Colliers International Philippines reported that the number of condominium units sold in Bacolod was up by 93 percent in 2018.
According to the property services firm’s latest report, the sold units increased to 560 from 2017’s 290 units.
Among last year’s top-performing condominium projects are the two towers of the Mesa Virre Garden Residences by Cebu Landmasters, Inc., and Manors Majorca by Camella Homes.
Colliers also said that from 2019 to 2021, there is a projected annual take-up of 330 units, with affordable units amounting to PHP1.7 million to PHP3.2 million per unit, fueling the increase.
“In our opinion, four factors will support the demand for condominium units,” the firm said.
These are the development of major townships, such as Megaworld’s The Upper East and Northill Gateway; 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.
Colliers noted that condominium units are a booming investment option for OFWs and local businessmen.
Unit owners are anticipating the condominium projects’ potential for leasing once they have been completed, it added.
“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.
Colliers has earlier reported that affordable condominium units, as well as house and lot projects, dominate the property market in Bacolod, adding that it is the affordable and economic segments that drive residential take-up in the city.
Condominium and house and lot projects falling under these categories have a price range of PHP450,000 to PHP3.2 million.
Source: Philippine News Agency
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