Prices of property in areas along the planned Mega Manila Subway project are expected to double or even triple as developments will be more attractive to buyers due to better accessibility, according to a global real estate services firm, the Manila Times has reported.
The report said Colliers International Philippines has urged real estate developers to build properties, such as mixed commercial, residential, hotel, and institutional ones, within a kilometer from the subway’s 13 stations.
“We see residential land values around the stations rising by at least two-fold while commercial land values will likely increase by at least three-fold from the start of construction to full operation of the subway,” it quoted Paul Vincent Ramirez, Colliers International Philippines’ director for valuation services, as saying.
Colliers said Quezon City will benefit most, given the seven stations out of the 13 would be located in the locality.
“With improving connectivity given the construction of Manila Subway, MRT-7 and the common LRT-MRT station, we see Quezon City becoming more attractive for mixed-use projects that feature office, residential, and retail projects,” it said.
The Times report said Colliers sees North Avenue most suited for townships due to the interconnection among three rail systems while Quirino and Tandang Sora are seen hot for residential and hotel projects and to capture the demand from Northern Metro Manila and nearby provinces such as Bulacan.
Low- to mid-rise condominium buildings, it said, suit Anonas Street in Project 4 where the East Avenue station will be nearby, while the Katipunan area is seen with the least potential due to limited developable land.
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