A series of traditional lion and dragon dancing, fire breathing street performances, and fireworks display are about to go down today, as millions of people from different walks of life are expected to gather, witness and take part in this year’s Chinese New Year celebration. In the Philippines, with all these exciting festivities, the world’s oldest china town, Binondo, is anticipated to ignite with a cacophony of sensuous experiences of food, culture and the continuing saga of the Chinese story in the country.
Aside from the annual Chinese New Year celebration, Binondo is also renowned for its continuous infrastructural developments. The increase in internal migration in this district has come along with the fast pace of its local economic growth – thus, a drastically noticeable increase in the value of real estate properties for the past several years.
Based on data from the Bureau of Internal Revenue (BIR), the 67-hectare district of Binondo has apparently appreciated in zonal value for the last four decades. A whopping 870% increase was recorded going from ₱7,648.00/sqm. in 1988 to ₱74,211.00/sqm. in 2018. ₱74,211.00 for a tiny chunk of land seems too expensive isn’t it? But did you know that the zonal value of land is only the basis of the BIR in computing the respective taxes due on the property? Therefore, it is not the zonal value, but rather the market value of land, that determines what it takes to own the property you’re rooting for in Binondo. With regards to that, as of 2019, based on our team’s research and previous appraisal projects in the area, the market value of land in the 425-year old district of Binondo ranges from Php 250,000 to Php 300,000 per sqm. – quite old, but certainly gold!
Since established in 1594, Binondo has become a common ground for both Filipino and Chinese businessmen in the country. Over the past several years, more malls, office buildings and condominiums were constructed in the oldest chinatown which further magnifies real estate value in this historic vicinity of downtown Manila.
With all the modern developments in Binondo, there is no doubt that anyone who wants to build a business empire will find it as a favorable place not just for a flourishing business venture, but for a secure, convenient, and comfortable lifestyle as well.
Kung Hei Fat Choi! #CNY2019
