Saturday, January 12, 2013

Real estate development along the Pasig River


Looking at aerial maps of Metro Manila, you find very few large open tracts of land, parks, or any green spaces at all. If there is green space, its privately owned and is closed of to the general public. One of the few open tracts of land in the heart of the urban metropolis sat the Santa Ana Race Track in Makati. It is now being developed into a new entertainment hub in Makati called The Circuit by AyalaLand - a mixed use district with parks, open space oriented towards the Pasig River with an entertainment mission behind it. The latest Proscenium by Rockwell, just down the river will also feature a cultural/arts venue as well and gleaming residential towers designed by world-renown architect, Carlos Ott.

Makati's horrific land-use decisions had locked in its Commercial Business District with single-family residential all around limiting the growth of the business district into one area. Redevelopment along the Pasig River has been the answer to the ever growing demand for office and residential space in the Philippines' National Capital Region. Here are some few examples along the river:

- former power plant became a master-planned community called Rockwell Center and Powerplant Mall
- former Colgate-Palmolive manufacturing center is now slated for the Proscenium Development
- former sugar refinery plant now Acqui Private Residences
- former Philippine Pipe and Foundry Corp. is now Tivoli Gardens Residences

Rockwell Center (Rockwell Group)


The Proscenium (Rockwell Group)


Rockwell & Proscenium Site Plan


Acqua Residences (Century Properties)


Tivoli Gardens (DMCI Corp.)


The Circuit (AyalaLand Corp.)



All this to say is that redevelopment of former industrial sites is happening all over the region. The highest and best uses for sites in urban centers is now mixed-use developments, catering to the growing demand for housing and retail. Industries and manufacturing centers left the center city and moved to provinces and eco-zones or tax-free incentives zones in the outskirts of major urban centers, as well as the rise of the services industries, have freed up some land in major urban centers, particularly former industrial sites along the the Marikina and Pasig Rivers.

There is a movement to revive the Pasig River with many non-profits and government groups wanting to rehabilitate the river. Once a center and source of life for Manila, the city in the last couple decades has turned its back on it, avoiding its polluted and murky waters. Now citizens and developers are realizing the potential of a waterfront and how important it is to have a healthy river for the eco-system of the city.

Real estate developments such as The Circuit, Proscenium or Acqua are now orienting their developments along the River. Its a positive sign that ManileƱos are taking notice of their river, and want to bring it back to life as the center of residential, commercial and social activity in the Metro Manila area.

Links:
Pasig River Rehabilitation Commission | http://www.prrc.gov.ph/
Pasig River Ferry Service | http://en.wikipedia.org/wiki/Pasig_River_Ferry_Service
Acqua Residences | http://www.aquaresidence.com/location/
Rockwell Center | http://www.e-rockwell.com/
The Proscenium | http://www.e-rockwell.com/proscenium/

- Jezreel Apelar

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