Experts believe the Pasay City monorail will boost Bay Area property prospects even further as it could eliminate traffic and improve connectivity with other areas of Metro Manila. The infrastructure project, which will connect the corner of Edsa and Taft Avenue to Jose W. Diokno Boulevard, has already received approval from the Department of Transportation. The project was first proposed by SM Prime Holdings.
Bay Area property prices have risen steadily over the past few years, but the Pasay City monorail could accelerate this trend. Colliers Philippines noted that these types of projects can create value for all stakeholders, including residents, tourists and those who work in this area of the city.
This part of Metro Manila is most well-known for the Mall of Asia complex which is home to the massive Mall of Asia. Additionally, upscale hotels, a convention center and the world’s largest Ikea store can all be found here. More recently, developers have started focusing on both condominiums and office developments to tap into growing demand in and around Bay Area.
The Pasay City monorail is another key to developing this area further. According to Colliers Philippines, the Bay Area property market has yet to reach its full potential and has room for further growth.
“While the Bay Area is far from complete, it is now shaping to become a major market that will redefine Metro Manila’s real estate sector… With office, residential, leisure, educational, and cultural components already present in the Bay Area—not to mention seamless connection with the rest of Metro Manila—it will not be surprising that it will continue on attracting potential residents, eventually surpassing its neighbors as the most desirable place in Metro Manila to live, work, play, and learn,” Colliers Philippines explained.