Gateway

by Zbigniew

I had planned on filing it under “The Cringe,” as yet another example of nausea-inducing shuffle-edited “crafted living” bullshit consumer condo-lifestyle tropes of sun, parks, beer, jogging, coffee, bicycles, boutiques etc etc etc.

At the closing credits, the logos representing the usual suspects- Rize, Rennie Marketing- and -hello!- something new: “Ayalaland.”

Ayala Land, Inc. is the largest property developer in the Philippines. It has offices in Milan, Rome, London, San Francisco, Dubai, and Singapore. Its portfolio includes retail, office, hotel, leisure, and residential.

Curiously, there’s precious little information readily available on Ayala Land’s role in the Rize development; there’s nothing at all on its website promoting its Vancouver project.

However, buried in industry online trade journal jll.com (Jones Lang LaSalle, IP, Inc – “We provide commercial real estate strategy, services and support to organizations around the globe”) the link –in all of its delocalized, dreary, bean counting inevitability- is highlighted:

“Investors are taking notice of the broad appeal, and the safe haven Canada could be to place capital. No longer ‘America’s attic,’ the Canadian real estate market yields one of the world’s highest rates of return, ranking second to only Saudi Arabia last year.”

Regarding Vancouver in particular, the article quotes Ian McKay, CEO of the Vancouver Economic Commission:

“There are so many business advantages on a tax perspective to invest (in Vancouver). We have the lowest corporate tax rates in North America, which is a huge advantage, not known to a lot of people. There is also enormous diversity, every language is spoken here. People come here because they want to live here, and then they find a place to work.”

In order for Vancouver to “keep its momentum as a gateway city to Asian capital, Canada will need to match foreign investors to opportunities on their home turf through equity partnerships and new development ventures keep foreign interest alive …. the tide may be shifting as domestic owners are becoming more open to cross-border partnerships.”