Is There Hope for a Better Transportation System in the PH?
Multiple new public transportation projects that may ease the Philippines’ chronic traffic problem are scheduled to be operational within two to five years.
Earlier this year, multiple projects initiated by private corporations along with some government projects have sprouted. Most of these public transportation projects aim to lessen the traffic and are seemingly dedicated to connecting the major business districts in the metro.
With these new projects underway, a sliver of hope shines for commuters. Consequently, if ever these projects bear fruit, the Philippines’ property market and its economy as a whole will further prosper.
Below are some of the latest public transportation projects.
Mega Manila Subway System
Initiated by the Department of Transportation, the Mega Manila Subway System aims to connect Quezon City to Taguig with only 31 minutes time. This project—partially funded by Japan—is expected to be partially operational by 2020 and fully operational by 2025.
This project will span 30 kilometres, with 14 stations between Mindanao Avenue and the Ninoy Aquino International Airport. It will also have an optional 5-kilometre extension and two additional stations to connect to LRT 1. The DOTR expects this project to carry 370,000 passengers daily. In addition, the Mega Manila Subway System is looking towards a Phase 2 development which would cover Bulacan and Cavite.
Makati – Taguig Skytrain
The 2-kilometre Makati-Taguig Skytrain is expected to be constructed in the second quarter of 2019. This Skytrain monorail project aims to carry 600,000 to 100,000 passengers daily.
The Skytrain monorail project aims to shorten travel time from Fort Bonifacio, Taguig to Metro Rail Transit (MRT) Guadalupe Station, Makati in just 5 minutes. Moreover, the Skytrain will connect Makati and Taguig, Philippines’ two major business districts. As a result, business transactions will be faster and easier.
Infrastructure tycoon Andrew Tan’s Alliance Global Group will be heading the construction and will have the sole right to operate it after transferring the ownership to the government. Furthermore, this 3.5 bn project is expected to be completed by 2021.
National Economic and Development Authority Board’s Investment Coordination Committee is now reviewing the project.
Makati Subway System
This USD 3.7 bn project will likely start construction in December 2018, said Makati Mayor Abby Binay last 23 August. This dual-track subway will span 10 kilometres and will ferry up to 700,000 passengers daily.
As an additional solution to Makati’s worsened traffic, the Makati Subway System aims to link Makati’s central business district to other parts of Makati. This project will link areas such as the Ayala Avenue, Makati City Hall, Poblacion Heritage Site, University of Makati, and the Ospital ng Makati.
With the rise of multiple transit systems, the areas surrounding it will become more vibrant with businesses and residential areas. This may indicate an economic boost for the Philippines.
According to Colliers International, there is a high demand for more condominium units in central business districts such as in Fort Bonifacio, Rockwell, Makati, Ortigas, and Manila Bay. Furthermore, the demand comes from families, local and foreign professionals, Chinese investors, and offshore gaming companies.
With this strong demand along with the construction of new mass transportation systems, leasing or investing in a condominium in the central business districts will be much more advantageous. Hence, future leasees will now have a prime location with the nearby transportation system.
For instance, residents living in Century Properties’ Trump Tower in Makati will be benefited. Aside from living in a home awarded as the Best Luxury Condominium Development in the Philippines this 2018, residents of The Trump Tower will also travel seamlessly along the metro.
Property buyers and investors can expect a high return on investments. In fact, for the year 2018 alone, condominium rental yields in the business districts are up 7% to 7.16%.
If you are looking for condominiums for sale, you can check our website for residential and commercial Philippines property.
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