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Bacolod real estate

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MORE NEW RETAIL SPACE RISING IN BACOLOD CITY IN NEXT 3 YEARS

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Bacolod real estate

  1. 1. BACOLOD City – About 140,000 square meters of new retail space is expected to be available in this city in the next three years, according to global real property services firm Colliers International Philippines. As of April 16, Colliers reported that Bacolod’s retail stock reached almost 318,000 square meters by the end of 2017. By 2020, Colliers projected the city’s retail space to reach by as much as 462,000 square meters, higher by 43 percent than the 2017 stock. In Negros Occidental, SM City Bacolod’s north and south wings have a combined 107,000 square meters of leasable space, which accounts for more than 30 percent of the retail space here. MORE NEW RETAIL SPACE RISING IN BACOLOD CITY IN NEXT 3 YEARS MORE NEW RETAIL SPACE RISING IN BACOLOD CITY IN NEXT 3 YEARS PROPERTY FIRM BULLISH AMID PRESENCE OF COMPETITORS IN THIS ISSUE NEGOCC TOURIST ARRIVALS IN 2017 SURGE TO 1.72M MAY 2018  VOL. 1, S2 PROPERTY MARKETWATCH  A A P R O P E R T Y S O L U T I O N S N E W S L E T T E R V O L . 1 S 2
  2. 2. MAY 2018 VOL. 1 S2 TOURIST arrivals in Negros Occidental, including Bacolod City, surged to about 1.72 million last year, higher by seven percent than the 1.61 million in 2016. The final report of the Negros Occidental Tourism Division (NOTD), a copy of which was obtained by SunStar Bacolod Monday, February 26, showed the province catered to 1,609,066 domestic guests, 114,686 foreign tourists, and 381 overseas Filipinos in 2017. NegOcc tourist arrivals in 2017 surge to 1.72M Colliers said the remaining 65 percent is in smaller district and neighborhood malls owned and operated by local developers. This year, Ayala Land Inc. is scheduled to complete a 70,000-square meter mall within its Capitol Central township across the Provincial Capitol in this city. Megaworld Corp.’s Northill Town Center, a horizontal retail development with a central plaza that will host many amenities, is tentatively set to open next year. Meanwhile, retail vacancy slightly increased from 1.7 percent in the second quarter of 2017 to 2.3 percent by the end of last year. Colliers said this can be attributed to the recently-opened neighborhood malls’ difficulty in filling vacant space. “We expect Bacolod City’s vacancy rate to hover between 1.5 percent and 3 percent this year as we see additional take up from foreign retailers planning to occupy space in SM City Bacolod and improved absorption in recently opened nearby malls,” the report said. Still, the vacancy should rise to between 4 percent and 6 percent per year from 2019 to 2020 with additional space in major townships by Ayala Land and Megaworld. (EPN/PNA) TOP officials of property developer Cebu Landmasters Inc. (CLI) said they are bullish on growing their investments in Bacolod City amid the presence of major players in the real estate industry. On Monday, February 26, CLI announced that it started the construction of its three-tower residential project worth P1.5 billion that will soon rise on Lacson Street at Barangay Bata. Jose Franco Soberano, executive vice president and chief operating officer of CLI, said being a homegrown Visayas and Mindanao player, they have a better understanding of the important criteria as to home ownership in the region. Property giant Megaworld Corp. has also started the development of its two township projects in cities of Bacolod and Talisay worth about P35 billion. Projected to be completed this year is Ayala Land Inc.’s P6-billion development of a mix-use project beside the Provincial Capitol Building in Bacolod City. Other major retail players with ongoing new and expansion projects in Negros Occidental, especially Bacolod City, are SM Prime Holdings Inc., Double Dragon Properties, and Robinsons Land Corp., among others.  Property firm bullish amid presence of competitors Property MarketWatch is a publication of AA Property Solutions that aims to provide clients and real estate practitioners with the best available market update and knowledge to make well informed decisions on real estate investments and transactions. Bacolod, the province’s capital city, alone registered a total of 831,687 guest arrivals last year. The figure is higher than 799,224 in 2016. Mansinares said more tourists are coming to these localities as they have beach resorts, relaxation and nature offerings apart from their festivals. They also have more accommodation establishments, tourism infrastructure support, and numerous activities and attractions to offer, she added. 

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