Why PH's top execs want to live in BGC

ABS-CBN News

Posted at Dec 26 2014 08:04 PM | Updated as of Dec 27 2014 04:04 AM

The Beaufort at BGC is representative of a new generation of luxury units that are smaller in size and make use of advanced technology to provide residents greater convenience and security.

MANILA – The country's top business executives are eyeing residential units at the Bonifacio Global City (BGC) because of the number of prime office developments in the area, according to a real estate developer.

Filinvest Development Corp. (FDC) said the option to live a few minutes from where one works has become more attractive for the high-end market in recent years, making BGC an ideal choice for executives.

To respond to the strong demand for top-end units following the office construction boom in BGC, FDC has developed The BeauFort, a 271-unit residential building at BGC.

Catherine Ilagan, executive vice president of Filinvest Alabang Inc., the project developer of The BeauFort, most unit owners have moved from their single-detached homes in posh Metro Manila villages to be closer to work and avoid the hassle of the daily commute.

Ilagan said other unit owners are seeking to rent out the property to executives working nearby, mostly foreigners.

“In addition to location, we attribute the strong take up of The Beaufort units to its exclusivity, superior technology, and great views of both the Manila Golf and Makati skyline,” she said.

The Beaufort was completed in 2014 and is one of BGC’s more premium developments, offering only four units to a floor.

Its penthouse units in the two towers situated above a six-storey banking podium were among the first to be sold.

Only 14 percent of the units priced from P8 million and up are still available. Most of them range from one to three bedroom units.

In 2013, BGC accounted for nearly 40 percent of office space leased; McKinley Hill came second at 20 percent; and Quezon City at third with 12 percent, according to industry studies.

In terms of supply pre-commitments as of end 2013, or space taken up by a tenant even before the completion of an office space, BGC accounted for 46 percent, higher than all other business districts.