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Market Intelligence | Philippines July 19, 2022

Iloilo City residential market, SMDC, Glade Residences, BCDA, Filinvest Land, New Clark City

This week, Colliers Research provides insights on Iloilo City’s booming residential sector, particularly as one of the country’s largest property developers, SMDC, just launched a new condo project in the city. Furthermore, the BCDA and its partner Filinvest Land Inc. invite Singaporean businesses to invest in New Clark City, especially at the 288-hectare mixed-use, industrial township project that is being developed within this rising metropolis.

 

SMDC’s Glade Residences breaks ground in Jaro, Iloilo City

SUMMARY

SM Development Corp. (SMDC) held the official groundbreaking of its latest residential development, Glade Residences in Jaro, Iloilo City. An SM Mall will also be built adjacent to the project. Glade Residences will have amenities and sustainable features such as linear parks and open spaces. SMDC highlighted existing infrastructure and growing business activities as Iloilo’s main draws and considers the city as “the next economic epicenter” of the Philippines.

RESEARCH REVIEW

Colliers believes that residential demand in Iloilo will likely be supported by remittances from overseas Filipino workers (OFWs) and increase in office leasing activities in the city. From 2022 to 2024, we project the delivery of 800 condominium units per annum in Iloilo City, with SMDC likely accounting for about 46% of the new supply. Despite Covid-19, we have seen sustained vertical residential demand in Iloilo. From 2019 to 2021, we recorded an annual average take-up of 1,800 condominium units in the city, up from the 520 annual take-up from 2016 to 2018. Colliers recommends that developers further assess the viability of integrated communities in Iloilo and maximize their project’s proximity to infrastructure. Major infrastructure projects in the city include the Ungka II Flyover, which will transverse Pavia, Hibao-an and Buhang. The flyover is expected to reduce travel time from Iloilo City to Iloilo International Airport from 45 minutes to 20 minutes.

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New Clark City

BCDA, Filinvest invite Singapore execs to invest in New Clark City

SUMMARY

State-led Bases Conversion and Development Authority (BCDA) and Filinvest Land Inc. (FLI) are inviting Singaporean businessmen to invest in New Clark City, especially within FLI’s mixed-use township. FLI’s 120-hectare (300 acres) Innovation Park forms part of BCDA and FLI’s 288-hectare (700 acres) township in New Clark City. Power and other utilities will be available by early 2023. Meanwhile, ready-built factories will also be available by next year. The Innovation Park is now ready to welcome locators, including those involved in the fields of logistics, e-commerce, light manufacturing, and data center operations.

RESEARCH REVIEW

Central Luzon plays a vital role in attracting job-generating manufacturing investments. The region’s industrial parks and facilities are alternative options to traditional sites and warehouses located south of Luzon. In our view, the development of a cargo rail from Clark to Manila will support the expansion of industrial activities in the mixed-use township. In our view, developers should zero in on industrial opportunities in the region by modernizing warehouses and expanding industrial spaces. Outside of Clark, locators and developers should be proactive in tapping opportunities in Bulacan and its environs. The province is another ideal location for mixed-use industrial townships especially with the proposed development of a new international airport.

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