Grand Central Park adds more exclusive residences to BGC
With the World Bank GDP growth projection of 6.4 percent and new pro-growth economic policies, the Philippines is poised to sustain its economic rise.
Zoning in on the residential landscape, Colliers International Philippines projects 15,100 new units to be introduced in 2019. While this figure is set to increase, vacancy rates have seen a downturn at 11 percent for the coming period, indicating how the strong demand outweighs the supply available in the market.
This movement has influenced property prices to soar as well. Global Property Guide reported in 2017 “the average price for a three-bedroom condominium increased by 4.3 percent” in Fort Bonifacio.
Real estate developer Federal Land Inc. is on top of this trend. In 2012, Federal Land introduced Grand Central Park, a 10-hectare masterplanned community patterned after New York City.
Located at North Bonifacio Global City (BGC), Grand Central Park is home to multiple projects such as the world-renowned Grand Hyatt Manila; two towers of luxury residences Grand Hyatt Manila Residences; the Japanese-themed community The Seasons Residences; the flagship store of Japan’s oldest surviving department store chain, Mitsukoshi Mall; and the upscale residential towers Park West, Park Avenue, Times Square West, Central Park West, and Madison Park West.
The mixed-use community is a confluence of international partnership and investment with brands well-known abroad. Grand Hyatt Manila Residencesis a joint venture between Federal Land and ORIX Corp. of Japan, through North Bonifacio Landmark Realty and Development Corp. to bring in the Chicago-based Hyatt brand.
While most properties within the city are currently of re-selling status, Grand Central Park offers increasingly scarce additions to the pre-sale condominium pool. Only November last year, it saw launches for two of its world-class high-rises: Grand Hyatt Manila Residences – South Tower, and The Seasons Residences’ first tower called Haru.
Grand Hyatt Manila Residences - South Tower will be ready by 2023, and The Seasons Residences is set to be completed by 2027. Until then, the anticipation continues to build for property hunters and aficionados.