MANILA - Real estate advisory firm CB Richard Ellis (CBRE) Philippines is expecting the government’s public-private partnership (PPP) to spur the growth of the property sector in the country, saying that it will boost land prices in areas covered by the PPP program.
In its recent Metro Manila market view report, CBRE said that the construction industry will be the direct and main beneficiary of the PPP projects that will greatly influence the growth and expansion of the Philippine property sector.
CBRE cited an increase in land values between Clark and Subic from P30 to P50 to P300 to P500 per square meter since the P21-billionSubic-Clark-Tarlac Expressway (SCTEx) was completed in 2007.
The SCTEx is a 93.77 kilometer flagship project seen to help convert the central and northern Luzon regions into a "super region" of economic growth.
Similarly, a significant increase in land prices from Alabang to Calamba were also seen over the last two years with the completion of the SLEx Toll road 3 and the SLEx-STAR link.
The firm said that developed residential lot prices increased from P8,000 per square meter to as much as P21,000 per square meter in the areas.
As a result, according to CBRE, industrial parks are also pressured to raise their rents due to rising land prices.
The SLEx Toll road 3 from Calamba,Laguna to SantoTomas,Batangas is an extension of the Toll road 2 from Alabang to Calamba which connects the expressway to the Southern Tagalog arterial road going to Batangas City.
TheSLEx-STAR link, meanwhile, is a 7.3-kilometer toll road from South Luzon Expressway in Calamba City, Laguna to the STAR Tollway in Sto Tomas, Batangas.
"As the roll out of PPP projects are underway, investors and developers are very aggressive in their efforts to acquire raw lands suitable for new property developments," CBRE noted.
"All this will sustain business activity for the Property Sector in the Philippines in the short and long term," it added.
The government aims to bid out eight to sixteen PPP projects this year worth P142-billion.
According to CBRE, the priority PPP projects are the LRT 1 Cavite extension, the NAIA expressway phase 2 and the NLEX-SLEX connector road. (Richmond Mercurio, Malaya)
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