As part of the flagship project of Philippines President Rodrigo Duterte, the construction of the planned Metro Manila Subway system is well under its way. According to real estate service company Colliers, this particular project will help boost the real estate prices in Quezon City. The company added that both the government and private sector are set to greatly benefit from the said project.
In a statement dated Tuesday, Feb. 26, the real estate services firm said that both land and property values are expected to increase in the near to medium term. This is increase is greatly rooted in the upcoming Metro Manila Subway project.
Colliers said in a statement, "The implementation of the P350-billion subway should help provide access to properties that could be redeveloped into mixed commercial, residential, hotel, and institutional projects."
Colliers recommends developments to take advantage of the location of the upcoming subway system by setting up their respective infrastructure around the proposed stations. The firm added that they could also partner with other property firms or with the government in order to set up mixed-use development projects.
Many observers have noted that public and private partnerships are highly recommended due to the lack of lands within Metro Manila can be developed. The same can be said with government projects since partnering up with the private sector will most likely result in additional revenues which can help fund the "Build, Build, Build" program which is one of the flagship programs of President Duterte.
On Wednesday, Feb27, the Philippine Department of Transportation headed the groundbreaking ceremony of the subway's first three stations. These stations are located in North Avenue, Tandang Sora, and Mindanao Avenue-Quirino Highway.
Seven out of the total 15 stations will be located in Quezon City. According to the plan, the subway will start at Mindanao Avenue-Quirino Highway located in Quezon City and will end at the Ninoy Aquino International Airport in Pasay City. Property experts said that the prices of land and properties within a kilometer from these stations are expected to rise significantly.
According to Colliers, the area near the North Avenue station will be more suited for township projects. Areas near the Tandang Sora and Mindanao Avenue-Quirino Highway stations are also projected to suit residential developments as these areas are already dominated by offices.
