Wednesday, December 23, 2009 [ sunstar.com.ph ]
By Carlo P. Mallo
REAL estate development continues to be the leading sector in terms of investments in Davao City, according to Davao City Investment and Promotions Center chief Roberto Teo.
During a business forum at Medispa-SM City Davao Tuesday, Teo said investments processed at their office for this year has reached a total of P5.99 billion.
"Of the P5.9 billion, P4.2 million come from investments in property development and tourism," Teo said.
This year's biggest investment in property development comes from the joint venture of Ayala Land Inc. and the Floirendo group for the development of a 10-hectare prime property along J.P. Laurel Avenue.
The project, dubbed as Abreeza, will provide a mix use facility that will house shopping centers, business processing outsourcing firms, office spaces, banking and financial centers, and hotels. Construction of the property is already underway.
Other projects that were monitored by DCIPC include housing developments like Chula Vista, Santiago Villas, Villa Azalea, and Deca Homes Resort Residences.
The three projects will be granted with DCIPC exemptions from payment of building permit fees and other fees and charges, mayor's permit fees, and business sales taxes for the next three years, as well as exemption from the payment of Basic Real Property Tax for the next two years.
Investments in the sectors of Tourism and Recreational Facilities, Agri Business and Food Processing, Light Manufacturing and Assembly, Property Development, Transshipment Infrastructure, Establishment of Foreign Bank Branches, Medical, Educational, Training, and Sports Facilities, Telecommunications, and Environmental Enhancement and Protection Project are deemed preferred investments.
Published in the Sun.Star Davao newspaper on December 24, 2009.
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