If you ask any real estate broker, they’ll assure you that BGC continues to be one of the most in-demand, fast-developing areas within Metro Manila. Thanks to its proximity to so many of the new corporate addresses of the more desirable employers, the demand for residential options is strong. From the upper-middle to the triple A market, a BGC residential unit is the dream address one aspires for.
As one of the leading real estate developers in the country, Federal Land can proudly claim that over its 48 years, it has established an enviable track record of delivering high-quality developments and building dynamic communities in prime areas and key cities. So it’s no surprise to find that within BGC, there are a host of Federal Land properties that meet the approval of any discriminating and discerning eye.
In fact, in the ready-for-occupancy (RFO) section of the market, Federal Land can offer the options of Central Park West and Park West. For professionals and families, these RFO offerings are proving to be very popular, as they allow for mobility and immediate gratification.
As a trusted developer, these Federal Land properties guarantee project features, benefits, and amenities that will pass the stringent standards and budget considerations of these niche home-seekers.
Before we go into these two developments in detail, let’s recognize how these RFO units have steadily gained in popularity over the years for the investing sector of the market. As opposed to the pre-selling units, these RFOs are tangible assets that you can gain from in two ways — first, through the rentals that can give you an additional monthly income, and secondly, through capital gains, as the prices of these condominiums have seen to appreciate over time. But be wary, this is not on a perpetually escalating basis, and one should also know when to let go and reinvest.
Based on Colliers Philippines, at the end of 2020, 14,879 condo units were classified as RFOs, out of the remaining inventory of 42,521 here in Metro Manila. So when electing to choose an RFO, whether as a passive investor or as an end-user, make sure it’s in a strategic location, near essential establishments and services, that it’s a well-built structure with choice amenities. Besides being the ideal home for you, it should not only stand the test of time, but also be an ideal home for others. This is looking long term, and that as you upgrade or relocate, the investment will still prove rewarding for you as someone renting the unit out.
There are several smart choices to make here, and let’s bear in mind that the Philippine real estate market has managed to remain resilient in spite of the pandemic. Global Property Guide reported that the estimated rental yield for a 120-square meter residential space in Metro Manila, with a buying price of P23.5 million and monthly rental rate of P120,000, stood steady at 6.13 percent despite the challenges of the pandemic.
So we see that the demand for upscale and luxury condos has been relatively stable during the COVID situation. They exhibited resiliency amid financial crises in the past, and showed signs of immediate recovery after any period of economic slowdown. In fact, over the last two years, the upscale and luxury segments accounted for a high 39 percent of the total pre-selling take up in Metro Manila — next to the mid-income segment, which represented 44 percent of total demand.
Federal Land’s Park West is a residential condominium located at 7th Avenue corner 36th Street. At Park West, you’ll find one-, two-, and three-bedroom condominium units, an elegant lobby, and three floors of retail. It also has an elevated link bridge connecting it to the Grand Hyatt Manila Residences and The Shops at Grand Central Park.
Federal Land’s Central Park West is located at 7th Avenue, corner of 36th Street, and is comprised of 32 floors, zoned into Garden units, Executive floors, Suite floors, Diplomat floors, and Penthouse floors. There are one-bedroom to three-bedroom units, and the building overlooks the Big Apple Park, inspired by a Manhattan lifestyle. It’s part of what has been branded Veritown Fort. Acquiring a RFO unit here will give you access to the sixth floor where amenities abound.
These amenities include a Trellis seating area, a lawn/ picnic area, a jogging path, a Tai-Chi area, a reflexology path, a tennis and badminton court, a lap pool and kiddie pool, a gym and a yoga room, a day care center, and a business center. In short, it’s a perfect address for a family, with strong educational institutions nearby (for when physical schooling resumes).
Just across the street, you’ll find Federal Land’s Park West, which is part of the Hyatt Community. There’s actually an elevated link bridge to the Grand Hyatt. At Park West, you’ll typically find one-bedroom and two-bedroom units, and it boasts of 35 floors. There’s an elegant lobby area, and two floors of retail.
Amenities at Park West include a library/ reading room, a Tiara Room for functions, a gym, game room, and reflexology path walk, and an infinity pool and kiddie pool. The outdoor garden has a jogging path and al fresco garden area. Proximity to shopping, dining and recreational activities is part of the Park West lifestyle being offered.
Both these well-appointed properties form part of the master planned community that Federal Land has called Grand Central Park. It’s one of the most forward-looking master plans of BGC – with a podium mall that will house the first Mitsukoshi department store in the country. And that’s truly exciting news, as any visitor to Japan will rave about Mitsukoshi, especially their Food Halls.
With Grand Central Park, you have an integrated community patterned after the better districts of Manhattan of New York City. This vision, when it comes to fruition, will be one of the most desirable “pockets” of BGC.