The Future Looks Bright for Bacolod’s Real Estate Landscape

Last Updated on

With the growth and development of the real estate industry in the City of Smiles, Bacolod is poised to transform itself into an alluring and exciting epicenter of what a 21st-century city ought to be.

Just like its famed Masskara Festival, Bacolod’s real estate landscape has become one of the most dynamic and exciting not just in the Visayas but across the Philippine archipelago. With the vibrant disposition that it exudes, Bacolod’s charm and rustic ambiance are very much infused with vigor and vitality. The changing and evolving landscape of Negros Occidental’s crown jewel has transformed the city into one of the most promising and exhilarating hubs in the Philippines’ property development sector.

With the growth and development of the real estate industry in the City of Smiles, Bacolod is poised to transform itself into an alluring and exciting epicenter of what a 21st-century city ought to be. After all, the city has all the hallmarks of sustainable living while it retains its bucolic charisma.

A livable urban hub

Bacolod has been recognized by Lamudi, the country’s leading real estate portal, as one of the most promising emerging cities in the Philippines, along with Bulacan, Iloilo, and Pampanga, due to the city’s significant growth in terms of real estate activity from 2017 to 2018.  Last year, Bacolod was named as one of the “most livable urban centers” in the country and “the most business-friendly city” by The Manila Times’ Search for the Philippines’ Model Cities and Municipalities. With the continued growth of the business process outsourcing industry in Bacolod, the city is expected to create and bring in more jobs to a diverse group of workforce and usher in a dynamic and thriving economy. This diversity and dynamism of Bacolod’s economic landscape have also benefitted nearby towns and municipalities not just on the island of Negros but in other islands in the Visayas as well.

Photo via Bacolod City Government Center

Some of the country’s leading property developers have, in fact, recognized Bacolod’s thriving real estate sector and its potential to become a role model in sustainable living. Megaworld’s The Upper East, for instance, is one of the city’s premier township hubs, an upscale lifestyle district where residential condominiums, lifestyle malls, commercial centers, BPO offices, tourism, and leisure facilities will be integrated to create an exciting live-work-play community hub. This was the concept Megaworld pioneered when it established Eastwood in Quezon City.  

Another township development of Megaworld that is soon to change Bacolod’s property landscape is Northill Gateway. It will rise against the scenic backdrop of Negros mountain ranges, converging residential, retail, and commercial spaces into one integrated community.

Most search for areas in Bacolod

According to data culled by Lamudi, 21.94 percent of property seekers searched for potential homes in Alijis last year, a big jump from the 7.09 percent of property seekers who were interested in that area in 2017. Estefania, which ranked as the second most searched for area among property seekers looking for homes in Bacolod last year, saw a big jump from the 2017 figure. In 2018, 13.99 percent of those who used Lamudi searched for potential properties in Estafania compared to 6.12 percent of property seekers who were looking for homes in that area in 2017.

Although Mansilingan was most searched for properties in Bacolod in 2017 among property seekers, it dropped to the third spot last year. Nonetheless, Mansilingan continued to be a sought after area in Bacolod, with 13.99 percent of property seekers looking for potential homes in that area last year. Other areas in Bacolod that property seekers have searched for last year were in Barangay 10, Barangay 28, Pahanocoy, and Sum-Ag.

Bacolod’s charm entices property seekers

In terms of inquiries generated, data from Lamudi show that in 2018 most property seekers used the property portal to search for homes in Bacolod during the month of January. The inquiries of property seekers for potential homes would then dip the following month, with the figures somehow being maintained all the way till June. However, the inquiries generated for potential homes in Bacolod among property seekers would increase again in July as well as during the last quarter of the year. According to Lamudi, there was an increase in leads or inquiries generated among property seekers for properties in Bacolod in both 2017 and 2018.

These figures are just a few of the many reasons why Lamudi, the Philippines’ number one real estate platform, is genuinely interested and excited to establish its presence Bacolod. The city’s promise, charm, and vibrancy are invigorating and enticing. Lamudi’s data on Bacolod’s property sector speaks a lot about this promise.

