PROPERTIES close to train stations are about 15 percent more expensive than condominiums that are less than a kilo-meter away, as railways are still considered the fastest transportation mode in Metro Manila despite their deteriorating state, a study conducted by an online property portal showed.
Lamudi Philippines, a subsidiary of Rocket Internet, said condominium projects situated near the Metro Rail Transit (MRT) Line 3 stations along Edsa peg average prices of about P125,129 per square meter (sq m), or about P16,195 more than a similar condominium project located about a kilometer away from the train stations.
“The price gap becomes even wider, depending on the condo and its developer,” it noted.
The property listing firm picked the Boni and Magallanes stations as samples for the study, analyzing the price difference between the condos that are directly connected to the MRT station with similar ones that are situated more than 500 meters away. Lamudi chose only those condominiums with more than 15 for-sale properties listed in its platform.
“In the case of Boni station in Mandaluyong, there were two condominium developments that are directly connected to the MRT station. If property buyers opt to choose any of these two properties, then they should pay P31,572 and P16,645 more per sq m compared to a similar, newly built condominium in the same area, but situated more than 500 meters away from the train station,” the study showed.
Over at Magallanes station in Makati, one condominium directly connected to the MRT station averages P125,129 per sq m, which is P16,195 higher than a similar condominium about 1 kilometer away on Chino Roces Avenue.
“Real-estate developers have started to integrate many of their projects into transport infrastructure to attract more buyers. Dubbed transit-oriented developments (TODs), these condos located within 400-meter radius of train stations in Metro Manila are attracting buyers in search of convenient locations for their daily commute,” Lamudi said.
According to Colliers International, there are approximately 100 condo developments that could be considered as TODs. Many of these real-estate projects have mushroomed in Metro Manila in recent years, specifically targeting the commuting public. Mandaluyong’s Boni and Pioneer area alone, where MRT’s Boni station is located, has 15 TODs, which boast almost 9,000 condominium units.
“TODs are expected to increase over the next few years, with the completion of projects close to MRT stations. This might push down prices in the long run. These TODs include condominiums in Ayala Land’s Vertis North project connected to North Avenue Station, and several condominiums in the Greenfield area close to Shaw Boulevard station,” Lamudi noted.