Watch out Metro Manila, a new business district will be rising in the northern Metro Manila!
It's about time northern Metro Manila gets its share of new developments. For a long time much of the development of mixed-use environments in this area has been small scale. The western and southern parts of Metro Manila have taken the lion's share in growth in past couple of decades - Eastwood, Bonifacio Global City, Muntinlupa/Alabang, Pasig/Ortigas and of course, Makati.
One of the country's largest conglomerates and most prominent property developers, the Ayala Corporation has sealed the deal with the political dynasty in the north - the Gatchalians, who want to develop just a small portion of their estate...to date about 17 hectares. The market demographics for the northern Metro Manila call for more affordable housing developments and a variety of retail shops. This 17 hectares is only part of the 60+ hectare manufacturing hub of the Gatchalian family.
The Gatchalian’s Plastic City Industrial Corp. (PCIC) has sized down its operations and have leased out many of its existing real estate. This new partnership with the Ayala group will be huge draw for many who desire a "destination" in this part of the metropolitan area. With real estate on the boom in the Philippines, both parties hope to capitalize on the momentum of rising incomes and keen interest from foreign investors. Taking advantage of the BPO industry's strength will also help catapult this neighborhood as the nation continues to add more call center seats.
This is a great opportunity to create a more urban center with modern facilities and amenities for northern Metro Manila such as new schools, new hospitals and overall, a destination for all Filipinos. I believe this a great partnership between the Ayalas and the Gatchalians and I know it will spur a lot of economic development in the area. Another great leap for the Urbanismo Filipino!
Photo by wellex.com.ph
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