Megaworld’s optimism on the future of Bacolod

Over the next couple of years, Megaworld plans to invest 35 billion pesos not just to spruce up and maintain The Upper East but to build another upscale township project called Northill Gateway, which is located in an area that has a direct link to The Upper East. Northill is envisioned to be a refreshing lifestyle district that will comprise upscale residential, mixed-use office and retail development, leisure and recreational amenities, and institutional facilities.

Megaworld’s optimism on the future of Bacolod’s real estate landscape jives with Lamudi’s recent data on the city’s property sector among property seekers who used the portal looking for potential real estate properties in the City of Smiles. In both 2017 and 2018, the most searched for areas in Bacolod among property seekers were those in Alijis, Estefania, Mansilingan, Tangub, Bata, Mandalagan, and Villamonte, where Megaworld’s The Upper East is located. The 34-hectare property used to be the Bacolod-Murcia Milling Company on the eastern side of Bacolod City. It is bounded by Burgos Avenue on the north, Lopez Jaena Street on the west and Circumferential Road on the east and is just across the New Government Center. This prime location, which the locals simply refer to as “East,” is now known to be Bacolod’s booming commercial and business process outsourcing district. According to Megaworld, The Upper East is Bacolod’s own version of an upscale lifestyle district inspired by New York City’s affluent Upper East Side district. It is an exciting live-work-play township, something which Megaworld has pioneered in the country.

Artist render of The Upper East. Photo via Megaworld

Northill Gateway aims to be Bacolod’s premier township hub

Based on Lamudi’s data, the bulk of property seekers looking for real estate in Bacolod, which comprise close to 63 percent of the total figure, were searching for houses and condominiums. Megaworld’s township projects in the city can be aptly described as pioneering endeavors and trailblazers by providing homebuyers options in their search for residential enclaves. And with the current development of Northill Gateway, property-seekers now have an array of options for potential homes that offer comfort, convenience, and sustainable living.

The property giant has, in fact, built an iconic attraction to welcome tourists and locals alike in Bacolod with the Bacolod Welcome Park, a tourism spot integrated within the 7.5-hectare Northill Town Center in Megaworld’s 53-hectare Northill Gateway township along the New Bacolod-Silay Airport Access Road.  This 7.2-meter “Welcome Marker” greets both incoming and outgoing visitors of the city. Its design features colorful masks that are illuminated at night, symbolic of Bacolod’s very own world-renowned Masskara Festival.

Northhill Gateway. Photo via Megaworld

The Welcome Marker is seamlessly integrated into the Northill Town Center, which means that visitors to the Welcome Park will have access to souvenir shops, retail stores, cafes, and restaurants within the commercial complex. 

Data from Lamudi show that the last quarter of 2018 had the highest volume of searches on residential properties in Bacolod. Comparing this period to 2017’s fourth quarter, there was a 50 percent increase in page views. Figures from Lamudi show a growing interest among property seekers looking for residential abodes in Bacolod as opposed to those looking for commercial units. In fact, 72 percent of all searches in 2018 were for residential.

For Bacolod, the future looks bright

While Lamudi’s 2018 figures among property seekers in Bacolod show that majority wasn’t exactly looking for residential condo units as compared to those looking for houses and lots, this could change over the years as more and more property development firms venture into this area. According to Lamudi, the bulk of property seekers eyeing properties in Bacolod are between 25 to 34 years old, or the so-called millennial generation. Female property seekers far outnumber their male counterparts in this segment of property seekers.

Clearly, this demographic group could dictate how Bacolod’s real estate landscape would evolve in the near future, one that is expected to be anchored on comfort, convenience, and all the other hallmarks of sustainable living. As Bacolod gears up and revs up into an economic powerhouse in the future, one that is anchored on the city’s changing and evolving real estate landscape, expect to see a surge in both the demand and supply of various real estate properties in the City of Smiles over the next few years.

The future looks bright for Bacolod. While the city’s urban landscape evolves as it maintains and retains its rustic charm, the City of Smiles is well placed to be at the forefront of what sustainable living ought to be and a model for other towns and cities to follow.

LEAVE A REPLY

Please enter your comment!
Please enter your name here