Bonifacio Global City, Taguig or BGC continues to be one of the prime areas for residential, office, and hospitality industries. Earlier this year, real estate services firms reported that a strong demand for residential condominium units from 2018 continued well over to 2019. This strong demand was observed for newly completed residential units and projects in the pipeline, from the upper-mid to luxury segments in Makati and BGC. It is expected that the residential sector will continue to thrive throughout the year.
Leechiu Property Consultants’ 2019 first quarter report pegs land prices in BGC from P480,000 to P1.5 million. per sqm.
Based on JLL’s property market overview report, the residential sector, for the first quarter of the year, has maintained positive growth, closing with a total supply of 343,700 residential condominium units in Metro Manila. This continuous growth is attributed to the completion of several residential units from mid to luxury segments in the cities, including Taguig City. The growth is further supported by the launches of new projects from real estate developers.
Adding to this growth is the demand for branded luxury residences. Branded luxury residences are properties associated with luxury brands that offer premium spaces, emphasizing on high-quality design and architecture, world-class services, facilities, and amenities.
Colliers International reported that the demand for luxury condominiums will remain strong for 2019, as affluent locals, foreign investors, and offshore gaming firms sustain demand for these types of residences.
According to Lamudi, top factors affecting appreciation of land and property value include location. BGC is one of Metro Manila’s growing and busiest central business districts. Accessiblity also drives up land values. Surrounding BGC are well-connected transportation links and access to retail and recreational areas. To make BGC more accessible, infrastructure projects have already started or are in the pipeline. These projects include the Metro Manila Subway which is expected to finish by 2025; the BGC-Ortigas Link, a four-lane bridge that will serve as a major alternative route for motorists from Pasig to Taguig and vice versa; and the Makati-Taguig Skytrain, which will begin construction later this year.
Branded residences are on the rise among homebuyers and investors in the Asia-Pacific region — especially those associated with a hotel brand because these give residents the advantage of hotel-like services, facilities, amenities, and security.
Aside from being one of the country’s most influential cities, BGC is also home to Grand Hyatt Manila Residences. Should interested homebuyers consider BGC as a potential area to reside in, they should look at the hotel-branded Grand Hyatt Manila Residences at Grand Central Park (GCP). GCP is located in North Bonifacio Global City in Taguig.
GCP is a township anchored by the Grand Hyatt Manila, one of the tallest skyscrapers and most luxurious hotels in the country, and Grand Hyatt Manila Residences. Soon, it will be the home of Grand Hyatt Manila Residences South Tower. The South Tower is crafted to deliver hotel-living at its finest and is designed to embody luxury and impeccable style. Grand Hyatt Manila South Tower is a joint venture between Federal Land and ORIX Corporation of Japan.
