Infrastructure projects and outsourcing industry drive condo sales in Bacolod
A major city in the Philippines saw its condominium sales increase by 93 percent last year, Colliers International Philippines reported via PNA.
The city of Bacolod saw some 560 condominium units purchased in 2018, up from 290 units in 2017.
The city, located in Negros island west of Cebu, is poised to record an annual take-up rate of 330 units between 2019 to 2021, with affordable units priced from PHP1.7 million to PHP3.2 (USD32,400-61,000) million leading the charge.
The development of major townships, such as The Upper East and Northill Gateway by PropertyGuru Philippines Property Award winner Megaworld, will support the demand for condominiums in Bacolod, the consultancy predicted.
Implementation of key infrastructure projects, such as the Sugar Road and coastal development covering the south portions of the city; continued deployment of overseas Filipino workers (OFWs); and expansion of outsourcing and non-outsourcing businesses will also be key drivers of condo demand.
“The business process outsourcing sector will probably continue to be a driver of condominium leasing in Bacolod City. Foreign employees, as well as higher-earning local outsourcing workers are among the targeted occupants,” Colliers said.
Affordable segments of the residential property market still register the greatest take-up rates in the city. These include condominium and house-and-lot units with prices ranging from PHP450,000 to PHP3.2 million.
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