Chinatown is prosperity city
February 12, 2021
Authentic Chinese food spots and vibrant Lunar New Year festivities come to mind when talking about Binondo. But more than that, the world’s oldest Chinatown is also known for its ageold trade and commerce.
Binondo has been an enduring business center since its location as a permanent settlement area for Chinese immigrants since Spanish times. Chinese merchants and artisans fused their business skills with feng shui, the Chinese art of placing objects strategically to manifest prosperity.
With the upcoming completion of the Chinafunded BinondoIntramuros bridge in September 2021, the bustling business activity in the district is expected to become even more lively.
According to Department of Public Works and Highways secretary Mark Villar, the arch bridge symbolizing the Chinese-Philippines friendship will ease traffic congestion in Manila. It will connect Intramuros, Solana Street, Riverside Drive, Binondo and Muelle de la Industria.
Development hub
This will make Binondo busier but, this time, accessible. According to global real estate company Santos Knight Frank, Binondo is one of the districts with the highest land value following Bay Area, Ortigas, Bonifacio Global City and Makati.
As of 2019, the value of land in Binondo ranges from P250,000 to P300,000 per sqm. Thus, investors, mostly Filipino-Chinese business owners target the district. Some even dub Binondo as the “old but gold” site for investments.