Pasig River rehabilitation encourages new real estate developments in Manila
As part of the Manila waterfront regeneration, a $167 million cleanup of the Pasig River has begun. The five-year project, which has been established by the Pasig River Rehabilitation Commission (PRRC), will see a cleanup of the iconic river with a completion timeline set for 2016.
Working in conjunction with the environmental protection areas (EPA), the PRRC has initiated plans to improve the river’s water quality and promote urban renewal and redevelopment along the river.
This operation includes plans to remove illegal shanty towns and commercial structures lining the riverbank to ensure long-term protection of the river.
Additionally, as part of the regeneration of Manila’s Pasig River, travel between Makati and Mandaluyong will now be more convenient with the opening of a new bridge connecting the two cities.
The Estrella-Pantaleon Bridge is part of the government’s plans to reduce traffic in Manila.
The new bridge will help clean up the coastline and stimulate social and economic development between Mandaluyong and Makati.
Transportation improvements and river regeneration have already spurred developers to capitalize on the area’s redevelopment.
As part of the regeneration of the area, Manila will have its first beachfront residential development, Acqua Private Residence, which is under construction now and is scheduled for December 2015. The new development can be easily accessed via the recently completed Estrella-Pantaleon Bridge. built and to be Manila’s first residential apartments to open right on the historic frontage of the Pasig River.
In line with the Pasig River Rehabilitation Commission’s waterfront rehabilitation, Acqua Private Residences will include twice around its total area of lush greenery, lovely water features, and plenty of open space. According to the developers, Acqua is a paradise in the middle of the urban jungle.
This is all great news for Manila, which is a city that is growing in popularity and economically.
Under the Philippine Constitution, international investors cannot purchase land. However, apartment and condominium ownership is permitted. There is a huge demand for affordable housing in Makati, and developers are developing Manila apartments and Makati condos as quickly as possible to meet that demand. While construction is taking place, there are some Makati condos for sale, but availability is very limited. Prices are still within reach, but space is at a premium. As the buildings increase, the prices will also increase. The sooner you enter the market, the less you will pay. This will result in higher returns and higher capital growth.
According to the Real Estate Investors Guide, “Real estate financial experts predict 10% annual capital growth for condominiums and apartments in the Philippines.” This growth is in addition to the rental income generated by these properties. Leasing is especially attractive as many rentals require up to 12 months’ rent in advance. Because it is a center of financial, educational, and cultural opportunity, there is an endless supply of potential renters who want to live in the city but are not interested in or unable to buy a home.
