The Philippine real estate industry has been on an upward trend. Based on Philippine real estate market trends, with the country’s robust economic growth, coupled with the changing real estate needs of the Filipinos, real estate in the country is expected to thrive well beyond 2017.
This week, there are 2 areas that we want to spotlight that are booming in the Metro where realty development continues to blow up. Bonifacio Global City in Taguig and The Mall of Asia complex in Pasay are the more dominant areas where a multitude of property development can be seen. The construction of high-rise condominiums, townhouses, subdivisions, shopping malls, office buildings, hotels and other structures that form communities are moving at a fast and steady pace.
Many different property developers, both large and small scale, have flocked to these 2 locations and poured in a great deal of time, money and effort to provide the needs of the real estate market’s diverse demand. As consumer preferences have become more meticulous and practical, developers need to make sure that their project plans and concepts are aligned with customer expectations and demands.
Here’s how these two compare.
Bonifacio Global City versus Mall of Asia – How to Position the Value
Bonifacio Global City (BGC) was formerly part of a multi-hectare property in Taguig that the United States government acquired and operated as a military base. 3 years after the country gained political independence, the United States turned it over to the Philippine government and became the headquarters of the Philippine Army. It was renamed Fort Bonifacio, after Andres Bonifacio, the Father of the Philippine Revolution against Spain. Today it has been transformed into a first-rate development and is now called Bonifacio Global City.
Accessibility. Being at the center of the 3 business districts in Manila (Ortigas, Makati, and Pasay), BGC is highly accessible from all directions.
It has 3 major access roads to get around the Metro:
- C-5 road northbound which will take you to Ortigas, Eastwood and to Tagaytay if you’re going south.
- Malayan road, which will lead you to Makati and Edsa
- McKinley road if you’re headed towards Dasmariñas Village, Makati, and Edsa.
Business. Bonifacio Global City (BGC) is considered one of the fastest growing central business districts in the Philippines. According to recent reports, BGC has the highest available inventory for premium office spaces. This provides real estate agents a huge opportunity to focus on their corporate or business clients. They have the opportunity to offer a wide range of options for their business clients to enter the market and establish their companies in the area. Whether as an office extension or to relocate their main hub, BGC is known to be a Grade A prime location that can bring up the corporate image a few notches higher and improve the quality of talent they hire by 3 times.
Residential. Bonifacio Global City provides a unique combination and contrasts to Manila and Makati, attracting both local and foreign businesses, institutions, retail and leisure facilities, and low-rise and high-rise housing, and high-end condominium developments, making BGC an ideal community but the second priciest area to purchase a condo.
Your potential clients can expect a certain kind of lifestyle provided by the well-planned grid of streets and blocks that allow efficient circulation, traffic rules, pedestrian-friendly streets and an efficient transport system within and around the community. I would word BGC’s value proposition as, “a master planned development that offers a complete A-class environment where residences, offices, schools, and commercial centers are within walking distance from one another.”
The Mall Of Asia Complex (MOA) or The Bay City is situated on over 1.7M square meters of reclaimed land. It was developed by a team of local and international specialists to ensure that the property was safe to develop into a full-fledged community that is resilient enough to withstand severe conditions while anticipating soil consolidation and managing flooding during storms or extreme tides.
The Mall Of Asia Complex can be prominently positioned to include features of a sea-based landscape of the Manila Bay and wide open spaces, which is in contrast to the rest of Metro Manila’s concrete jungle (The Fort Bonifacio Global City included).
Accessibility. Macapagal Boulevard is the main road which runs north and south through the center of The Bay City. It is accessible from the Makati Central Business District, Ortigas Center and Bonifacio Global City by way of Epifanio Delos Santos Avenue (EDSA). Considered as a business gateway development, The Bay City is strategically located within close proximity to the Ninoy Aquino International Airport.
Business. The Bay City area is expected to become one of the prime business hubs in the city. International hotel brands, casinos, and a variety of leisure establishments have already found their way into the MOA complex. A large quantity of office developments is steadily being completed, providing a huge amount of inventory for office accommodations targeted towards BPOs and corporate offices that are also supported by the massive SMX Convention Center.
Residential. Construction and design of residential condominiums have likewise been continuous and steady. The Mall Of Asia Complex is prime because it is anchored by one of the largest malls in the world, and with the business district and entertainment city just nearby.
Pricing of residential housing is relatively more affordable in The Bay City and is considered the 4th priciest area compared to Bonifacio Global City in Taguig which is the 2nd priciest area. According to Jose Mari H. Banzon, Executive Vice President for Shore Residences in MOA, there is a “very strong demand for our units particularly from overseas Filipino workers, which accounted for half the residential sales in MOA.”
Perhaps as a real estate agent, you should seriously look into this direction and tap every possible sales opportunity to capture OFW’s but you’re gonna need to master your online marketing skills, referral networking channels and making travel site visits easy for potential customers to buy from you. It is also a good idea to check out Philippine real estate market trends to keep yourself updated.
The development in The Bay City is literally huge and exciting. With so many projects available, real estate agents have the opportunity to offer a wide variety of business, residential, retail and leisure properties to their individual and corporate clientele.
As a realty agent, selling real estate property in the Philippines can be challenging, especially when there is an enormous amount volume of real estate professionals around. Being successful in this line of business isn’t just about passing a licensing test and handing out flyers. It’s about knowing what your customers are looking for by listening, connecting and developing a long-term meaningful relationship with them and following through. Other than riding on the popularity and reputation of the property developer you’re associated with, it’s also about knowing your product and how it best fits the investment goals of your client. Do this and you’ll build your own personal brand as the “go-to real estate expert” for both of these booming areas.
Prosperna is the first and only online resource designed to guide and help real estate professionals in the Philippines go beyond their full potential. Stop guessing and start growing by subscribing to our FREE Research Reports.
Tech Guy & Real Estate Investor super passionate about helping real estate agents, brokers and developers grow their business to reach new levels of success.