$8-B investments being poured in Metro’s reclamation sites

Business booms at the Bay

Projects totaling an estimated $8 billion are in the pipeline for reclaimed lands in Metro Manila's Bay Area- straddling the cities of Paranaque, Pasay and Manila, according to a property management and investment firm.

Lizanne Tan, regional director and head of markets of JLL, a leading property management consultancy services company, said the Bay Area has become a popular destination for new investments.

JLL has identified some of these projects in the horizon to include the 1,200-hectare expansion of the existing SM Mall of Asia Complex by SM; the 650-hectare Navotas North Bay Business Park; the 419hectare development by Manila Waterfront City; the 407hectare reclamation project by UAA Kinning Development Corp.; and the 318-hectare project of Manila Waterfront City.

Other reclamation projects being proposed are the 265hectare undertaking by Pasay City Harbor City Consortium; the 148-hectare Solar City; and, the 50-hectare Manila North Harbor expansion.

The new investments represent a steady rise in the yearly cumulative supply of spaces at reclaimed properties made available to companies who are setting up shop in Metro Manila.

According to data culled by JLL, from the 286,100 square meters (sqm) of land developed then leased out in 2015, the expanse of available reclaimed space has grown to 785,800 sqm this 2018.

Highest demands for space in the Bay Area come from BPOs and Online Gaming companies, followed by Logistics and Retail.

"The biggest value and benefit seen by investors, company owners, and other relevant markets is that reclaimed areas are able to offer office locators big floor plates which allows them to be more flexible,” said Tan. (BCM)