What are the steps in acquiring land in an industrial park?
- Knows where to find lots
- Get in touch with the developer
- Check the location and amenities
- Verify zoning incentives and regulations
Industrial parks are zoned areas that are built for industrial development. They typically house warehouses, factories, distribution facilities, R&D, data centers, and more. In the Philippines, owning land in an industrial park is a lucrative investment that more and more people are looking into. This is because the Philippines has an impressive growth rate of about 6 to 6.5% annually. The Philippines accounts for the majority of the e-commerce market and it has increased manufacturing and logistic operations. Data centers also provide long-term opportunities for the Philippine industrial sector. There are numerous steps in acquiring land in an industrial park. Continue reading on to learn about these.
In comparison with purchasing a residential or commercial property, there are more factors to consider when acquiring land in an industrial park. This includes searching for a reliable industrial park developer, verifying zoning regulations, and more. The following are the steps in acquiring land in an industrial park.
Know Where To Find Lots
Choosing the right land location in an industrial park is crucial for getting the best value for your investment. There are plenty of industrial lands that you can choose from. You may try to get in touch with industrial estate developers because they are the trusted sources for acquiring industrial land. However, you can also opt to do this task yourself. In most cases, you can easily find land for sale in an industrial park by visiting the developer’s website.
In the Philippines, industrial parks are considered special economic zones and there are more than 400 economic zones in the country. Some of the industrial parks in the Philippines that you can buy land for include:
Get In Touch With The Developer
The industrial park developers are the ones that buy and develop industrial land for selling. Hence, they are the ones who you will need to get in touch with if you are uncertain about the industrial land purchasing process, charges, regulations, and more.
Contact the industrial park developer for sample lease computations, lease terms, base rent, operating expenses and other legal requirements. If anything is unclear to you, speak with the developer.
Check The Location and Amenities
Thousands of acres of land in industrial parks do not have proper road access. However, when it comes to buying an industrial lot, logistics is an important day-to-day task. Make sure to buy land that is near highways. Proximity to vendors and a workforce with specific skills is just as important.
Facilities in the industrial park must also include adequate electrical utilities, truck access, and proper waste disposal.
If you’re looking for the best industrial park offering land for sale in the Philippines, consider the industrial parks developed by Science Park of the Philippines (SPPI). Each of our industrial parks is equipped with private roadways, sustainable and reliable energy sources, large-volume water supply, wastewater treatment systems, and more.
Verify Zoning Incentives And Regulations
Most industrial parks are categorized as special economic zones. In the Philippines, industrial parks, like the Hermosa Ecozone Industrial Park, are declared a special economic zone by the Philippine Economic Zone Authority (PEZA) in order to attract foreign direct investments.
Special economic zones have different zoning regulations regarding permitted and prohibited uses of land. If you plan to buy land in an industrial park with the different zoning regulations, do your due diligence before closing the deal.
The good news is special economic zones also come with plenty of attractive fiscal and non-fiscal incentives. Aside from learning about the different zoning regulations, know the incentives that come with the land you plan on purchasing and take advantage of these. For example, the industrial parks developed by SPPI offer incentives such as 100% exemption from income tax, tax and duty-free importation of raw materials, and exemption from expanded withholding tax.
In this article, we’ve rounded up some steps and tips for acquiring land in an industrial park. As long as you do your research and get in touch with an industrial park developer, you can expect the transaction to go smoothly.
Science Park of the Philippines (SPPI) industrial parks is the home of Fortune 500 and other multinational companies such as Procter & Gamble, Unilever, Pepsi, NEC, NXP and STMicroelectronics, and First Sumiden Circuits. As one of the most reputable industrial estate developers in the Philippines, we can assist you in finding the most ideal land designed to meet your business and investment requirements. By choosing to buy the land we offer in our industrial parks, you can enjoy many benefits and incentives.
Learn more about what SPPI can offer for your business today. Click here to contact us.