Developers and investors on the look-out for new and viable residential investments.
Residential developers and investors are starting to notice Bulacan’s potential as the next major property investment destination, just 20 km north of Metro Manila. Major infrastructure projects, including MRT Line 7, which will run from the intersection of EDSA and North Avenue on Quezon City to San Jose Del Monte in Bulacan, and the New Manila International Airport, which is located in the municipality of Bulakan, are likely to redefine the province’s residential landscape.
According to Joey Roi Bondoc, Colliers Associate Director and Head of Research: “Bulacan is definitely on the radar of residential investors and end-users. The completion of crucial infrastructure projects should also lift the province’s attractiveness moving forward. We expect greater land-banking activities in the province in the next 12 to 24 months as more national players acquire land in the province. Improving connectivity and growing appetite for residential units should raise Bulacan land and property values beyond 2022.”
Colliers data show that in 2021, a record-high 804 condominium units were sold, while we expect sustained take-up in the next 12 months, partly driven by local end-users and overseas Filipino workers (OFW). From 2022 to 2026, we project the annual delivery of about 420 units. We see bulk of the upcoming supply coming from the municipalities of Baliwag and Marilao. Colliers projects condominium prices to grow at an average of 5% in the next 5 years. The increase should be sustained by demand from OFWs and investors.
Property developers continue with their land-banking initiatives especially outside of emerging business districts in Bulacan. National real estate players should engage in partnerships with Bulacan-based players that have massive land-bank in the province. Colliers sees sustained residential demand beyond 2022 and this should buoy the price appreciation potential of vertical and horizontal projects in Bulacan.