REPUTED as the world’s oldest Chinatown, established in the 1500s, Binondo in Manila has not lost its appeal, especially to Chinese businessmen.
According to online property listing firm Lamudi Philippines, Binondo is even getting more competitive as more Chinese investors are recently moving into the district.
“Over the last ten years, more malls, office buildings, and condominiums have sprouted in Binondo, which further boosts real estate value in this important section of downtown Manila,” Lamudi said.
The online property agent noted that there is a demand for better living and working conditions in the area, as the district’s population and economy continues to grow.
This demand, Lamudi explained, has encouraged property developers to build projects in the area—projects that cater to mostly Chinese businessmen residing in the district, and who want to work where they live.
Township pioneer Megaworld Corp. is building with two upscale residential condominiums in Manila’s Chinatown—the Noble Place and Cityplace Residences. So is Federal Land, with Four Seasons Riviera, and residential developer Anchorland Holdings, which has five projects in the district.
According to Jojo Uy-Ching, a Binondo resident for the past 50 years and a business unit head of an insurance company, the reason Chinese investors choose to live in Binondo is the proximity to key facilities and cheaper food.
“They [Chinese investors] love Binondo because their place of work is very near their home, churches, hospitals, banks, markets, and restaurants. Almost everything is of walking distance,” Uy-Ching said.
Lamudi said the Binondo landscape has been changing over the years, from being filled with old houses and low-rise buildings to the now majestic skyline of tall condominiums.
It added that the demand for better living conditions in the area is also creating a trend among resident Chinese investors, who are converting their properties to high-rise buildings.