10-story co-living space breaks ground in Makati
Property consultant and real estate service provider Santos Knight Frank and prime real estate developer First Georgetown Ventures, Inc. recently led the launch of a new co-living space/ dormitel concept at the Makati Central Business District (CBD) with the groundbreaking of The Grid. It is owned and developed by First Georgetown Ventures, Inc., a wholly-owned corporation founded by George Yang, also the founder and chairman of McDonald’s Philippines.
The Grid is a 10-story co-living space and commercial center that is targeted towards young professionals and students who are looking for a more affordable alternative to renting condominium units within Makati City.
“This landmark development arrives at no better time at the CBD where key demand drivers such as BPOs, financial services, universities and many other industries are expected to grow and expand throughout Metro Manila,” noted Rick Santos, chairman and CEO of Santos Knight Frank, the sole leasing agent and project manager of the Grid.
The project is a result of First Georgetown Ventures, Inc.’s vision to cater to the growing demand for co-living spaces by those who want to relocate in the city for convenience.
The Grid features hotel-like amenities and offers 560 beds spread across 200 units which are configured in solo, triple, and quadruple product offerings.
Seven commercial units are situated in the first two floors of the building.
“Our concept for The Grid is to provide something familiar but new. We achieved this by integrating hotellike amenities in a dormitory setting. We are confident in the co-living space market trend because it is the next viable option serving as middle ground between the traditional dormitory and condominium,” said Kris Yang, president of First Georgetown Ventures, Inc.
The Grid offers ample room space and privacy for the self, as well as dedicated spaces for social interaction.
The hotel-like amenities include a lobby, study area and a lounge, a fitness gym, lap pool, an al fresco area and an open deck.
Alvin Fernandez, senior director of Investments and Capital Markets at Santos Knight Frank shared good prospects for the co-living space market according to a market study that the global consultancy firm has conducted in the property landscape of Makati City.
“Right now this scheme is medium scale, with more or less 200 to 300 units (translated to about 600 to 700 beds) per development. We are forecasting this number to triple in the next two to three years. Many investors are actually eyeing their own co-living space concept,” explained Fernandez.
Abesamis + Guerrero Architects led the design of The Grid which is distinctly young, hip, and urban – imbibing the qualities of its future tenants.
Its structural steel framework is exposed, enveloping the tower’s podium and this will serve as the building’s sun shading, while creating an interesting and unique facade.
A light well runs through the building’s central core, providing natural light and ventilation for the residential units which will all have their own window.
Steel, brick, and wood are introduced as the main materials for the project.