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Number of Bacolod condo units sold in 2018 up by 93%

By Erwin Nicavera

May 21, 2019, 12:06 pm

BACOLOD CITY -- The number of condominium units sold in this city in 2018 increased by 93 percent, according to the latest report of real property services firm, Colliers International Philippines.

In 2017, only 290 units were sold, but the following year, some 560 condominium units were purchased in Bacolod.
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 noted that from 2019 to 2021, there will be an estimated 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 pointed out that condominium units are becoming an attractive 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.

Earlier, Colliers 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. (PNA)

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