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P3.1-B condo to rise in Davao

Posted on June 02, 2013 10:21:05 PM [ BusinessWorld Online ]
DAVAO CITY -- The business partnership behind the city’s Aeon Towers project announced it would invest P3.1 billion in constructing another condominium.
Ian Y. Cruz, president of the FTC Group of Companies, said in a statement that the new project -- a partnership of his company and Philippine Business Bank -- would be completed in 2016. The 33-floor condominium will sit beside the Abreeza mall in the Bajada district.
The project was welcomed by Jason C. Magnaye, head of the Davao City Investment and Promotion Center. He noted that Aeon Towers, expected to be the city’s tallest building, will encourage other property developers to help define the Davao skyline.
With people snapping up condominium units for investments, Mr. Magnaye said that developers have been trying to provide the market with projects that, although pricey, are near the city’s central business district.
Mr. Cruz, whose company also operates a nine-floor medical and dormitory tower, said that even before the construction of the project started, about 200 of the 473 rooms were already sold.
Of the sold units, five clients bought a unit each of the P34-million penthouse, the most expensive ones in the building. The cheapest unit is priced at P2.9 million.
Moreover, Mr. Cruz said that to lure the buyers, the partnership is emphasizing that the project will use state-of-the-art facilities. These include the latest technology, especially in the use of electricity.
He added that the new condominium will harness Smart Home Technology, a mechanism that will allow unit owners to control their lighting, electronic devices and even manage curtains with the use of a touch-activated master control.
To do this, Mr. Cruz said, the company has tapped Cisco Systems Inc. regarded as the leader in the networking technology.
The partnership between FTC Group and Philippine Business Bank started the project three years ago. It initially planned a condominium of 45 floors. However, the building’s height had to be lowered after the Civil Aviation Authority of the Philippines complained that the structure would be within the regular flight route of airlines. -- Carmelito Q. Francisco

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