Metro Manila Commercial Centers awash in frenzy of development!
11/18/2010

Metro Manila commercial centers found in disparate areas of the national capital region are currently in the midst of a frenzy of redevelopment and expansion activities. The proponents of these activities, some of the Philippines' top real estate developers, are hoping that these endeavors can propel and catapult their respective areas into becoming the hottest and trendiest places in the Metropolis.

The stakes are high. Metro Manila residents, locals and expats alike, are typically drawn and attracted to the newest places in town. Capturing the attention and imagination of this sophisticated high to middle-end market translate directly to firms' profitability and long-term reputation.

Metro Manila has several high-profile commercial centers and almost all of them are experiencing frenetic construction activities, something that hasn't happened in a very long while.

Makati has long been considered the epicenter of business and financial activities in the country. The main business and commercial center of Makati has always been controlled by the Ayala conglomerate. The real estate behemoth has just announced a multi-year redevelopment for the Makati commercial center that is said to amount to Php20 billion. This includes the simultaneous construction of 6 towers, the improvement of pedestrian facilities within the entire business district and the redevelopment of new areas for commercial purposes. One of the most striking features of this endeavor is the development of the Ayala Triangle Gardens into a wide open space with quaint landscaping and al fresco dining areas. It also calls for the establishment of a Bus Rapid Transit (BRT) system within the commercial center to improve the mobility of its daytime population of about 1.5 million.

Fort Bonifacio Global City, just a few kilometers away from the Makati central business district, is itself experiencing a dizzying pace of growth. High-rises and retail establishments have been going up for the past several years, and show no signs of abating. This district's main retail promenade, the upscale Bonifacio High Street which is also developed by Ayala, is currently expanding westward. More cafes, restaurants and a Rustan's department store are expected to add to the retail mix. This development is soon expected to connect with another retail and dining center within the area, the Burgos Circle, which is developed by up-and-coming Megaworld Corporation. This developer is also responsible for several high-rises within the Global City.

Eastwood City, McKinley Hill and Newport City are three enclave-like township developments spearheaded by the Megaworld Corporation that are each attracting a horde of commercial, residential and institutional locators. Eastwood City, located in the metropolis' eastern area of Libis in Quezon City, is host to several business process outsourcing (BPO) companies as well as hotel and shopping establishments. McKinley Hill which is just a stone's throw away from the Fort Bonifacio Global City, is similarly host to BPO companies, several educational institutions, as well as diplomatic missions. Lastly, Newport City is host to what is arguably the top gaming and entertainment attraction in Metro Manila, Resort's World. Located just across the Terminal 3 of the Ninoy Aquino International Airport (NAIA), Newport City also hosts two hotel complexes, residential condominiums and retail areas & lies adjacent to a sprawling golf course.

The giant SM group of tycoon Henry Sy, Jr. for its part is beefing up its sprawling Mall of Asia commercial center complex in the Manila Bay area. Construction is underway for the so-called SM Arena where the biggest sporting events and concerts of the next several decades are expected to take place. This complements the already bustling and ultra-modern SMX Convention Center, the Mall of Asia shopping complex, the San Miguel by the Bay restaurant strip and several BPO buildings. Soon to rise are residential condominiums that will ensure the viability of this huge development.

Not to be outdone, the Araneta group is in the midst of redeveloping its Araneta Center Cubao commercial center where the first Novotel is expected to rise in the next few years. Massive renovations have already been undertaken in the main shopping areas within the center, namely SM Department Store, Ali Mall and Shopwise while the centerpiece Gateway Mall continues to attract hordes of patrons, courtesy of its convenient connections to the MRT-3 elevated railway system. The massive Araneta Coliseum has obviously seen its best days behind and another renovation seems called for. With the upcoming SM Arena in Manila Bay seen to be a future challenge, this grand old dame of Philippine entertainment ought to be spruced up and be readied for the stiff competition between entertainment venues that's seen to shape up.

Meanwhile, the Ortigas group has quietly undergone a redevelopment of its flagship Greenhills Shopping Complex in the Metro Manila suburb of San Juan. Its traffic has markedly increased and new attractions have sprung up. Several restaurant and retail blocks and buildings have been added and more are scheduled to come on stream. This Metro Manila commercial center has always been popular with the upscale Chinese-Filipino clientele and more recently, to balikbayans and foreign tourists due to its enticing array of pearl necklaces and other items. The Ortigas group is leveraging the popularity of Greenhills and making it a complementary destination to its other retail complex, Tiendesitas, which lies near Libis in Quezon City.

The exciting developments in each of Metro Manila's various commercial centers are quite fascinating to observe. Each new development represents an effort by its proponents to broaden the selections available to the discriminating tastes of Metro Manila's denizens. In the process, the quality of attractions becomes more attuned to those of the metropolis' counterparts all over the world. These developments in short, assure the Philippines' capital city takes its rightful place in the list of distinguished world cities.