercial, retail, dining areas as well as hotels, key institutions and establishments such as hospitals, schools and churches.
A big advantage of course, is the fact that the prices and leasing rates of most residential units within these so-called fringe areas are relatively lower compared to those being sold and rented out within the CBD. This only means that you get to enjoy lower costs, but still have that prime Makati City address that affords you quick access to the city’s thriving financial district.
Prime real estate
The long stretch of Chino Roces Avenue, for one, has emerged in recent years as a prime real estate arena, populated with business establishments, residential buildings, hotel and restaurants sans the uptight vibe of the nearby Makati central business district.
Its strategic location provides one easy access to different cities, as one end of Chino Roces Avenue is adjacent to the capital Manila while the other end links to Taguig City, where another bustling CBD is located.
The length of Chino Roces Avenue up to Chino Roces Extension is now home to many offices including that of Philippine Daily Inquirer and other multinational companies; malls and commercial areas; dining destinations; lifestyle spaces, art galleries and studios; car dealerships; as well as hotel.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.