Premier Quadruple A developer DMCI Homes has expressed optimism on the future of the residential market in Metro Manila with the bright prospects presented by the construction of the country’s first intercity underground railway.
DMCI Homes Assistant Vice President for Project Development Dennis Yap said the Metro Manila Subway project which broke ground late February, creates more opportunities for the property sector since it makes neighboring areas more attractive for residential ventures.
“As early as last year, we have already observed big interest in our projects located along the proposed tracks of the subway project,” said Yap, citing DMCI Homes’ Infina Towers project as an example.
The two-tower resort-inspired project along Aurora Boulevard, Quezon City is located near two of the proposed 15 stations of the subway system—Anonas and Katipunan Avenue.
Apart from Infina Towers, the property arm of DMCI Holdings, Inc. also expects its upcoming residential condominium project The Crestmont in Panay Ave., South Triangle, Quezon City, Metro Manila to largely benefit from the construction of the subway system.
To be built adjacent to the MRT-3 Quezon Avenue station, The Crestmont is seen to draw even more interest from property hunters with its proximity to the subway system’s proposed station in the area.
The planned single-tower development is one of the ten P104 billion-worth of projects the company is eyeing to launch this year according to the DMCI Homes executive.
“We are very positive about the future of the Manila property market with the construction of the subway project. We look forward to bright prospects ahead not just for the company but for the whole industry,” Yap said.
Property consultancy firm Colliers International said the implementation of the subway should help provide access to properties that could be redeveloped into mixed commercial, residential, hotel, and institutional projects.
Colliers said it sees the project raising the prices of land and properties within a kilometer from the subway’s stations.
The subway, which is planned to run from Quirino Highway to the Ninoy Aquino International Airport Terminal 3 in Pasay City, is expected to be fully operational by 2025.