Written by: Sheila Lobien
April 21, 2023
Cavite is undeniably one of the hottest real estate destinations south of the National Capital Region (NCR).
It is considered an emerging powerhouse in real estate as it is strategically positioned; has a population of 4.4 million with an average age of 25; and has seven major cities, including the weekend go-to destination that is Tagaytay City.
Tremendous growth
First known as a residential destination by virtue of its proximity to Metro Manila, Cavite has seen its value as a commercial space destination increasing over the past several years. This is evident in the tremendous growth in the commercial real estate activities here, in terms of major estate and township developments as well as increase in commercial and office spaces, industrial facilities, and hotels.
The country’s major developers have invested in numerous integrated developments totaling 4,100 ha in the province. These developers include Ayala Land, Megaworld, Federal Land and SM Prime Holdings. These integrated communities underline the existence of commercial space demand as it strategically combines mall and leisure, office, and residential spaces.
The pandemic has further solidified the importance of mixed-use development, especially during the pandemic when the lockdowns tremendously reduced transportation and mobility in the country’s major cities. An estate or a township ensures that people can still go to work if their office is located near their residence and basic necessities can be accessed as a result of the presence of a mall.
A destination
For industrial facilities, recent additions include Ayala-led AC Infrastructure Holdings Corp.’s 40,000-sqm fulfillment center for Zalora Philippines along Daang Hari; Ayala Land Logistics Holdings’ third phase of its industrial park in Naic; and LBC Business Solutions’ Kalayaan facility in Carmona. These facilities bolster the more than 330,000 sqm of warehouse and storage supply in the province.
Cavite also boasts of many tourist destinations such as Corregidor Island, Sky Ranch in Tagaytay, Aguinaldo Shrine in Kawit, and Pico de Loro in Maragondon—all supporting its hotel industry.
Finally, major developers such as Ayala, SM, Vista Land, and Robinsons have also put up high-quality malls in the province, which is a logical step as a result of it having the highest population density among the 81 provinces of the Philippines at 2,816 people per square kilometer.
Cavite, as a commercial space destination, is also supported by it being ranked second most competitive (next to Rizal) among 81 provinces in terms of economic dynamism, local government efficiency, infrastructure, and resiliency.
Expected to boost its competitiveness are the current and future infrastructure developments including the Cavite- Laguna Expressway (Calax), Cavite-Tagaytay-Batangas Expressway, Bataan-Cavite Interlink Bridge, the planned Sangley Point international airport, PNR North-South Commuter Railway, LRT-1 Cavite Extension. These infrastructure developments will not only make the province a preferred commercial space destination but also a good avenue for real estate investment as well.
Read more: https://business.inquirer.net/397146/provincial-focus-cavite-as-the-next-commercial-destination#ixzz82UWn8IQr
