A new property trend is emerging in the national capital region, practically as a natural offshoot of the heavy, chaotic traffic in Metro Manila.
After townships mushroomed all over the archipelago last year, developers are now introducing the so-called transit-oriented condominiums (TODs).
These are vertical residential-commercial developments usually adjacent to mass rail transits or corners of busy highway intersections to cater to students and employees in the metropolis.
TODs are a boon not only for property-hunters, but also for real estate developers and the public sector, according to online property listing firm Lamudi Philippines.
Lamudi said TODs are made to target people who prefer easy travel as these developments are located close to train stations.
The online agency said such type of property developments is perfect for Metro Manila, where traffic congestion and reduced accessibility burden the capital, mainly because of its growing population.
“Many home-seekers look to reside in the metropolis for the livelihood opportunities it presents, while many businesses continue to invest and establish themselves in the Philippine capital because of its huge markets and labor force,” Lamudi noted.
“This growth leads to further congestion, which subsequently results in more challenging commutes, reduced accessibility, and overall lower quality of life for its millions of residents.”
To help remedy this, property developers are opting to build TODs that are centered on the Metro Rail Transit and Light Rail Transit stations in Metro Manila, Lamudi said.
Aside from saving residents time spent on commuting, TODs also help residents cut their private transportation expenses.
“In TODs, residents can favor public transportation more, lessening the use of private cars, which in turn, helps save on fuel expense and constant maintenance or repairs,” Lamudi said.
On the part of the developers, the proximity to major transport hubs in the city could be used as a selling point for their projects, as demand for property offering accessibility and convenience persists, Lamudi pointed out.
TODs also provide benefits for local governments and the public in general as they promote less use of private cars, leading to reduced pollution and easier maintenance of infrastructure.
“From an economic standpoint, TODs help lessen the wear which transportation-based infrastructure endures, allowing them to be utilized longer and helping save on maintenance and repair costs,” Lamudi said.
Some of the major developers that have been targeting this type of developments are SM Development Corp., the residential unit of leading mall developer SM Prime Holdings Inc., with projects such as the Light Residences and Grass Residences; Empire East Land Holdings Inc., a subsidiary of Megaworld Corporation, with projects such as Pioneer Woodlands and San Lorenzo Place; and Ayala Land Inc.’s Avida brand with Avida Towers Vita and Avida Centera.