Developers Urged to Pursue Township Projects
Manila, Philippines–Colliers International, a global real estate services company, recently published in its report, titled “Shifting Orbits: The Rise of Satellite Communities,” that property developers should pursue more township communities than standalone projects, especially outside Metro Manila—Cavite, Laguna, Bulacan, and Pampanga. According to the firm, township projects offer a better value proposition.
“We believe that the emergence of millennial workers, who account for about 40% of the country’s labor force and are primarily employed in BPOs, will sustain the demand for the integrated live-work-play environment,” said Joey Roi Bondoc, research manager.
“The concept of building offices, condominiums, malls, schools, and hospitals within one community satisfies the millennials’ demand for greater mobility and convenience,” Bondoc added.
In the report, Colliers cited the planned construction of a bridge over Marikina River that will connect two parcels of land in Pasig City and Quezon City owned by Ayala Land and Eton Properties, respectively. The properties cover the planned 35-hectare mixed-use estate along the C-5 corridor that will be developed by two of the largest property developers in the country.
Colliers also suggested that developers should distinguish their projects from others by allocating land for education, healthcare, entertainment, and recreational uses; intensify efforts in terms of strategic land banking; explore the option of acquiring reclaimed land; redevelop brownfield properties, and build flexible office space to accommodate BPO occupants.
Some of the existing townships in Manila include Eastwood City, Vertis North, Rockwell Center, Century City, Capitol Commons, Arca South, and Aseana City.