Property consultant Colliers expects 5,900 condominium units to be completed in the Bay Area by next year, bringing the areas condominium stock to 44,100 units.
This means the Bay Area will have the largest condominium supply in Metro Manila in 2024, surpassing the Makati central business district (CBD) and Fort Bonifacio, Colliers said in a statement.
“Aggressive completion in this thriving business district over the past five years has raised the Bay Area’s residential stock. By end-2024, the Bay Area will likely cover about 27 percent of Metro Manila’s total condominium supply followed by Fort Bonifacio’s 26 percent and the Makati CBD’s 18 percent,” it said.
Joey Roi Bondoc, Colliers director of research, said the research firm expects project completion in the whole of Manila to slightly pick up in the second half of 2023 with the delivery of 3,100 units, bringing total completion this year to 4,920 condominium units.
“By end-2023, we see Metro Manila’s condominium stock reaching more than 156,000 units, with the Bay Area, Makati CBD, and Fort Bonifacio accounting for about two-thirds of total completed units in the capital region,” Bondoc said.
Colliers recorded the take-up of 15,200 condominium units in the Metro Manila pre-selling market in the first half of 2023, up 52 percent from last year.
“The lower and upper mid-income segments (condo units priced at between P3.2 million and P12 million) accounted for 70 percent of condominium units sold during the period. Pasig, Bay Area, the Alabang—Las Piñas corridor, and CAMANAVA (Caloocan—Malabon—Navotas—Valenzuela) covered 50 percent of units taken up from the lower and upper mid-income price segments,” it said.
Among the notable vertical projects launched in the second quarter of this year were Ayala Land’s Park East Place in Fort Bonifacio, Laya by Shang Properties in Brgy. Ornabo in Pasig, and Olin at Jade Drive by Ortigas Land in Ortigas Center.
