Market interest on Parañaque condos appears ready for a lift off, given that this city is on its way to establishing its own central business district (CBD), replicating the success of Bonifacio Global City in Taguig where real estate demand has risen significantly.
The CBD where Parañaque pins its hopes on for future growth is the 100-hectare Entertainment City undergoing rapid development on reclaimed land off Manila Bay. A brainchild of the Philippine Amusement and Gaming Corporation (Pagcor), this project is a gaming entertainment complex aiming to compete against Macau and Las Vegas.
Entertainment City could be expected to generate $15 billion in investments, all coming from private companies. The government has approved its site as an economic zone, and hence, business locators in Entertainment City get generous tax incentives.
A Growing Entertainment Hub
Entertainment City currently hosts three integrated resorts: Bloomberry’s Solaire Resort and Casino, Melco’s City of Dreams Manila, and Universal Entertainment’s Okada Manila.
A fourth venture, Westside City Resorts World, is now under construction too, with Genting of Malaysia as its developer.
Groundbreaking was held last year for the Nayon Landing, a $1.5 billion integrated resort project of the Hong Kong-listed firm Landing International Development Ltd. This venture alone is expected to generate 10,000 direct and indirect jobs, as well as tourism and tax revenues.
Sucat’s Vital Link
Among real estate properties in Parañaque, condos in Sucat are well-positioned to grow from the bayfront Entertainment City. Rental property investors and end-users will be pleased to note that condominiums like Avida Towers Sucat stand just next to road corridors offering routes west to the Cavitex Coastal Road facilitating easy access to Entertainment City and the opportunities it offers not only in terms of employment and career growth but also in the world-class lifestyle activities available in this complex.
Similarly, Sucat’s location in Parañaque City enables easy access to the Ninoy Aquino International Airport, vital in the condo-buying checklist of millennials who travel frequently. The condominiums in Sucat, Parañaque are also relatively more affordable than their counterparts in the prime locations of Makati and Taguig.
This price advantage, for this reason, makes units of Avida Towers Sucat highly suited for OFWs and their families or as starter homes for newlyweds and young families.
Strength of a Bedroom Community
By and large, too, Parañaque still retains much of its character as a “bedroom community,” a residential area or suburb typically outside major cities, where most of its residents go to another city to work. For this reason, Avida Tower Sucat’s condo units are also appealing for employees based in prominent Metro Manila CBDs like those in Makati and Taguig to the north and Alabang, Muntinlupa, and Santa Rosa, Laguna, to the south.
More market interest coming from the south is a distinct possibility too, with the Parañaque Integrated Terminal Exchange (PITX) starting its operations in November last year. Located in a 4.5-hectare site off the southern periphery of the Entertainment City, PITX is geared to provide better public transport connectivity between Metro Manila and the neighboring provinces of Cavite and Batangas. Hailed as the country’s first “landport,” PITX thus adds yet another dimension to Parañaque having a more dynamic CBD vital to accelerating demand for its real estate properties, condos especially.
Importantly, too, Parañaque is already host to well-established condominium properties in the mold of units at Avida Towers Sucat. Consider these condos not only as wise choices for the forward-looking buyer or investor. These units are also suited for those looking for a condo or starter home at price points which could be lower than those in the CBDs of Taguig and Makati.