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Key Indicators that Parañaque's Economy is on the Rise | MyProperty.ph
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Key Indicators that Parañaque's Economy is on the Rise

by MyProperty.phPublished: August 22, 2018Updated: August 23, 2018

Key Indicators that Parañaque's Economy is on the Rise

There is no indication that the Philippine economy will be slowing down anytime soon. Parañaque will be among the cities that will continue to thrive along with it. The World Bank projects the Philippine economy to grow by 6.7 percent throughout 2018 to 2019. It is calculated to dip slightly to 6.6 percent in 2020 though it will remain strong, nonetheless. Investing in progressive cities such as Parañaque would be a smart business move.

Modernization marvel
One of the reasons why the city’s economy is growing is that it forms part of the massive Bay City project. The entire expanse is estimated to be well over 600 hectares of premium reclaimed property being developed along Manila Bay’s coastline. Bay City is comprised of Pasay as well as Manila on its northern portions and Parañaque takes up its southern end. The latter is mainly divided into Aseana City, Entertainment City, Asia World and Cyber Bay City.

Of the four mentioned, it is only Cyber Bay City that is currently pending development. The other three however have been rapidly constructing a variety of projects. There are residential, office, leisure and retail buildings that have been completed in the area. More improvements are presently on the way or are waiting to be implemented. Taken together, these business will give a significant boost to the Parañaque economy in the form of jobs, tourism and tax revenue.

Places of interest are:

● Okada Manila
● Solaire Resorts & Casino
● City of Dreams Manila
● Neo-Chinatown
● Singapore School Manila
● Department of Foreign Affairs

Infrastructure support
The private sector is not alone in this push nor is the city the only government agency that is creating growth. President Duterte’s administration is doing what it can to implement his countrywide “Build, Build, Build” initiative. There are 75 Flagship Projects in total that are set to upgrade the infrastructure system of the Philippines which has been under years of neglect. They are under different stages of review, development, implementation and completion. Combined with decreasing debt shares in GDP, higher investment grade ratings and strong labor market, the ADB sees the country entering a golden age of growth.

Parañaque itself could indirectly benefit from one Flagship Project and a series of other developments. Mobility is the key to get commuters efficiently to their destinations which saves time, money and improves the city’s business outlook. The Metro Manila BRT (Bus Rapid Transit) - Phase 3 (BGC to NAIA Segment) will cut travel time by 15 minutes. This will potentially ease the flow of traffic going into and out of Parañaque City. Next is the ongoing Manila Light Rail Transit Line 1 (LRT-1) Cavite Extension project which will have eight additional stations. Five of these will be situated in Parañaque. Finally, there will be the Parañaque Integrated Terminal Exchange (PITX) which will reduce the number of provincial buses coming into Metro Manila.

 

A good example
Such key developments are poised to boost the city’s economy. Investing in it is definitely something to consider. A good way to do this is through pre-selling properties. Its value will definitely rise along with Parañaque City’s economy. Note however that it is not inextricably tied to it. The worth of this investment appreciates mainly because of its low buy-in price. There is no tangible unit yet when it comes to pre-selling condominiums though its value would naturally increase as the project nears completion. Smart buyers should pick a good developer combined with an excellent location.

One such project is Alpina Heights. It is being developed by the Alpina Heights Properties, Corp. (AHPC) at one of the most accessible areas of Parañaque City. Getting there is easy from the SLEX. Take the Sucat Exit and it is about 1.5 kilometers away using the West Service Road. Its attractive location makes it convenient to get to multiple places of interest.

Among them are the following:

● Ninoy Aquino International Airport, 8 kilometers
● Makati CBD, 10 kilometers
● Paref Southridge School, 2.1 kilometers
● San Beda Alabang, 6 kilometers
● SM BF Parañaque, 2.3 kilometers

Great development
Its accessibility is not the only reason why Alpina Heights is such an attractive investment choice. The project itself comes with a multitude of amenities and features that are not ordinarily available with other pre-selling condominiums. AHPC has devoted at least 50% to open spaces for the development. Its residential towers will be low-density, measuring only 6 to 7-storeys in height. Alpina Heights will be surrounded by pine trees and will have solar powered as well as water treatment sustainable features for its residents to benefit from.

With Tower 1 almost sold out, potential investors could consider getting into Tower 2 as another option. Units at Alpina Heights measure about 25 sq.m. for the one bedroom type and these could be combined to create two bedroom tandem units. There will be some units with 2 sq.m. alloted for a balcony though all will come as pre-furnished. This means that unit owners or their tenants will literally only need a mattress to move in. It will already come with an air-conditioning unit, stove, lighting fixtures and a refrigerator.

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