Last week, I highlighted the growing viability of Tarlac as an ideal real estate market in Central Luzon. Within the region, other provinces are emerging as viable hubs, with major developers aggressively landbanking to launch massive townships that feature offices, residential towers, malls, hotels, horizontal residential projects, and even expansive industrial parks.
Interestingly, some observers have noted that Bulacan was somehow bypassed by property firms’ development initiatives. Outside of Metro Manila and towards the northern Luzon region, Bulacan was the practical choice. However, the late 2000s to early 2010s saw how major players such as Ayala Land launched residential towers and a mall in Angeles City in Pampanga. The good news is that Bulacan is starting to establish itself as an important property market in Luzon, with national players launching vertical as well as horizontal projects in the province.
Bulacan is still playing catch-up, but the foundations to ensure its sustained growth have already been laid. These game-changing indicators bode well for the province’s long-term property growth.
Bulacan’s meteoric rise: Connectivity is key
The North-South Commuter Railway (NSCR) lies at the forefront of connecting Region III, specifically the provinces of Pampanga and Bulacan, to the National Capital Region (NCR). The improved accessibility to be provided by the NSCR should raise the demand for real estate properties in Bulacan, especially in the municipalities and areas near Calumpit, Guiguinto, Balagtas, Bocaue, Meycauayan, Marilao, and Malolos City, Bulacan’s capital. This increased connectivity and demand with NCR is also bound to increase foot traffic and economic activity, causing a rapid and sharp increase in land valuation for areas near NSCR’s stations. The NSCR will incentivize township development across Bulacan, and its completion will be a game-changer for the entire region.
The Metro Rail Transit 7 System (MRT-7), another flagship railway infrastructure project in the process of being completed, is bound to significantly increase connectivity and local real estate valuation in areas across Bulacan. The MRT-7 specifically aims to decongest Metro Manila and decrease the travel time from the municipality of San Jose Del Monte to its end station, North Avenue Station along EDSA.
Meanwhile, the New Manila International Airport (NMIA) in Bulakan, Bulacan is projected to become the largest airport in the Philippines and accommodate up to 100 million passengers annually once fully operational. The NMIA will definitely be a game-changer not just for Bulacan but for the entire Central Luzon region and its environs.
An emerging condominium hub
Major developers such as Vista Land, Ayala Land, Megaworld, SMDC, and 8990 Holdings have been expanding their condominium footprint in the province. Average take-up of condominium projects in Bulacan is 86 percent, with an average price of PHP126,000 per sq meter.
Moving forward, we are optimistic that Bulacan’s condominium stock will increase, with prices also likely to rise. The development of more masterplanned communities, as well as the continued rise in locals’ disposable incomes, should help lift demand for vertical developments within integrated communities that foster the 15-minute community rule.
Demand for horizontal is unequivocal
For Bulacan’s house-and-lot (H&L) market, economic projects and affordable projects (PHP580,000 to PHP3.2 million) are well-received among local end-users, especially for projects located in the municipalities of San Jose del Monte, Santa Maria, Baliwag, Marilao, and Malolos. Among the property firms with existing house-and-lot projects are Vista Land, Ayala Land, Robinsons Land, Century Properties, Sta. Lucia Realty, Ovialand, and P.A. Properties. Average take-up of H&L projects in Bulacan is 94 percent with an average active selling price of PHP3.2 million per unit.
Take-up for lot-only units in Bulacan is driven by the mid-income segment (PHP960,000 to PHP3.6 million), particularly for projects in Malolos, San Rafael, and Pulilan. Among the national developers with existing lot-only projects in the province include Rockwell Land, Ayala Land, Robinsons Land, and Sta. Lucia Realty. Overall take-up of lot-only projects is at 91 percent, priced at an average of PHP11,000 per sq meter. The most expensive lot-only units have average sizes of between 300 and 960 sq meters, with average price ranging from PHP20,000 and PHP38,000 per sq meter.
There’s no doubt that Bulacan’s property market is undergoing a significant transformation. Expect more property firms to actively take part in the locality’s thriving real estate segment.
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Jose Karlo Manlapaz is a senior Business Economics student at UP-Clark campus and was a Research Intern at Colliers Philippines.
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