Thursday, June 11, 2009 [ sunstar.com.ph ]
By Carlo P. Mallo
THE real estate development leader, who has pioneered condominium construction in Davao City, has its eye set on a third condominium project in the city.
DMC Urban Property Developers Incorporated (DMCI) is now geared for the development of another condominium project in the city, which will be located in the mixed residential commercial area of Ma-a road.
In an interview with Jose Merin, managing director of DMCI, he said that they are now looking at the development of their property in Ma-a.
"It will be composed of four buildings, one of which will be three storeys and the three others will be five storeys each," Merin said.
This will be the third condominium development of DMCI in the city.
Wednesday, DMCI opened its on-site project sales office and model units of its three building condominium complex in the downtown area of the city, dubbed as the Magallanes Residences. Each building in the complex is seven storeys high.
"For the first building, turnover will be by December 2009," Merin said. "Construction of the second building is already going on."
With the opening of its on-site model units and sales office, Merin said that it will be easier for people and potential buyers to view the future units.
The recent project is expected to have a return of investments within the next three to five years after completion.
Moreover, DMCI is eyeing Davao City bullishly as the city has warmly received the first project of the real estate developer.
"Our Ecoland 2000 project was sold out even before construction could be finished," Merin said. "We were pleasantly surprised with the very brisk sales."
Ecoland 2000 changed the real estate development landscape of Davao City as the first condominium development of the city.
"It was a gamble that we took," Merin said. "And we were not sure if Davao was ready for the condominium lifestyle."
Although other real estate developer players engaged in the construction of condominium units have also entered the city, DMC Urban Property Developers Inc. remains undaunted.
"Competition will not affect us as much, as we make sure our products are of good quality," Merin said. "And what we promise to our clients, we deliver."
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