Aside from the areas near the proposed MRT 7 Stations in Quezon City, areas in Mindanao, and the Bonifacio Global City, there is another area to watch out for: The Food Terminal Inc. (FTI) property in Taguig.
The 74-hectare parcel of land at the FTI area was sold to Ayala Land, Inc. (ALI) for Php24.3 Billion recently. This translates to around Php33,000 per square meter, still a good price compared to Fort Bonifacio and Makati. No less than the President of the Philippines and the Finance Secretary witnessed the contract signing last Nov. 12, and the turnover of the initial payment of Php19 Billion. The Php5.3 Billion balance shall be paid next year.
Considering that the floor price for the bidding was only P10.25 billion, and the other bids were only Php14.7 billion (Robinsons Land) and Php11 Billion (Empire East), the fact that ALI bid P24.3 Billion shows how much faith ALI has in the area. As reported in the news, the FTI property will be converted into a business district, which is undoubtedly Ayala’s forte. For sure, Ayala will make sure that this investment will pay off handsomely in the future.
The FTI property is envisioned to be the gateway to southern Metro Manila. The special feature of this area will be the proposed intermodal transport system linking various modes of transportation, including the current Philippine National Railways station. A connector road has been proposed by the Department of Public Works and Highways (DPWH) which will link the C-5 Road to the South Luzon Expressway through the FTI property. There are also plans for a Bus Rapid Transit (BRT) that would pass through Pasay City to Makati City, Bonifacio Global City, FTI and the Ninoy Aquino International Airport.
With this development, I cannot help but think that the values of residential areas near FTI may be reasonably expected to improve. DMCI’s Acacia Estates (including Mahogany and Verawood), as well as developments in the Paranaque service roads, and SMDC’s Joy Residences near SM Bicutan may be benefited by this development. There are several other residential projects near FTI and it is possible that these developments have already been foreseen and taken into consideration by developers.
What do you think?
Sources: Rappler, Malaya Business News Online, Business World Online, atAyala.com
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To our success and financial freedom!
Cherry Vi M. Saldua-Castillo
Real Estate Broker, Lawyer, and CPA
PRC Real Estate Broker License No. 3187
PRC CPA License No. 0102054
Roll of Attorneys No. 55239
Text by Jay Castillo and Cherry Castillo. Copyright © 2012 All rights reserved.
Full disclosure: Nothing to disclose.
Watch out for developments at the FTI Taguig area is an original post from ForeclosurePhilippines