Research firm Colliers sees Bacolod becoming a key provincial location for residential projects this year, with the start of township developments of real-estate giants.
Based on its 2019 residential sector projections, Colliers said that lack of fully-developed master-planned community in Bacolod had hampered the growth of businesses and real-estate in the city, but it will change with projects, like that of Megaworld and Ayala Corp.
“With these township developments, we expect the growth of the condominiums alongside the rise of office space-BPO ready buildings,” Colliers-Philippines research manager Joey Bondoc said in an e-mail Thursday.
“Ultimately, the completion of these project-types, that encourage the combination of live, work, and play components, should establish Bacolod as a key provincial location for residential projects,” he added.
Colliers also sees bright opportunities for the residential sector in Bacolod, which is driven by horizontal developments with the availability of developable land sustaining it.
Bondoc said the residential demand in the Negros Occidental capital is primarily end-user driven and the growth of the BPO sector will likely unlock the potential of condominiums, especially mixed-use developments.
HIKE IN PRICES SEEN
Colliers projections also see a 2 to 8 percent annual increase in residential prices in the next three years, consistent with current trends.
House and lots are more likely to have slower price increases, given the wider options in the market while condominium options are more limited, and would typically have some premium as potential business district developments can easily spike average prices, Bondoc said.
Colliers sees that developers, like Cebu Landmasters, Ayala Land, and Megaworld, are the ones redefining the residential landscape of Bacolod.
The potential for the condominium sector remains bright in Bacolod, Colliers said, given the massive township projects due to rise in the city, despite its lower condominium units compared to more developed markets, such as Manila and Cebu.
TALISAY: VIABLE OPTION
Colliers also noted that developers must keep an eye on Talisay, the city next to Bacolod in the northern part of Negros, as it is a viable option for affluent Negrenses.
Their projections said that the most sellable units are priced at approximately P2 million or USD40,000 and below.
Meanwhile, Colliers also believed that various infrastructure projects in the pipeline should “contribute to a more robust residential sector in Bacolod” in the near to long term.
Colliers said among the infrastructure projects that will help catapult the residential sector in the city are the new Bacolod Economic Highway, Cebu-Negros Link Bridge, Panay-Guimaras-Negros Bridge Project, and the Bacolod-Silay Airport expansion.*
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