Bright prospects seen at ‘Bay’
Expectations are mounting for this burgeoning business district, deemed rife with potentially lucrative opportunities for investors.
By this time, the Bay Area has cornered much of the interest among investors seeking for alternative locations for their businesses, as well as real estate developers wanting to cash in on the opportunities arising from such a robust demand.
Strong appetite
Much is indeed abuzz about the whole Bay Area, specifically the so-called Bay City—the reclamation area west of Roxas Boulevard and which is split between the cities of Manila and Pasay on the north and Parañaque on the south—as evident in the growing number of projects here and the impressive appetite for both office spaces and residential units.
In terms of residential spaces, Colliers International Philippines said in a recent report that it sees a “strong take-up of newly completed condominium units especially in the established business districts of Makati CBD, Fort Bonifacio, and the Bay Area.”
Data from Colliers showed that some 3,700 units were completed in the first quarter of the year, raising Metro Manila’s condominium stock to 122,500 units. Nearly half of all the new residential units during the said period were in the Bay Area.
“Completion in the Bay Area continues, with the business district covering nearly half of all new condominium units delivered in the first quarter of 2019. About 1,800 units were turned over…accounting for half of the total residential units completed from January to March 2019,” it explained.
“Over the next three years, we expect Metro Manila’s condominium stock to grow by 19.3 percent to 141,760 units. Fort Bonifacio and the Bay Area should make up 75 percent of new units,” Colliers added.
The forecast for office space take-up is equally promising.
“Barring any construction delay, we project the Bay Area’s office stock to exceed 1 million sqm by the end of 2020, four times higher than the business district’s leasable stock in 2016, prior to the influx of offshore gaming firms from China. Developers continue to capture demand from offshore gaming firms, with about 50 percent of space due to be completed over the next three quarters already pre-leased to (them),” it said.
“Colliers sees faster expansion of leasable office space in the Bay Area and Makati fringe as the two areas are likely to capture the demand from Makati CBD, which has been constricted by the lack of demand,” it further disclosed.
Why go for the ‘Bay’
A lot of factors continue to support the increasing attractiveness of the Bay Area to investors.
For one, the Bay Area enjoys proximity to the airport and ease of access to major business districts. The whole area is also either home to or near some of the country’s most luxurious gaming establishments, upscale hotels, largest malls and entertainment centers, and even some of the biggest offices in the country today.
For businesses, some of the buildings and IT parks in the area are accredited by the Philippine Economic Zone Authority, allowing their locators to enjoy fiscal and non-fiscal perks.
Investors and homeowners can likewise expect value and capital appreciation for their residential units here, given the thriving and highly dynamic lifestyle that can be enjoyed by residents within the Bay Area.
Choice, premium residence
One of the choice residential condominiums being built in the Bay City is the Copeton Baysuites by upscale property developer Anchor Land Holdings.
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. It will comprise of three premium quality towers with special features including 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.
There is no doubt that the Bay City is where the action is, and it only makes sense to grab this limited opportunity to own part of the newest real estate masterpiece in the Bay City, that is the Copeton Baysuites.
