MANILA, Philippines — The Aseana City in Parañaque will likely surpass Ortigas among central business districts in terms of land value, real estate consultancy firm Colliers International said.
Colliers said the land value in Aseana would rise 9.18 percent to P249,800 per square meter this year from P228,800 per sqm last year.
Among the different business districts, Makati still had the highest land value at P560,500 per sqm followed by Fort Bonifacio with P499,500 per sqm. Ortigas’ land value is at P233,700 per sqm.
Projections for the current year, however, show Aseana overtaking Ortigas. Land value in Aseana is estimated to increase to P248,800 per sq m this year.
“The higher land value of Aseana compared to Ortigas… can be attributed to the area’s proximity to Makati, the presence of integrated casinos and the upcoming developments,” Colliers said in its report.
The 107.5-hectare Aseana, is less than seven kilometers away from Makati and is currently home to outsourcing companies and gaming and tech firms.
It is a mixed-use district with residential condominiums, retail centers and schools, which was developed by construction and infrastructure group DM Wenceslao and Associates Inc.
DM Wenceslao, which helped the government reclaim the land Aseana is built on, already has six developments at Aseana: Aseana One, Aseana Two, Aseana Powerstation, Aseana Town Center, Aseana Square and S&R.
At present, the company owns 568,000 square meters in Aseana City. Of this, about 292,000 sqm remain available for development.
The company also has 208,000 sqm of landbank located in various other locations in the Philippines.
Aseana is also near the Philippine Amusement and Gaming Corp.’s 100-hectare Entertainment City, which has four integrated resort-casinos, and the SM Group’s Mall of Asia.
Source: The Philippine Star