Provincial pulse beats stronger as Metro Manila recalibrates

Last week, I discussed residential opportunities outside Metro Manila. Among the more competitive regions are central and western Visayas, including Cebu, Iloilo, and Bacolod. This second part looks at key property destination hubs in Luzon.

Infrastructure developments that serve key areas outside of Metro Manila have been critical in stretching progress beyond the National Capital Region (NCR), including central and southern Luzon regions, where we have seen new and massive real estate developments that demonstrate the regions’ rapidly expanding local economies. 

Central Luzon’s pivot to growth

There’s no doubt that Pampanga plays a pivotal role in sustaining the economic expansion of Central Luzon.  Pampanga is definitely ripe for more property development projects, including leisure-oriented developments.

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What also works for Pampanga is the presence of vital infrastructure projects that have been redefining the province’s property landscape. The significant levels of public infrastructure investment over the past few years, coupled with the Luzon Economic Corridor initiative, have set the stage for further growth in Central Luzon.  This is already evident with regional and national developers launching massive vertical and integrated communities, which will likely further raise the attractiveness of new commercial, residential, industrial, and hotel and leisure projects in the region.

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 Moving forward, Colliers sees more aggressive land banking initiatives in Bulacan as developers take advantage of the locale’s major public projects due to be completed over the next two to four years. This should set the stage for greater acquisition of parcels of developable land in the province and the eventual launch and development of more masterplanned communities.

Property investors should be on the lookout for attractive residential lot-only projects in Bulacan with significant potential for price appreciation.

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South Luzon as a property powerhouse

South Luzon is definitely poised for sustained growth. This region continues to develop into a key economic hub, supported by infrastructure developments, proliferation of local and foreign manufacturing companies, and a favorable investment climate in the provincial, city, and municipal levels.

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The Cavite-Laguna-Batangas (CALABA) corridor, in particular, continues to thrive as shown by the massive launches of masterplanned communities by major property firms. Colliers is optimistic that the region’s growth trajectory in terms of economic expansion and property price appreciation will be sustained in the near to medium term.

 Major infrastructure projects such as North-South Commuter Railway (NSCR), Cavite-Laguna Expressway (CALAX), and LRT-1 Cavite Extension have been compelling developers to aggressively land bank and develop in Southern Luzon.

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In our view, Cavite’s improving connectivity to Metro Manila, as well as the aggressive launch of mixed-use communities, should raise land and property values in the province–and this is likely to compel developers to launch more upscale and luxury residential units. In our view, continued regional economic expansion, improving infrastructure network, and residents’ rising purchasing power should positively influence the appetite for upscale and luxury condominium units in Cavite. The province also houses some of the more expensive residential lot-only projects in the region. Despite the price points, these lots are recording strong take-up.

 Colliers believes that Laguna remains an attractive option among investors and end-users who plan to live and invest in less dense communities, especially given its proximity to Metro Manila. Colliers sees the entry of national players further raising average condominium prices in Laguna. We are likely to see more developers further testing Laguna’s market for more upscale and luxury projects. Moving forward, we see further differentiation of townships in Laguna–projects that will cater to the demand of those with an active lifestyle, to end-users scouting for leisure-themed developments.

Residential demand should be supported by the further expansion of industrial activities in Batangas. Industrial take-up in Batangas is heavily driven by manufacturing companies, particularly engaged in electronics and packaging. In our view, Batangas is viable for more masterplanned projects. Several developers are looking at the province not just for horizontal but also for vertical residential projects. The expansion of industrial activities in the province should further stoke interest in Batangas’ property landscape. Developers should further explore the viability of launching golf communities in the province to complement the discerning lifestyle of expatriates working in the province’s industrial hubs.

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