Business major

Pampanga, the country’s next major economic corridor

Pampanga has experienced massive growth over the past two years, facilitated mainly by various infrastructure projects in the province and surrounding areas.

Its key cities and towns, including Angeles, San Fernando, Porac and Mabalacat, have cornered real estate investments from local and national players. This indicates that developers are poised to capture a flourishing demand in Pampanga, a demand likely to evolve given the growing purchasing power of the locals and their demanding preferences.

As I noted in my previous article on Pampanga, its take-off as a key commercial hub outside of Metro Manila has been in part limited by the lack of supporting infrastructure, foremost a train to high speed that would link the nation’s capital to major cities and towns like Angeles, Mabalacat and San Fernando.

Recognizing the importance of connectivity in boosting business activity in the region, the national government has put in place a number of projects that Colliers believes are expected to play an important role in transforming Pampanga into the next major economic corridor. from the country.

The condominium market is gaining ground

The residential landscape in Pampanga is still mainly horizontal (house and land).

The vertical (condominium) market is still in its infancy, but Colliers anticipates more aggressive construction of vertical projects over the next three to six years, especially within integrated communities that will be developed by national players in major cities. of the province. These residential condominium projects will redefine the real estate landscape of Pampanga in the future.

In the short to medium term, we see Pampanga becoming a major destination for condominium development throughout the central Luzon region, as these residential towers complement ongoing office, retail and industrial projects. Among the real estate developers who have established a presence in Pampanga is Rockwell Land. The company has partnered with Juan D. Nepomuceno Realty Group to develop the first Rockwell Center outside of Metro Manila, which will include Power Plant Mall Angeles.

Infrastructure to stimulate demand

Colliers believes that the condominium market in Pampanga will become more dynamic with the completion of infrastructure projects that are expected to boost business activity in the province and therefore stimulate demand for residential support.

The office market to support residential demand

Clark is a major beneficiary of outsourcing investments outside of Manila. Interest in the FTZ and neighboring cities such as San Fernando, Angeles, and Mabalacat has increased due to the skilled workforce, competitive wages, and the availability of office towers. Some of the region’s top locators include Majorel, Alorica, Cloudstaff, Convergys, iQor, Sutherland, TaskUs, TATA Consultancy, Teletech, Stellar, and VXI.

Unlock land values

Overall, improving the country’s infrastructure backbone is expected to unlock land values ​​in urban areas outside of the nation’s capital, including Metro Clark. This should dictate the strategies of local and national developers. And with Metro Clark being a major beneficiary of the government’s “Build, Build, Build” program, we see more developers gravitating to the region in the medium to long term.

Happy Birthday to my boss, Richard Raymundo, Managing Director of Colliers Philippines, who will be ___ on October 24th!

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