Reading Time: minutes
The Bay City has seen rapid developments over the years, as major developers have seen the potential of the area for residential, retail and commercial opportunities. One of them is Aseana City, a master-planned community in Metro Manila. Built by Aseana Holdings Inc.,, this township has seen a tremendous growth as business process outsourcing firms, commercial and retail spaces, residences and other institutions continue to emerge in this 204-hectare development.
Dubbed as the "Sunset Strip" because of its prestigious location facing Manila Bay, Aseana City is lined with specialty restaurants, national parks, museums, theatres, entertainment districts and hotels. It is also near the Entertainment City in PAGCOR, Philippines' very own Las Vegas.
Aseana City is a short distance away from Manila, Makati and Ninoy Aquino International Airport. Located on the boundary of Roxas Boulevard and Manila Bay, Aseana City's strategic location in the metropolis is one of its prime features that makes it a place worthy of investment. Its accessible location will be further heightened by the extension of the LRT line 1, making Aseana City's location more passable and convenient to everyone.
In its three years of existence, several BPO firms have expanded in Aseana City, as well as local companies who are looking for opportunities in the Bay City area. The Department of Foreign Affairs also has an office there to cater to people who needs to process their passports, among other services. Condominiums like Solemare Parksuites and even the King's International School Manila, a British-owned international school, is nearby the vicinity.
Promising venue for growth
The Bay Area market has again shown a remarkable performance this quarter; it posted the highest rental growth rate among all submarkets at 18.3% YoY, increasing rental rates to Php 655.1 per sq m/month and lowest vacancy rate at only 0.5% Several commercial and retail spaces are rising in Aseana City. Ayala Land Holdings is also planning to build a huge shopping mall in the area. Soon to rise in Aseana City is another BPO center and a , 12-storey hotel with at least 325 rooms adjacent to PAGCOR's Entertainment City and City of Dreams Manila, making this microdistrict a new economic and business hub in Paranaque City.