Manila Bay CBD outperforms in residential unit sales

The Manila Bay area straddling the cities of Pasay and Parañaque has taken over established central business districts (CBDs) in Metro Manila in terms of residential unit sales, real estate consultancy firm Santos Knight Frank said Wednesday.

Monthly sales in the Bay area increased to 70 units on average in the second quarter from 51 a year earlier.

In comparison, the monthly sales in the Makati CBD is 16 units on average, 14 in Bonifacio Global City, 13 in Ortigas, and 10 in Alabang.

The Bay area is the new investment "hotspot" for residential property buyers in the country, with 91 percent of the current stock already absorbed, said Santos Knight Frank chairman and CEO Rick Santos.

"This is driven primarily by local and foreign investors purchasing multiple and bulk quantities of units," Santos said.

He said the Bay area saw a sharp increase in residential projects in the last five years with the demand rising in tandem with the opening of more gaming and tourism facilities.

The Bay area is home to developments like the SM Mall of Asia, Aseana City, and the Philippine Amusement and Gaming Corp.'s Entertainment City. Three multi-billion peso integrated casino resorts—Solaire, City of Dreams, and Okada Manila—are open for business in entertainment city.

"As Manila's fastest growing district, the Bay area contains the right ingredients to accommodate the city's continued expansion," Santos noted.

BPO and gaming operations in the area have created jobs and "spinoff" revenue that have a positive impact on the residential market, he added. — VDS, GMA News