Casino complex to fuel residential boom in Pasay

MANILA, Philippines - More residential developments are expected in Pasay City as property firms take advantage of the increasing interest in the area with the opening of Entertainment City, property consultancy firm Colliers International said.

In a recent briefing, Colliers associate director Julius Guevara said demand for leasable residential property in Pasay City is seen as the area is now offering gaming and leisure activities in Entertainment City.

“Developers are locating in this area to take advantage of the interest there with the transformation of Pasay City having the SM Mall of Asia and Pagcor (Philippine Amusement and Gaming Corp.) Entertainment City,” he said.

He said the increasing interest in the area will create demand and lead to more residential developments there.

As jobs are seen to be created with the opening of more projects in Entertainment City, residential  developments in the area will not be limited to luxury properties.

“I believe in the future it will be more of a mixture depending on where these buildings are located,” Guevara said.

“Closer to the attractions (though), properties will most likely be high-end,” he added.

Entertainment City is the country’s answer to the Las Vegas, Singapore and Macau gaming hubs. Owned by state gaming firm Pagcor, it occupies a 120-hectare property reclaimed from Manila Bay.

The first project in the complex is Solaire Resort and Casino of Bloomberry Resorts Corp., which opened in March.

Other franchise holders in Entertainment City are real estate tycoon Andrew Tan’s Alliance Global, Japanese gaming giant Kazuo Okada and retail magnate Henry Sy’s Belle Corp.

The investors were required to pour in at least $1 billion each for their projects.