Thursday, June 25, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
DAVAO CITY — A 50-hectare durian farm in this city’s Catalunan Pequeno district, 30 minutes from downtown, will be converted into an upscale residential subdivision project.
Leonora P. Gutierrez, area manager of DMCI-Urban Property Developers, Inc., said the project is expected to receive approval from the Davao City council as soon as documentation is complete.
What makes the project attractive, she said, is the subdivision’s "orchard character."
"We will showcase our durian farm to the buyers," she added. She declined to provide details on the project’s cost since the application is still pending before the city government.
DMCI, like big property developers with presence in the city, has continued to embark on big-ticket projects on account of strong response from southern Mindanao’s property market.
Daniel T. Lim, head of the architectural firm Far East Associates, said the market for residential projects that start from P1.5 million for a small condominium unit has remained very active here despite the economic downturn’s perceived effect on overseas workers.
Aside from the Catalunan Pequeno project, DMCI is also developing another horizontal residential subdivision in Matina district, a 30-hectare site on a rolling terrain that has been the subject of a controversy after homeowners associations in the area complained of a possible adverse impact on the ecosystem.
DMCI is also busy constructing its second vertical residential project, Magallanes Residences, located at the back of city hall. The three-structure condominium complex has 115 units per building. Its first project here, which was sold out even before it was completed two years ago, was Ecoland 4000, with two buildings of 56 units each located right next to SM City Davao.
In the third quarter of the year, the company will also start the construction of its third condominium project, the Palmetto Place in this city’s Ma-a district. The project will have four buildings with each building having five floors.
Aside from DMCI, other property firms with medium-rise condominium complex projects in this city are Filinvest Land, Camella Homes, and Holiday Garden Island Development Corp. — Carmelito Q. Francisco