Exploring new property investment avenues in Makati
Makati City is such a highly developed urban center, it’s hard to think that there are still parts available for investment and development. Yet there is one significant area that is ripe for new business and urban change: Chino Roces Ave.
As investors gear up to take advantage of the Makati government’s growth initiatives for this area, SM Development Corporation is already leading the way in revitalizing this storied neighborhood.
Makati is the epicenter of Philippine finance and business. It is also a vibrant hub of huge multinational companies, high-end shopping malls, and millions of people who descend on the city daily for work and play.
To the naked eye, it would appear that the traditional CBD of Makati has reached its limit for urban development. The unofficial boundaries of downtown, Buendia Avenue and the Osmena Highway, are ripe with high-end residential and commercial developments.
Still, there is still one area that presents unique growth opportunities; Chino Roces Ave which runs along the west side of Makati.
Chino Roces, also known as Pasong Tamo, is one of Makati’s oldest and most storied streets. Once a hub of manufacturing in the 60s and 70s, it is now set to keep pace with the aggressive growth and expansion of Makati. While the rest of Makati has grown, Chino Roces is now ripe for investment.
Makati City, in a series of policy announcements, opened up Chino Roces to new development. A report on the Makati City website says its 2001 Comprehensive Land Use Plan “called for the easing out of industries by prohibiting expansion/improvement of remaining factories until they ultimately convert to commercial, or mixed-use.” This same report says that in the last decade, several old manufacturing facilities along Chino Roces “have already started conversion to higher density mixed-use developments to capitalize on their sizeable parcels and strategic location.”
To further aid the new development of this area, Makati City has also issued City Ordinance No. 2012–102 which describes, in Section 22, the benefits of the so-called Special Mixed-Use Zone (SMU):
“The SMU along Chino Roces Avenue is envisioned to serve as platform for innovative/visionary initiatives, incubator spaces for the development of creative economy, promising start-ups and sites for KPO to complement the corporate nature of CBD. As a whole, it is intended to be a mixed-use development creating a good mix of vibrant residential and commercial activities.”
All of which has led to a steady influx of investors, eager to snap up rare and precious real estate in a bid to revitalize the neighborhood. New businesses are popping up, taking advantage of the very competitive rent and land values, including contemporary art galleries, restaurants, and new media startups.
Leading the charge is SM Development Corporation (SMDC). Known for its high-capacity building operations and aggressive real estate expansion, it’s bringing its expertise and years of experience to reinvigorate Makati’s last urban frontier. SMDC’s track-record of spurring location-specific property booms should pique the interest of prospective investors. For example, in only 8 years, their Mall of Asia residences have seen a three-fold increase in property value.
Their new development, SMDC Red Residences, is on track to become a vibrant residential and retail hub for the young, hip, and creative crowd. Several other towers are in various stages of planning and development; SMDC aims to expand and build roughly 7 towers along Chino Roces over the next 3 years.
Their involvement in the area suggests significant confidence in the market. Their projects will definitely improve land and rental values in the long term, as their highly-sought-after developments bring in new residents and push business growth in the area. Theirs is a proven ecosystem that should prove attractive to other investors looking to follow their cue.
With property prices along Chino Roces currently lower compared to other areas of Makati, and government policies making it easier to invest and build new businesses, Chino Roces is set to bring major returns to early investors.
If there ever was a point to invest, it would be now.
Makati City is such a highly developed urban center, it’s hard to think that there are still parts available for investment and development. Yet there is one significant area that is ripe for new business and urban change: Chino Roces Ave. As investors gear up to take advantage of the Makati government’s growth initiatives for this area, SM Development Corporation is already leading the way in revitalizing this storied neighborhood. Makati is the epicenter of Philippine finance and business. It is also a vibrant hub of huge multinational companies, high-end shopping malls, and millions of people who descend on the...
Makati City is such a highly developed urban center, it’s hard to think that there are still parts available for investment and development. Yet there is one significant area that is ripe for new business and urban change: Chino Roces Ave.
As investors gear up to take advantage of the Makati government’s growth initiatives for this area, SM Development Corporation is already leading the way in revitalizing this storied neighborhood.
Makati is the epicenter of Philippine finance and business. It is also a vibrant hub of huge multinational companies, high-end shopping malls, and millions of people who descend on the city daily for work and play.
To the naked eye, it would appear that the traditional CBD of Makati has reached its limit for urban development. The unofficial boundaries of downtown, Buendia Avenue and the Osmena Highway, are ripe with high-end residential and commercial developments.
Still, there is still one area that presents unique growth opportunities; Chino Roces Ave which runs along the west side of Makati.
Chino Roces, also known as Pasong Tamo, is one of Makati’s oldest and most storied streets. Once a hub of manufacturing in the 60s and 70s, it is now set to keep pace with the aggressive growth and expansion of Makati. While the rest of Makati has grown, Chino Roces is now ripe for investment.
Makati City, in a series of policy announcements, opened up Chino Roces to new development. A report on the Makati City website says its 2001 Comprehensive Land Use Plan “called for the easing out of industries by prohibiting expansion/improvement of remaining factories until they ultimately convert to commercial, or mixed-use.” This same report says that in the last decade, several old manufacturing facilities along Chino Roces “have already started conversion to higher density mixed-use developments to capitalize on their sizeable parcels and strategic location.”
To further aid the new development of this area, Makati City has also issued City Ordinance No. 2012–102 which describes, in Section 22, the benefits of the so-called Special Mixed-Use Zone (SMU):
“The SMU along Chino Roces Avenue is envisioned to serve as platform for innovative/visionary initiatives, incubator spaces for the development of creative economy, promising start-ups and sites for KPO to complement the corporate nature of CBD. As a whole, it is intended to be a mixed-use development creating a good mix of vibrant residential and commercial activities.”
All of which has led to a steady influx of investors, eager to snap up rare and precious real estate in a bid to revitalize the neighborhood. New businesses are popping up, taking advantage of the very competitive rent and land values, including contemporary art galleries, restaurants, and new media startups.
Leading the charge is SM Development Corporation (SMDC). Known for its high-capacity building operations and aggressive real estate expansion, it’s bringing its expertise and years of experience to reinvigorate Makati’s last urban frontier. SMDC’s track-record of spurring location-specific property booms should pique the interest of prospective investors. For example, in only 8 years, their Mall of Asia residences have seen a three-fold increase in property value.
Their new development, SMDC Red Residences, is on track to become a vibrant residential and retail hub for the young, hip, and creative crowd. Several other towers are in various stages of planning and development; SMDC aims to expand and build roughly 7 towers along Chino Roces over the next 3 years.
Their involvement in the area suggests significant confidence in the market. Their projects will definitely improve land and rental values in the long term, as their highly-sought-after developments bring in new residents and push business growth in the area. Theirs is a proven ecosystem that should prove attractive to other investors looking to follow their cue.
With property prices along Chino Roces currently lower compared to other areas of Makati, and government policies making it easier to invest and build new businesses, Chino Roces is set to bring major returns to early investors.
If there ever was a point to invest, it would be now.
