Whether vertical or horizontal structures, the construction of any essential infrastructure often serves as a benchmark of strong economic growth in any area. Public infrastructure is a strong indicator for development as more businesses and services can be established, including real estate development. And if significant investments continue to spur out, you may expect economic activities to become vigorous, which could also pave the way for the development of other nearby areas.
Metropolitan Cebu will never be left behind when it comes to economic development because the province is considered a dynamic investment hub for business and financial districts. Due to the “Build, Build, Build” campaign of the current administration, the general public can expect more infrastructure projects in developing areas outside of the National Capital Region, such as Cebu and Davao. For many decades, significant developments were established in Cebu, from competitive learning institutions to mixed-use buildings, resulting in enduring traffic congestion caused by limited road networks and population increase.
Indeed, the imminent construction of infrastructure projects like airport terminals and highways will provide vast opportunities for various industries and enormous enterprises, including real estate and hotel services, while making travel more convenient for the public. Currently, here are the top government infrastructure projects that the public can see soon:
1. Mactan-Cebu International Airport Terminal Two
A well-organized, functional airport terminal opens any developed city to the world. It should create a meaningful travel experience for all passengers, especially first-time visitors and domestic tourists. Mactan-Cebu International Airport Terminal 2 has set the tone as one of the most beautiful resort-inspired airport facilities globally.
Mactan-Cebu International Airport Terminal 2 is running second behind NAIA as the largest airport facility in the Philippines. With its completion in 2017, the modern airport has since become the central gateway to the Visayas region and Southern Philippines, bringing the country’s world-class leisure resorts close to the global market. In the same year, it welcomed a total of 9.9 million passengers, both local and international, a 12% increase from 8.89 million people in 2016. MCIA Terminal 2 is the first airport project inaugurated under the term of President Rodrigo R. Duterte.
MCIA terminals 1 and 2 currently have 33 domestic destinations, 23 international destinations, and 26 partner airline carriers. Expect these numbers to grow as airport terminals’ facilities continue to improve in terms of flight frequency and in-demand airport services. The present management is also looking forward to tapping fresh markets in the United States, Australia, Europe, India, and some Middle East nations in the coming years.
Terminal 2, designed by Hong Kong-based architectural firm Integrated Design Associates Ltd (IDA), is set to transform Cebu as a gateway to luxurious hotel resorts, financial centers, and world-class tourist spots in the region. With an impressive design that captures the local culture’s friendly personality, the unique concept of the new terminal is highly inspired by the tropical terrain and massive coastlines enveloping Cebu province. Spanning over 65,000 square meters, MCIA Terminal 2 is committed to international flights and forwarders while it can accommodate at least 4.5 million passengers at a time on its daily operations.
This is excellent news for the tourism sector and real estate developers. Tourism-driven investments, from public attractions to hotel accommodations, have been on a steady rise since 2018. The airport’s vast improvements can be translated into an increase in demand for various accommodation needs, including home rentals, office rentals, staycations, and condo hotels. This would mean more tourists and local investors are expected to visit Cebu or invest in real estate, whether for personal use or rental purposes.
2. 3rd Mactan-Cebu Bridge
The Philippine government is keen to invest in inter-island linkage projects because of its rich land and territorial water characteristics. One of the government’s flagship projects is constructing the Cebu-Cordova Link Expressway (CCLEX), also known as the 3rd bridge, aiming to connect the islands of Cebu and Mactan through the Municipality of Cordova and Talisay City. The new 8-kilometer connecting bridge will help drive real estate development in Cordova and Talisay areas while alleviating heavy traffic on the two bridges connecting Mactan and Cebu.
As a result, Cordova and Talisay City are quickly becoming hotspots for various economic development types, such as tourist attractions and financial hubs. Expect real estate value in these areas to increase exponentially in the next few years upon completing the 3rd bridge. It won’t be surprising if Cordova and Talisay become popular real estate destinations for many investors.
3. 4th Mactan-Cebu Bridge
As part of the government flagship programs for its “Build, Build, Build” campaign, the current administration is set to build a possible 4th bridge called the New Cebu Mactan Bridge, which will link Mactan and Cebu through Consolacion and Pusok. Spanning 3.2 kilometers, the fourth bridge will connect the Mactan Export Processing Zone (MEPZ) in Barangay Ibo, Lapu-Lapu City to Can saga Bay, Barangay Paknaan, and Mandaue City. This upcoming infrastructure project aims to resolve heavy traffic experienced by motorists when passing through Mandaue and Lapu-Lapu City and the northern Cebu towns of Consolacion and Liloan.
The New Cebu Mactan Bridge design includes an exit lane heading to Barangay Pusok, which is intended for the motorist who is not driving to the Mactan Cebu International Airport. You may also expect exit lanes in Mandaue City as part of the design functionality of the bridge. One of this road structure’s objectives is to pass through the two older bridges and coastal barangays along the Mandaue Coastal Road.
The construction of the 4th bridge will complement real estate developments close to it because the bridge will provide comfort to motorists and mass commuters. The real estate industry will significantly benefit from various income-generation schemes of this upcoming road project, including tourist accommodations, property rentals, and management services.
4. Metro Cebu Expressway
Traveling from the northern side to Cebu’s southern areas is stressful and time-consuming for commuters and motorists. But the traffic situation in Metropolitan Cebu may change once the 50-billion Metro Cebu Expressway is completed. The 74-kilometer, six-lane highway aims to alleviate the traffic situation in many areas in Cebu, including Naga and Danao. Once completed, you may expect to cut your travel time from three long hours to about an hour under normal traffic conditions.
If you’re involved in the real estate sector, you’ll probably get interested in investing in areas where the Metro Cebu Expressway will run through. This road infrastructure project aims to decongest problematic areas like Consolacion on the northern side and Minglanilla on the southern portion. Aside from Cordova and Talisay, Naga and Danao are set to become the following real estate hotspots once the highway comes to fruition.
5. Bus Rapid Transit (BRT)
Daily vehicular traffic is a primary problem of developing cities anywhere in the Philippines. Precious hours are wasted, and workers become unproductive due to the worsening traffic situation. Aside from this, businesses are also heavily affected by the loss of profit and opportunities to expand. As a long-term solution to Cebu’s continuous traffic, the government proposed the Bus Rapid Transit system to help reduce road congestion caused by jeepneys, AUVs, and city buses.
BRT aims to replace or at least augment the current mass transport system where jeepneys and AUVs are the primary modes of public transportation. Once completed, the BRT is set to utilize 33 stations strategically located in various points and over 170 internet-enabled buses across Metropolitan Cebu, hence helping Cebuanos save millions of pesos in the process. Once an efficient mass transit system is in place, the city government may ensure a sustainable solution of transporting people from one destination to another.
Reduced traffic congestion can also be translated into higher profit for businesses and better productivity for workers in various sectors. The Bus Rapid Transit system may ensure constant investment growth, while essential developments like real estate and manufacturing will continue to rise further.
Now is the perfect time to make a wise investment and generate profit through real estate. When observing the market trends, you must carefully watch out where the priority projects under the Build, Build, Build program are taking place. Regardless of your objectives regarding real estate investment, future government projects will help you create long-term business opportunities.
The general public will see various signs of progress in Cebu and other parts of the country. Because of the government’s effort to equally distribute funds in different public infrastructure projects, you may expect to see new developments in the coming years that will surely elevate that particular area’s economic status. Indeed, this will open up more windows of opportunity for the people directly involved in the real estate sector, from property developers to unit owners.
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