As the construction of the Philippine National Railways (PNR) Clark remains on track, Phase 1 of the project, which extends from Tutuban in Manila to Malolos in Bulacan, will be partially operational by the fourth quarter of the year, according to the Department of Transportation (DOTr), Philstar reported. It will run full operations in the second quarter of 2024.
As of the end of January, it was at 43 percent overall progress rate. Phase 2, on the other hand, which runs from Malolos to Clark in Pampanga, was at 27.79 percent in the same period. It will initially welcome commuters by the second quarter of 2023, with the full operations targeted at the third quarter of 2024.
The projects form part of the massive North-South Commuter Railway (NSCR). The total cost of the infrastructure is P777.55 billion, funded by the Japan International Cooperation Agency (JICA) and Asian Development Bank.
Connecting Cities
The 38-kilometer Tutuban-Malolos railway will cut travel time from the current one hour and 30 minutes to 35 minutes, augmenting passenger capacity to 330,000 daily.
The 53-km Malolos-Clark rail line will also reduce travel time between the two cities to 35 minutes from one hour and 30 minutes. The country’s first airport express service, it will have a 150,000-passenger capacity.
The south segment of the NSCR is the last leg of the project, PNR Calamba, extending from Solis Manila to Calamba in Laguna. It cuts travel time from three hours to merely an hour.
In a separate report, the DOTr announced that they will be venturing on $5.79 billion worth of railway projects next year. By the end of 2022, they expect to assign 65 contracts, a sharp increase from the 20 recorded in 2020.
Generating Real Estate Opportunities
Massive infrastructure projects are poised to contribute to the upswing in real estate activities in their locations. As completion of construction nears, property values are expected to soar. Nonetheless, signs of brewing demand have been apparent in these locations already.
Pampanga, for one, has flexed “brisk sales of houses” amid the health crisis, according to the Department of Human Settlements and Urban Development (DHSUD) Secretary Eduardo del Rosario, Manila Standard reported.
The housing czar credited the province’s tenacity in weathering the pandemic to the “availability of local jobs particularly in the economic zone, the huge number of overseas Filipino workers (OFWs), and the proximity [of the province] to Metro Manila.”
The North-South Commuter Railway, as well as other infrastructure, including the new terminal in Clark International Airport, will likely boost tourism and business activities in the province. It’s seen to create a range of opportunities in the real estate industry, from the hospitality to office to the residential segment.
Bulacan, on the other hand, has seen a “healthy uptake” on hotels and accommodations despite the health crisis, Colliers reported in this ABS-CBN News article. A few towns in the province gradually relaxed restrictions and welcomed tourists when the national government eased community quarantine measures back in October.
As the province earned a Tourism Enterprise Zone designation recently, mentioned in this Manila Standard report, Bulacan will likely experience further boost in real estate demand. Aside from the North-South Commuter Railway, the P740-billion airport that will be built in the province will contribute to industry recovery.
Meanwhile, Laguna has been attracting property seekers looking for foreclosed properties amid the pandemic. According to Lamudi, Calamba and San Pedro, were among the most-searched locations for repossessed homes for sale, garnering 6.72 and 8.02 percent of the pageviews on the platform in the fourth quarter of 2020.
Leaning Towards Provincial Cities
Even prior to the pandemic, there was already a noticeable movement towards provincial cities outside the capital region. The industrialization and development of nearby locations compelled property seekers to relocate. The pandemic, however, highlighted this preference, as moving outside Metro Manila entailed settling in communities with lower population levels and open spaces.
This was reported by Lamudi last year in its trend report titled Provincial cities and overseas interest contribute to real estate resilience. Calamba, General Trias, Santa Rosa, and Lipa saw a strong real estate demand, as they registered the highest change in leads. Interestingly, the preference for vacant land grew as well from the beginning of 2019 through the first half of 2020, reinforcing the market’s preference for moving outside Metro Manila.
Article and Photo originally posted by Lamudi last March 10, 2021.
About Post Author
More Stories
PHL to attract int’l real estate investors, occupiers — Cushman & Wakefield
Expansions, upgrades fuel Manila office market
Maximizing your investment: Aboitiz Land is ready for you