BIZ BUZZ: Makati CBD deed restrictions on way out

The Makati central business district (CBD) is still the country’s undisputed primary corporate center, but there is no denying the fact that it is showing its age in some parts.

This partly explains why other urban developments such as nearby Bonifacio Global City in Taguig City are getting a fair share of new and exciting office, residential and leisure developments.

But no reason for those heavily invested in Makati to fret, as plans are said to be under way to lift a number of building restrictions attached to property deeds in the busy financial and commercial zone, Biz Buzz sources say.

These regulations restrict the way land can be used, as well as what can be built on them and activities that can be undertaken while on the premises.

Once these are removed, property owners are expected to be able to unlock more value out of their assets and address current needs, such as for taller, more environment-friendly skyscrapers in specific locations that are currently covered by height restrictions.

Later, the Makati City government will have to come in to also update its zoning rules.

The Makati Central Estate Association Inc., of which main Makati CBD developer Ayala Land Inc. is a member, will necessarily have to be involved in the process.

And if all goes according to plan, Biz Buzz sources say the deed restrictions may be lifted as early as May this year.

With that, the entire business district would be able to keep up with the changing times and thus maintain its long-held title as “the most desirable business and commercial area in the Philippines.”