As part of the re-generation of Manila’s waterfront, a 167 million dollar clean-up the Pasig River has started. The five year project, which has been set up by the Pasig River Rehabilitation Commission (PRRC), will see a clean-up of the iconic river with a completion schedule set for 2016.
Working in conjunction with environmental protection areas (EPAs), the PRRC has commenced plans for improving the water quality of the river and promoting urban renewal and redevelopment along the river.
This operation includes plans to remove illegal shanties and commercial structures lining the riverbank to ensure the long-term protection of the river.
Also, 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 a part of the government’s plans to reduce traffic in Manila.
The new bridge will help towards the clean-up of the waterfront and will stimulate social and economic development between Mandaluyong and Makati.
Transportation improvements and the regeneration of the river have already stimulated developers to capitalise on the area’s renewal.
As part of the regeneration of the area, Manila is to have its 1st residential waterfront development, Acqua Private Residence, being built now with completion scheduled for December 2015. The new development is easily accessible via the newly-built Estrella-Pantaleon Bridge and will be the first residential Manila apartments to open right on the historic Pasig River front.
In line with the Pasig River Rehabilitation Commission’s rehabilitation of the waterfront, Acqua Private Residences will include around twice its total land area to lush greenery, enchanting 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 excellent news for Manila which is a city growing in popularity and economically.
According to the Philippine Constitution, international investors cannot buy land. However, owning apartments and condominiums is permitted. There is a high demand for affordable housing in Makati, and builders are developing apartments in Manila and Makati condominiums as quickly as possible in order to meet that demand. While the building is going on, there are some Makati condominiums for sale but very limited availability. Prices are still within reach, but space is at a premium. As buildings go up, prices will as well. The earlier you enter the market, the less you will pay. This will result in a higher yield and greater capital growth.
According to the Real Estate Investors Guide, “Financial experts in the property sector predict a capital growth of 10% per year for condominiums and apartments in the Philippines.” This growth is in addition to the rental income these properties generate. Renting is especially appealing since many rentals require as much as 12 months’ rent in advance. Because it is a center for financial, educational, and cultural opportunity, there is an endless supply of potential tenants who want to live in the city but are not interested in or able to purchase a home.