Mixed-used projects tick all the boxers for buyers looking for a safe, convenient place to live. In today’s fast-paced, stressful world, having a decent home is not enough. More urban dwellers choose to live close to or even at the very area where they work, yet they also want to enjoy a clear distinction between professional and leisure time. This provides a challenge to many property developers, as their projects need to address all these.
But if you think about it, living, working, and playing in the very same place make sense, especially in today’s austere, more environmentally conscious world. There would be a minimal need to drive cars and plenty of green spaces to relax, yet all the convenience of the modern world is within reach. Cities, after all, should be made for people.
Manila is no exception to this trend. Many Philippine developers are seeing the benefits of pursuing projects that address the challenges of rapid population growth and urbanization. Many of the Philippine capital’s up-and-coming business districts are no longer all about, well, business. These self-contained mini-cities, at their various stages of completion, have everything their residents need — and more.
There are currently 20 of these developments, said Jones Lang LaSalle’s Lyla Fronda, which have a combined area of about 1,300 hectares, and many developed by some of the well-known names in the industry.
Aside from the familiar Eastwood City, Araneta Cyberpark, and UP-Ayala Land TechnoHub in Quezon City; Rockwell Center in Makati; and Filinvest Corporate City in Muntinlupa, there are a number others scheduled to be completed over the next 10 years or so.
1. Circuit Makati
In keeping with the riverside development concept very popular across the globe, Ayala Land’s Circuit Makati is set to rise on the former Sta. Ana Racetrack next to Pasig River, and is poised to become Makati’s “entertainment hub.” This 21-hectare project will boast an indoor theater, events grounds, residential and hotel blocks, and shopping malls.
2. Arca South
Also from Ayala Land is Arca South, a development soon to rise on the former Food Terminal Inc. (FTI) property in Taguig City. Similar to the company’s development model when it acquired Bonifacio Global City in 2003, Ayala Land has already started to sell off commercial lots in FTI to encourage other players to build faster and help in timing the development. At present 17 commercial lots have been sold, while Ayala Land itself will likely build at least 10 to 20 buildings, all with only nine stories due to the area’s proximity to the Ninoy Aquino International Airport. One interesting feature of the development is a one-kilometer below-ground highway to maximize space.
3. Uptown Bonifacio
This is Megaworld’s 15.4-hectare mixed-use development in the northern fringes of Bonifacio Global City. The property developer is allocating Php65 billion for the township project, which will have up to 18 towers, offering a total potential development of 500,000, 400,000, and 90,000 square meters of residential space, office space, and retail space, respectively. Although its masterplan is still evolving, the project’s initial components, luxury condominiums Uptown Ritz and One Uptown Residences, are expected to be completed by June 2017 and July 2016, respectively, and will bring to the local property market about Php10 billion worth of inventory. The township’s retail component, meanwhile, will be opened by 2016 and will have a total floor area of 47,962 square meters and leasable area of about 36,689 square meters.
4. Veritown Fort
Federal Land’s Veritown Fort, a 10-hectare project also within Bonifacio Global City, will house the Grand Hyatt Manila, Grand Hyatt Manila Residences, and other residential projects. Situated within the boundary of Taguig and Makati cities, this high-end township will comprise luxury residences, grade A office buildings, shopping facilities, and a “six-star” hotel.
5. Vertis North
Touted as Quezon City’s own business district, Ayala Land’s 29-hectare Vertis North is uniquely located and will play an important role in the city’s growth. The property developer has announced that it is investing Php65 billion for the project, which will converge a broad range of offices, retail, hotel, and residential development. The project’s Php12 billion first phase is expected for completion in the next 3–4 years, and will have a total gross floor area of 220,000 square meters that will include BPO establishments, hotels, and retail shops and will generate up to 35,000 jobs.
