BULACAN: PROMISE OR PATIENCE

Client: What do you think about Bulacan?

JPRE: I’m still a bit cautious about Bulacan. When you drive around, much of it still feels rural — and in some pockets, rough around the edges.

What’s fueling optimism is the upcoming airport and its proximity to NCR. If things go well, it could evolve into something like Clark City in Pampanga — a large-scale urban development with government backing.

But in the near term, upside looks limited. The area isn’t anchored by a strong brand or master developer like Ayala. Livelihood options are also unclear — if someone with money decides to live there, where do they work? Where do their kids go to school? At least in Nuvali, you already have Xavier and Miriam.

For diversification and long-term capital preservation, Bulacan might be worth a small bet. But it’s a patient hold — something you tuck away for the two decades.

Personally, I’m more optimistic about Muntinlupa and Nuvali. Nuvali, in particular, has more headroom — it’s starting from a lower base and backed by a proven developer playbook.

Client: Ahh okay, so you don't see it as similar to Nuvali 10+ years ago when it was just starting and had nothing there?

JPRE: Mmm… not quite.

Nuvali was masterplanned by Ayala Land — they used the same formula that made Makati what it is today:

acquire a huge tract of land (hundreds of hectares), donate portions to top schools to attract families, build a golf course, establish a hospital, and set up private estate management, separate from the government (e.g., MAPSA in Makati).

That kind of vision and structure — I’m not seeing it in Bulacan yet.

If I were to buy in Bulacan, it would only be because I’m willing to wait 15 years or more for it to mature. Nuvali, on the other hand, feels like a shorter-horizon bet — one that could show visible growth within the next cycle.