Vol. XXII, No. 12 [ BusinessWorld Online ]
Tuesday, August 12, 2008 | MANILA, PHILIPPINES
DAVAO CITY — About 10 housing developers have sought local government permission to develop properties in the nearby Island Garden City of Samal.
City Administrator Cleto B. Gales, Jr. declined to identify the 10 housing developers, but said these are all legitimate businesses that have seen the potentials of the island city.
Three other major companies have also started their investments in the city, considered the tourism hub of the Davao Region, he said in an interview.
One of the companies is Filinvest Land, Inc., which is developing Kembali Coast, a 50-hectare property, into a high-end residential area.
The project, about 20 minutes away from Davao City on a speedboat, also boasts of water sports amenities such as kayak and water ski. Company officials said Filinvest Land is spending about P1.5 billion to develop the area into a 400-lot project.
Another development is the Holiday Ocean View Samal, a seven-hectare project that includes a village, town villas, a resort and spa, and a boatyard.
The property is being developed by Holiday Properties, the property development arm of the Bangayan Group here.
Another project is the Plaza Azalea, a joint venture of Landco Pacific Corp. and the Floirendo family, owner of the 33-hectare property. The land will be turned into an upscale subdivision with a 200-room hotel.
Francis V. Ceballos, executive vice-president of Landco Pacific Corp., said that the company would initially invest P600 million. Investments will continue for four years until 2012.
Aniano P. Antalan, mayor of the island city, welcomed the entry of these companies, saying this would spur economic development.
He said several companies have bought properties in the city but do not have concrete plans yet. "We might even run out of land to buy for the use of the city," he said.
Last year, the city government monitored illegitimate companies that had bought properties on the island, which led to spiraling real estate prices.
Sources said lands near areas with planned infrastructure used to sell for less than P100 per square meter. These days, the properties are quoted with four figures.
The local government has built roads and water and power facilities in recent months. Mr. Gales said all of Samal’s 49 villages are already energized, while 11 have turned over their potable water systems to the city’s water district.
Although the island still has no landline telephones, Mr. Gales said several areas are wireless fidelity zones for Internet connection. — Carmelito Q. Francisco
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