The 2019 Southeast Asian Games are in the books with the athletes having collected their medals. Attention now turns to Metro Clark which hosted many events and is home to several legacy projects including New Clark City Athletics Stadium. The Metro Clark real estate market in particular could benefit as the region continues its transformation into a key business hub.
“Hosting a big international event only works to a host city’s advantage if the area has the essential ingredients for growth. Metro Clark already has the fundamentals of a rising development and investment destination. The successful hosting of the SEA Games sends an important message that it is open and ready for business,” Rick Santos, Chairman & CEO, Santos Knight Frank, stated.
Research from Santos Knight Frank found that the Metro Clark real estate market is expected to add more than 340,000 square meters of office space from six major developers between 2019 and 2023.
The Metro Clark real estate market has also benefited from the government’s focus on infrastructure. Clark International Airport is set to open a new airport terminal this year that will double the facility’s capacity. Additionally, two more terminals are in the pipeline.
Meanwhile, work has progressed on the PNR North 1 line that will eventually connect Metro Manila with Clark International Airport and New Clark City. Construction on PNR Clark Phase 1 has already begun with partial completion expected to happen by 2021.
“There are huge opportunities in Metro Clark for all sectors of property. With Metro Clark as a hub, real estate investments are set to expand within the greater Central Luzon area and along the NLEX-SCTEX-TPLEX corridor. The connectivity brought by new infrastructures in northern Luzon will drive those markets to grow faster,” Kash Salvador, Associate Director for Investment & Capital Markets, noted.
The entire province of Pampanga will see growth in one form or another when it comes to the property market and has already benefited from this newfound attention.
For example, San Fernando, the capital of Pampanga, is primed for significant growth moving forward. The city is already home to several modern attractions, including SM City Pampanga, and connected to the National Capital Region via the NLEX. And as more people give the Metro Clark real estate market a look, they will be drawn to areas such as San Fernando.