BUSINESS

Entertainment City boosts property demand in surrounding cities

TAGs: entertainment city, gambling, Manila, pasay, Philippines

entertainment-city-manilaThe effects of Pagcor’s Entertainment City is already being felt in the cities of Manila and Pasay. Demand for residential units, in particular, is on the uptick, particularly from expatriates who are moving to the Philippines to work at Entertainment City. That much was made known by Colliers International, an international real estate consultancy firm, whose report indicated a boost in demand for residences in the two cities.

“While demand for leasable properties remains high in Rockwell, Makati and Bonifacio Global City, the Pasay-Manila area has also become a preferred destination for expatriates engaged particularly in the Pagcor Entertainment City,” Colliers said in its first quarter 2013 Philippine Real Estate Market Report.

With Entertainment City expected to give rise to four integrated resorts and casinos, an influx of local and foreign workers is also expected to rise in the coming years. Manila, in particular, appears to be gearing up for the influx with 7,181 units from 18 new residential condominiums set to become available in 2013 alone. That number represents a 10 percent increase from the supply in units from 2012.

While the increasing demand suggests a significant increase in employment brought about by new jobs at Entertainment City, Colliers International also indicated that other industries, including intentional schools and outsourcing firms, are also lending a hand in the increasing demand for residential units.

But as is always the case, there’s a caveat. Despite the rising demand, supply of multi-room units that many expatriates require isn’t catching up. Taking into account the area near Entertainment City, only three premium condominiums – Discovery Primea in Makati City, and Beaufort East and West Towers in Bonifacio Global City – are expected to be completed this year. Even more telling is the fact that while there is ample supply for overall units, only 21 percent of units that are expected to be available this year are of the three-bedroom and four-bedroom variety. That could be quelled, though, in the coming years with the expected development of more premium residences in Pasay, Manila, Makati, Taguig, and even inside Entertainment City.

All this just goes to show how important Entertainment City has become for the Philippines. Not only is it poised to become the country’s premier gambling destination, but it’s also having a direct and positive effect in other industries, something Pagcor probably envisioned when it first dreamt of starting the ambitious project some years back.

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