Entertainment City is showing progress

by Steve Van Derodar

This one is nostalgic. I will try to remember as much as possible how I started with my real estate career. Just as I am at the beginning of new things like writing a column for this online news, I remember my very first few introductions to real estate. It was in 2004 when I got recruited for part-time real estate to the Ty’s (known for Metrobank, GT Capital Holdings) subsidiary, Federal Land, and its marketing arm, Omni-Orient with a focus to Bay Area developments. I was working and living in Makati and part of my first few jobs being new to Manila was to offer corporate memberships for a fitness service being that I was a Physical Therapist and I hesitated to work in hospitals after coming from one in Cebu City.

So, in my free time, I get to visit and bring clients to Bay Gardens, a residential development comprised of three towers. That side of Pasay was set for major developments similarly with Bonifacio Global City at that time and I was sure that something was totally unique in the making in the reclaimed area as it has been prepared for massive development.

 True enough, years later, they now house multi-developments such as the SMX Convention Center, Mall of Asia, several SMDC buildings, Okada Manila Resort & Casino, Solaire Resort & Casino, and many others.

 

Being now based in New York, I kind of understand better the attraction it has, being in the Bay Area with sunset views. I think, the reclamation enclave will even foster growth as it has allowed a commercial and residential expansion unique of its location and accessibility.

Steve van dorodar

Being now based in New York, I kind of understand better the attraction it has, being in the Bay Area with sunset views. I think, the reclamation enclave will even foster growth as it has allowed a commercial and residential expansion unique of its location and accessibility. When you think of it, it is the only part of Metro Manila that takes advantage of the sea breezes with the spectacular sunset.

Going back to Bay Gardens, I first saw an indoor pool in development and it was the first luxury building of its scale that I have begun to market. It was also the pioneering tropical resort-themed development of its kind. It was not then surprising that a client from Scotland bought from me a 2-bedroom unit as a half-way home, which I also assisted them with interior design. I learned that rental income has been consistent as they only visit the Philippines a few weeks within the year. After 15 years, I could calculate that the property was already paid for after a little over 10 years with the rental income alone. Yes, due to the high rental yield, most properties can be that self-liquidating. Most high-rise developments in the Philippines require a 10-20% down payment and balance generally via bank financing if not in-house.

And because we are talking about firsts, Le Pavilion was the first conference center that I have been to in the area, World Trade Center, as a super awesome trade center of its magnitude, Macapagal Blvd. Cafe Shops as my go-to meeting place with clients; Heritage Hotel and Hyatt Hotel as first landmarks that come to mind along Roxas and Edsa Boulevards.

Entertainment City as they call it now, you would agree with me, that it is showing progress from what it was designed to be!

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