It has been ten years since I came to Metro Manila to study and then to work. As someone from the provinces in the Philippines, commuting in Metro Manila can be quite a challenge at first, but the presence of the Metro Rail Transit (MRT) has made commuting relatively easier. The MRT runs along Epifanio de los Santos Avenue (EDSA), one of the major roads in Metro Manila and a road etched in recent Philippine history as the site of the first People Power revolution. Providing convenience to many commuters and helping to reduce the traffic volume along EDSA, the MRT has become an integral part of many people’s lives in the city since it began its operations more than a decade ago.
Property developers recognise the importance of this infrastructure. Since residential condominiums started gaining popularity several years ago, developers have been constructing residential condominiums connected to or near MRT stations. As I ride the MRT to work each weekday and look out from its windows, I have watched the growth of the developments with a mix of excitement and concern.
As at April 2013, there are several existing condominiums, numbering around 5,500 units connected to MRT stations or located along the EDSA. During the next five years, more than 27,000 residential units that are connected to or are just several metres away from stations are expected to complete. Developers use the proximity of their projects to the MRT to attract buyers. After all, the MRT is connected to several established and emerging business districts in Metro Manila, such as Makati CBD, Ortigas CBD, Robinsons Cyberpark, Araneta Center, Eton Centris and the upcoming Vertis North.
At present, the trains are overcrowded during peak hours. In addition, some trains experience technical problems from time to time. Over the past decade, many plans to significantly improve the MRT and its services, which are usually associated to a possible fare hike, have surfaced. However, many of the plans have yet to be actualised. The MRT has contributed to the rise of property developments along its route. The average daily ridership of the MRT in 2012 was around 500,000 people and this number is expected to rise over the next five years as more residential condominium developments are completed. If the MRT remains in its current condition, property growth along the MRT could be affected in the future.
The real estate market in the country has witnessed unprecedented growth in the past few years. One of the key factors to sustain that growth in the long term is the improvement of infrastructure, such as the MRT. Hence, it is important that stakeholders prioritise the development and advancement of vital infrastructure, not just the MRT but other infrastructure as well, to support a more sustainable growth in the property market and the economy in the long run.
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