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Impact of Pasay City Reclamation to Real Estate

Pasay City Reclamation

The dawn of innovation is rapidly increasing every year, the 265 hectere Pasay-Manila Reclamation Project which composed mostly of business parks, encompasses the cities will rise soon on the Philippines asthis will give other property developers, in tie-up with government-owned, controlled corporations and the private sectors more market. The Manila Bay will be the next Hong Kong, Singapore and premiere tourist destination in the Philippines. The project is expected to be completed in seven years from issuance of notice to proceed.

As the Philippine Reclamation Authority moves forward with its reclamation projects for the year, its impact to the real estates will become more competitive as new job opportunities and new establishments will rise. It will be a big breakthrough for real estate developers to generate valuable coastal real estate as well as provide employment and other economic opportunities in the coastal premier cities.

The massive push by the local government to build an entirely new city within the bay area, the expanded reclaimed area will provide sufficient economy growth, and enabling Pasay City to compete and surpass the other business cities and districts in the Philippines. The benefits of this will be in the form of additional income and revenues generated from additional real estate taxes, permits and licenses, and business permits. When completed, the proposed reclamation project will served as an extension of the existing Mall of Asia Complex located just across the channel.

Aside from the booming reclamation projects, some environmentalists have urged to give more attention to the environment impact than to the profits they expect to reap. For real estate developers and business developers, this reclamation projects are necessary because they help to meet the demands for residential and commercial space by a growing population. While it is true that reclamation projects often results in environmental consequences to the affected areas and their people, and it deepens the vulnerability to risks such as earthquakes, sea surges, tsunamis and sea rise, this has something they have to endure and start to understand that we are in the generation of fast-growing economy. The massive land reclamation will provide so much more room for real estate development opportunities as this also will help decongest cities and provide additional income for local governments. The Local Government Units (LGUs) will not finance or undertake the reclamation projects. Thus, they are done by big corporations which are able to hoard condominiums, entertainment establishments and other business related catering to the middle-class Filipinos as well as the Foreigners. The urban and fisherfolks area are relocated usually in the parts to be determined by the government.

Real estate development projects have become the cornerstone of LGU development

programming. “Reclamation projects are essentially real estate projects. The financial viability of the real estate potential of these projects is on a case-by-case basis. The benefit lies only if there is a high probability of the future development potential of the property.” DMWAI Chief Executive Officer, Delfin Angelo C. Wenceslao said.

More office and commercial buildings, more condos and real estate development, that means that more construction job opportunities await the citizens as the property developers are rushing to get a slice of the growing demand real estate projects in the reclaimed area. This will be the next big thing for the real estate developers for planning and analyzing their target customers on the acquisition of property. Moreover, the impact of this reclamation project will attract huge investments from the private sector especially the real estate developers and it can now provide some decent jobs for the jobless citizens.

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