By Louella D.
Desiderio (The Philippine Star) | Updated April 25, 2013 - 12:00am
MANILA,
Philippines - Development of more office spaces and residential properties are
seen in Clark and Subic with the upcoming investments and expansion of
manufacturing and business process outsourcing (BPO) firms in these areas which
in turn would drive higher demand, property consultancy firm CBRE Philippines
said.
CBRE
Philippines said that due to infrastructure developments, businesses have
started to expand from Metro Manila to peripheries, making Central Luzon a
major investment destination.
With
increased economic activity seen in the areas of Clark in Pampanga and Subic in
Zambales, in particular, more office spaces and residential properties are also
expected to be developed there.
The firm
noted that new areas of investments for the manufacturing sector have been
opened in the two areas due to the tensions between Japan, Taiwan and China
amid territorial disputes, as well as the continuous development of
infrastructure between the freeport zones there.
It said
renewed growth in the manufacturing industry was seen with foreign firms
choosing to locate in the Clark and Subic Freeport zones.
Apart from
manufacturing, growth in the BPO industry in the two areas has also been
observed.
With the
Philippine Economic Zone Authority (PEZA) removing the fiscal incentives for
new developers of information technology (IT) parks in Metro Manila and in
Cebu, CBRE Philippines said Metro Clark remains an attractive area for new IT
facilities.
“The PEZA
resolution has emphasized Metro Clark as a high potential investment
destination,” it said.
As new
locators and existing BPO firms expand in these areas, more developments are
likewise expected.
“With the
entrance of new locators and expansion of previous tenants in the BPO industry,
the real estate office segment is seen to expand in the coming years,” CBRE
Philippines said.
As more
investments are made in these areas, expatriates would also demand for quality
residential developments.
“Residential
demand is seen to grow with the upcoming investments and expansion,” it said.
“Vertical
residential developments are now seen rising in the area as developers try to
maximize their investment on land,” it said further.
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