According to real estate services provider KMC MAG Group, strong economic growth in the Philippines is driving demand in the
real estate market, placing prime office space at a premium, with little indication that appetite will wane despite growing supply in
Metro Manila and Cebu.
This year is expected to see record levels of investment on new property developments in a bid to meet demand Anton Nordberg, head of research at KMC MAG Group, agrees: “When I look at the map of where these townships are rising, there is nothing left in old Manila and its cities. One factor causing this is that it is almost impossible to consolidate land there anymore for these large scale projects.”
“My predictions are in favor of Vertis North in Quezon City due to the high labor pool catchment. It will be the main CBD in the north,” he says.
NEW QC CBD AREA
Vertis North is a 29-hectare new integrated urban development rising at North Triangle, in Quezon City's new Central Business District. It is a community built on environmentally sustainable design elements featuring a broad range of offices, retail, hotel, and residential development with functionality, convenience, accessibility and urban sustainability within a 10-year timeframe. The project was launched in 2013 and Phase 1 is already a Php 12 billion investment by Ayala Land.
Within this year (2016), one will see the following developments:
The hotel in this area is SEDA Vertis North, a single tower hotel development for discerning business and leisure travelers accustomed to higher levels of product and service. Seda Vertis North will be the largest Seda Hotel thus far with 440 rooms complete with guestroom and suite amenities.
Another development has been launched at the East Triangle of the Quezon City Central Business District. Eton Properties Philippines Inc., the property arm of the Lucio Tan Group, is expanding its leasing portfolio by building the fifth business process outsourcing (BPO) building and other retail outlets in its mixed-use estate Eton Centris in Quezon City.
“The outsourcing industry in the Philippines sees growth prospects which will result in increased demand for office space.Recurring income from office and retail spaces are currently the company's strongest contributor to its bottom-line and we plan to expand our property portfolio with more office buildings and commercial projects to sustain our long term growth,” Josefino Lucas, Eton Properties deputy chief operating officer, said.
The fifth BPO building in Centris is seen to bring 39,992.28 square meters of new leasable office space to the market. The first four buildings had a total leasable space of 89,261.34 sqm.
All four existing BPO office buildings in Eton Centris are fully leased to prominent outsourcing companies including Genpact, Wipro, Hewlett Packard, Expert Global Solutions, Convergys, Mondelez and Unisys Philippines, the company said.
To strengthen the company's leasing business, Centris Walk in Eton Centris will undergo expansion to accommodate more retail and dining space, the company said.
Aside from housing several BPO offices, Eton Centris is also home to Centris Station, a two-level commercial center anchored by a major hypermart. It also has the Centris Walk, a strip mall featuring an international mix of restaurants and lifestyle spots as well as Centris Elements, a 1,000-square-meter events venue.
AYALA - ETON JOINT VENTURE
Ayala Land Incorporated and LT Group Incorporated of Mr. Lucio Tan have entered into a partnership to develop a 35- hectare lot along the Circumferential Road 5 (C5) corridor.
The project is envisioned to be a township development that spans portions of Pasig City and Quezon City. Both companies said they will co-develop the project pursuant to a joint master plan. The landmark agreement to jointly develop a project along the C5 corridor, which was signed in January 2016, is designed to transform a factory-warehouse center into a bustling commercial and office district.
In a joint disclosure to the Philippine Stock Exchange, ALI and LTG said the 35-hectare project is envisioned to be a township development that spans portions of Pasig City and Quezon City.
LT Group said the 50:50 new township joint venture with Ayala Land will be an excellent addition to the growing portfolio of its property unit Eton Properties Philippines Incorporated. "We believe that this is an excellent partnership that will enable us to build an outstanding mixed-use development which will offer a wide range of property investment and lifestyle options to customers," Tan said.
Bridgetowne is the 8-hectare masterplanned project of Robinsons Land Corporation along C5 in Quezon City. It recently unveiled the Robinsons Bridgetowne Tent, the newest events place in the metro. It is anticipated to be the next in-demand venue for anticipated affairs and parties in town. With 1,000 sqm of open space, Robinsons Bridgetowne Tent is large enough to accommodate huge events and can also be pared down into compact-sized functions halls for smaller parties.
