HIGH-END “iconic developments” in the Bay Area such as the Conrad Hotel, City of Dreams, and the new Okada Manila complex are driving demand for luxury residential property in the emerging district, real estate services firm KMC Savills Inc. said.
In a recent interview, KMC Savills Inc. head of research Antton Nordberg told The Manila Times that there is a demand for luxury residential properties in the Bay Area, particularly in the Entertainment City complex.
“…in the entertainment complex, they [developers]also have residential plans and those tend to be in the higher end,” Nordberg said.
In a media briefing earlier this month, KMC Savills managing director Michael McCullough suggested that developers are scaling up the quality of their projects in the Bay Area.
He emphasized that this is driven by the “iconic developments” in the area such as the Conrad Hotel, Okada Manila, and City of Dreams.
“Apart from the iconic projects being built there, one thing we will see is a lot more premium residential offerings,” McCullough said.
“So I think we’ll see more luxury properties being built in that area,” McCullough added.
Nordberg noted that the Bay Area’s luxury residential market would probably have the same targets as the luxury residential markets of Makati and Bonifacio Global City.
“So, local business owners as well as foreign investors. In Bay Area, you will probably see highrollers [looking for]permanent residences,” Nordberg said.
McCullough earlier expressed his optimism for the Bay Area, largely due to infrastructure development in the area.
“The whole reason we like the Bay Area so much is because of the infrastructure coming online,” McCullough said.
Among the big ticket infrastructure projects serving the Bay Area are road projects such as the Cavite Expressway, NAIA Expressway, NLEX-SLEX Connector Road, and Metro Manila Skyway Stage 3.
McCullough noted that the LRT-Line 1 Cavite Extension, the South Integrated Transport System and the Southwest Integrated Transport System will add additional connections for the Bay Area.
Nordberg also pointed out that another selling point of the Bay Area is the dynamic mix of property sector it offers.
“It’s a very nice mix. It’s very dynamic. It has an entertainment component, it has a retail component, a growing residential community, and a growing office sector. Everything is there,” Nordberg said.