Government is planning to make #NAIA into real estate development hub

The Philippines’ Transportation Secretary Arthur Tugade on Friday said that the Philippine government is considering closing the 70-year-old Ninoy Aquino International Airport and transforming it into a real estate development hub.

The Secretary believes the airport will not last. “It will be eight to nine years at most 10 years... that is the life span of NAIA. Why? Because of the congested area and because of the technology at the airport,” Tugade said during the second leg of the Philippine Economic Briefing 2018 in Clark, Pampanga.

The Philippines has been coming up with new real estate developments in the last decade. Looking at a popular Philippine Real Estate website by PinoyProfessionals.com, there are countless number of condominiums being marketed online.

There are already two consortiums who submitted separate unsolicited proposals to upgrade the aging airport. In February, a team of business tycoons, which has a combined capital of more than P2.2 trillion, said they submitted a $6.7-billion offer to rehabilitate NAIA.