Within this township is Tera Tower, which is aiming to become a LEED® (Leadership in Energy and Environment Design) Gold certified building. Tera Tower presents itself as an ideal location for global companies' headquarters or support and outsourced services. Feature include double glazed glass windows, allowing natural light into the building while blocking out noise and heat. There will be bicycle racks as well as shower rooms to encourage employees to be fit and be environment friendly. The building also features ground floor retail shops for convenience. Beside Tera is the Giga Tower, which will add
about 35,000 square meters of gross leasable office area. It will have a two-storey retail and service podium for food and service concepts.
Robinsons Land is also set to build two identical towers in Bridgetowne, the 20-story twin towers Exxa and Zeta. Aside from 35,000 square meters of leasable office space each, they will be connected by a commercial podium containing dining, retail, entertainment, and service areas.
The former site of a textile factory will eventually become another of Quezon City's exciting masterplanned communities. Ayala Land will convert the 11-hectare area into a new township strategically located where the North Luzon Expressway and EDSA meet; it is within striking distance of Balintawak LRT station and conveniently close to the upcoming Skyway Stage 3 off-ramp.
Avida Land will be among the first of Ayala's subsidiaries to launch a residential project in Cloverleaf. The project will comprise three towers, with about 2,000 units ranging from 23 sqm typical studios to 57 sqm three-bedroom units.
The total investment of Ayala Land for Cloverleaf is P25 billion. Phase 1 is planned for the next 5 years with a P15 billion peso budget. This will involve 9 buildings: the mall, the Qualimed Hospital and 2 Alveo and 3 Avida towers. The mall is expected to open by 2018 and residents may start moving in by 2019. All these are happening just in time for the completion of the Skyway Stage 3 that is scheduled to be operational by mid 2017.
Phase 2 of Cloverleaf will happen within the next 5 years. It includes construction of a mix of retail office and residential towers and another 7 buildings that is estimated to cost an additional P10 billion. Phase 2 will be oriented towards the side of EDSA. It will be linked to Phase 1 by a pedestrian promenade.
The Signature, a residential project being put up by Filinvest Premiere, the upscale arm of property giant Filinvest Land Inc., is rising on a one-hectare property along A. Bonifacio Ave. in Quezon City and will combine “old-town sensibilities and modern amenities.”
Inspired by Beijing's Summer Palace, The Signature offers 60 percent of its area to green open spaces, said Filinvest Land senior vice president Steve Chien.
The Signature, Filinvest wants to provide an environment that lets residents rejuvenate at the end of a long day at work or in school. For one, there is a Signature Lake, consisting of resortstyle, Olympic-sized lap and wading pools.
The high-rise project with three towers will also have a two-level podium commercial hub for its residents. According to its developers, The Signature's auspicious design – from the units and the master plan to the architectural design and green open spaces – has good feng shui inside and out. Feng shui master Hanz Cua said in a published interview, “Good feng shui equals to good energy. The Signature has the positive feng shui elements...”.
For Gotianum group's Filinvest Land Incorporated (FLI), 2016 marks the start of development of a 1.3 hectare property in Cubao, Quezon City into a mixed-use transit-oriented development called Activa. The development will have four buildings, two of which will be office towers geared towards the business process outsourcing firm. It will also have will also have a residential condominium, a commercial development and a hotel. The hotel will be called Canvas, which is designed for the millennial generation. It will be a 220-room lifestyle hotel, which will aim for somewhere between a 3 to 4-star rating.
The 1.3 hectare property was acquired by FLI from the Ramos family of National Book Store for close to P1 billion ($22.4 million). Activa is strategically located at the junction of two busiest mass rail systems in Metro Manila, the MRT 3 and LRT 2.
Araneta Center Inc., the property arm of the Araneta Group, latest office tower within the P15-billion Cyberpark in Araneta Center is Cyberpark Tower One. Cyberpark Tower Two is undergoing construction.
Araneta Center's P15-billion commercial project comprises of five office towers catering to the robust demand in the business process outsourcing (BPO) sector, which are strategically located in Cubao's central business district.
The five Cyberpark towers will generate 650,000 square meters of leasable space to accommodate 100,000 BPO agents.
The Cyberpark Tower One has a typical floor plate of 2,466 square meters and has a gross floor area of 90,000 square meters. The building is very close to Araneta Center Transport Hub stations, as well as within walking distance.