Posted on October 28, 2012 10:03:42 PM
[ BusinessWorld Online ]
DAVAO CITY -- The property sector in
this city is expected to flourish even more in the coming years with the entry
of Manila-based developers, a local official said.
Jaime G. Adalin, head of the City Building Office, said the entry of
major developers indicates a growing market in the years to come. “(They) have
made the city a very good investment area,” he pointed out.
Based on City Building Office data,
capital flows to the property sector between January and September this year
summed up to P2.175 billion for 15 projects, the newest being the 12-floor
structure of Felcris Hotels and Resorts Corp. intended for business process
outsourcing (BPO).
The Felcris structure will be built
just beside the company’s three-floor shopping mall, also the newest
commercial/retail project in this city.
The company said it will initially
spend P838.967 million for the high-rise building and capital expenditure for
the project may hit P1 billion.
Another project is the 26-floor
condominium that Alveo Land, Inc. is building within the 10-hectare mixed-use joint
venture between Ayala Land, Inc. and Anflo Investment and Management Corp. of
the Floirendo family. Alveo is an Ayala Land subsidiary.
Another is the 11-floor hotel of SM
Prime Holdings, which opened its second shopping mall in the city last month. The
cost of the hotel is estimated at P284 million.
The Gotianun-led Filinvest Land, Inc.,
meanwhile, is also building a five-floor condominium and investing about P143
million on the project.
Roberto P. Alabado III, City Planning
and Development Office head, earlier said big property firms are projecting a
rise in demand, not only for residential projects, but for offices as well.
The entry of investors in BPO and
other related businesses has been a major source of optimism for local property
owners since two years ago. “This is a natural thing for a growing urban center
like ours,” said Mr. Alabado.
Jason C. Magnaye, Davao Investment and
Promotions Center, has said that property development in general has become an
attractive investment area in the city that even when the city government
scrapped perks granted to new investments in the property sector, investors
have continued to pour in. -- C. Q. Francisco
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