In the past few weeks, AA RealtyPro Solutions have been given opportunities to value condominium properties in the two most prestigious and prime location in the country- Makati Business District and Bonifacio Global City. Both have been the center of high commercial centers, land values, and property development.
AA RealtyPro Solutions have observed the differences among the luxury condominium units in BGC start at 218,693.22 per sq.m. and go for as much as P231,554per sq.m. Residential units in Makati City price ranges between P275,362.32 to P320,855.60 per sq.m.
Previous projections have set Fort Bonifacio, the new city that has risen from a former military camp in just a decade, to become the country’s top commercial business district, eclipsing the Ayala Center in nearby Makati City. But latest figures culled in research by AA RealtyPro Solutions have shown the dominance of Makati in terms of condominium prices.
Based on research, state pension fund Government Service Insurance System sold its two lots in Fort Bonifacio with land areas of 1,600 square meters (sq.m) each to Focus Palantir, Inc. and Goldenwill Inc. with a price of P500,000 per sq.m and P458,000 sq.m, respectively.
While property developer Ayala Land, Inc. also bought the JAKA Tower in Makati for an undisclosed amount, the price range of which is estimated to be between P500,000 and P560,000 per sq.m.
As a result of these transactions, average land values have climbed in the three business districts.
Makati remains the dominant CBD, while BGC will keep on challenging it not only as the premier business district but also the center of most expensive real estate development in the country.