Monday, July 13, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
DAVAO CITY — DMCI Urban Property Developers, Inc. has set a 15-year development plan for its properties in the city.
Leonora P. Gutierrez, company area manager, said the Consunji family has decided to convert a significant part of its landholdings in the city, estimated to be several thousand hectares, into residential subdivisions.
Ms. Gutierrez said among those that would be covered is a 400-hectare farm in Baracatan, Toril, located at the southern point of the city, which is currently producing mango and durian for Sodaco Agricultural Corp., the Consunji family’s agribusiness company in the Davao region.
Ms. Gutierrez said, however, portions of the orchards would be maintained for both production and attraction as part of the subdivision projects. "The company still has so many properties to develop within the next 15 years," she said.
Recently, the company started to develop a 50-hectare durian farm in Calinan, 30 minutes from the city proper. In that project, the company will use the durian plantation as an attraction considering that the Calinan property will be a high-end subdivision, Ms. Gutierrez said.
The company already has a number of residential projects here, among them Ecoland and the Juna subdivisions just outside the city’s central business district.
Teolulo T. Pasawa, the Trade and Industry department’s city director, said property development has been a major investment destination in Davao for the past three years. Mr. Pasawa added the market "has been responsive to new projects despite the global crisis."
"Those with money seem to be buying properties now with the goal of unloading them when the global market stabilizes," he said. Several other applications have been submitted to the agency for scrutiny and eventual approval, he said, without disclosing details on the projects.
DMCI Urban Property Developers has started its second condominium project in this city, located just across the city government offices. The company also hopes to start next year another condominium project outside the city proper, specifically in Ma-a district.
Another DMCI project, a 30-hectare subdivision in Shrine Hills, has been delayed after residents protested that the project would trigger landslides and floods.
DMCI Urban Property Developers is the Consunji group’s arm for realty projects in the provinces, with projects in Naga, Bataan, and Davao. — Carmelito Q. Francisco
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