Posted on 08:59 PM, January 13, 2010 [ BusinessWorld Online ]
DAVAO CITY -- Living in a medium-rise residential condominium has become a fad in this part of the country, with top developers cashing in on this market.
Hemeni Land Corp., a subsidiary of Davao-based HLC Construction and Development Corp., is developing a five-building condominium complex at this city’s San Rafael district, just outside of the downtown area.
Andrea Leah V. Romero, company vice-president, said the new project will be constructed on a two-hectare lot and will have amenities just like those found in upscale condominiums complexes in the city.
“We are finalizing our technical work on the project,” Ms. Romero said, adding that the company is tentatively scheduling project launching in August.
Each of the project’s five buildings will have 120 units, she added.
The company decided to come up with the project because of the emerging upper-middle-class market that wants to reside within the periphery of the city’s downtown area, considering vehicle fuel prices have become unstable, she said.
“This [market] gap is what we need to address,” said Ms. Romero.
To cash in on this market, the company earlier began selling the Chula Vista Residences, a gated upper-middle-class housing project occupying 8.5 hectares of land.
The residential project was inspired by Chula Vista, a city near San Diego in California, populated by Hispanics.
Ms. Romero explained that the company wanted homeowners to have the “feel of comfort” as the project, aside from putting up key amenities, will also ensure the reliability of basic services like water and light.
Ms. Romero said the company has already received a certification from the Davao City Water District for Chula Vista’s water supply, and the Davao Light and Power Co. for electricity.
Another feature of the Chula Vista project is 24-hour security.
Carlos Omar A. Vargas, president of the Davao City chapter of the Chamber of Real Estate and Builders’ Associations, earlier said the emerging upper middle-income housing market has grown significantly because of the influx of people coming from other cities and provinces of Mindanao.
Mr. Vargas said upper middle-income families who can afford to send their children to reputable colleges and universities in the city have decided to purchase upscale residential units, here instead of just renting.
“These buyers have recognized that housing is an investment and should not be an expense,” the industry official told BusinessWorld in an interview.
Several big-name property developers such as DMCI Urban Properties, Inc., Camella Communities and Filinvest Land, Inc. are also constructing medium-rise condominium projects all over the city. -- C. Q. Francisco
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