Wednesday, May 23, 2007
Mall Real Estate
Nowadays it’s hard to start a business without opening your store in the malls. It is the place people go not only to unwind, watch a movie or just shop but even to pray as major malls have churches located inside them and even schools are starting to be located in the mall. In effect, malls are like self-contained mini cities with not much pollution, has a cool air-conditioned environment even if it’s blistering hot outside and its more secure, although not totally crime free, than some major cities in Metro Manila due to the number of security guards located in every entrance and exit point as well as policemen patrolling inside complete with bomb sniffing dogs. Wouldn’t it be wonderful if we could just live in the malls where everything we will ever need, from buying grocery to paying your utility bills is located right in your doorstep.
Major mall developers like SM, Robinsons and Ayala have lined up projects based on this concept. SM has already started such a project in their SM Sta. Mesa Mall where they are building a huge condominium located right across the street but will be linked via foot bridge so you don’t have to actually step outside the street to go to the mall. More impressive still is the plan to build condominiums around the SM Mall of Asia, which will also be linked to the mall transforming that area to a mini city that might as well have its own mayor and zip code. I hope I make enough money to buy a small pad there, as it would be a really nice place to live and raise a family.