The Bay Area, also known as Bay City, continues to be the top favorite of property investors as it posted a 63 percent growth on delivery of condominium units from 2018 to 2023 surpassing Ortigas Center (18 percent) and Fort Bonifacio (11 percent).
In a two-year span from 2024 to 2026, Colliers Philippines noted that the Bay Area would achieve a historical condominium completion of an annual delivery of nearly 8, 000 units in the said period.
From the end of 2023 to end-2026, the Bay Area would achieve a 26.4 percent growth from 36,380 to 46,590 units, according to Collier Philippines research director Joey Roi Bondoc.
“It used to play catch up, but the Bay Area is now poised to dominate,” he said.
“Bay Area will have the largest stock by 2024 with 7,120 units followed by Ortigas Center which will deliver 2,030 units.
In terms of hotel occupancy, the Bay Area is keeping pace with 69 percent and 68 percent occupancy in the 4-star and 5-star category respectively.
Bondoc said 2024 would be a banner year for the hospitality sector. The Bay Area and Newport City would experience a- 45 percent increase with the entry of three foreign brands.
He also pointed out that 2024 would be a banner year for the retail sector for the following reasons.
- All-time high completion of new retail space
- Food and beverage to continue dominating space take up
- Marginal rise in rental
- Renovation and innovation
- Greater interest from foreign retailers and
- Reactivation of activity centers, heightened omnichannel strategies.
An access to a diverse market
Meanwhile, the SM Mall of Asia complex-based Conrad Hotel through its S Maison mall is providing growth opportunities to the Bistro group of companies.
Lisa Ronquillo-Along, chief marketing officer of the Bistro group, told the BusinessMirror in an email interview that the location of upscale mall S Maison gives the Bistro group access to a diverse market of local and international customers.
To be able to cater to local and international clients, Along said the Bistro group in My South Hall introduced different cuisines and concepts such as WCKD, El Pollo Loco, Xi Nen, Modern Shanghai, Fish & Co, Sarap and Randy’s. “This gives My South Hall a competitive edge over other dining options in the area, as it offers a wide range of flavors and dishes that cater to different preferences and occasions,” she said.
According to Ronquillo, the Bistro group seeks to attract upscale and sophisticated diners. Being a luxury mall : S Maison caters to affluent and discerning customers who are looking for premium and exclusive experiences.
She added local and international tourists are potential customers who want to enjoy a taste of different cultures and flavors, as well as a convenient and comfortable dining experience.
“Conference attendees from SM MOA are one of the market segments,” Along said.
Things are looking bright for the Bistro group as more people prefer dining out now which is a great advantage to the company. The expansion of its brands and branches has increased the convenience for its diners.
Moreover, Along said their promotions have encouraged the guests to dine more frequently.