Posted on September 30, 2013 10:09:42 PM [ BusinessWorld Online ]
DAVAO CITY -- Filinvest Land, Inc. is investing P4 billion to build eight residential buildings here targeting the middle-income market, an official of the Gotianun-led property developer said recently.
“The dominant target market for 8 Spatial Davao is the… middle-income family segment earning a joint income of at least P40,000 monthly with roughly P12,000 disposable income,” Tristan L. Las Marias, Filinvest Land first vice-president for the Visayas and Mindanao, said during the launching of the project last Sept. 23.
Mr. Las Marias said the eight buildings with 1,600 condominium units are being built at a total cost of P4 billion.
A buyer needs to pay a 10% down payment -- roughly P130,000 for a P1.3 million unit -- payable in 18 months with the 90% balance payable through bank financing in five to 10 years, according to a project brief.
Each unit measures 32-square-meters with two bedrooms, designed for start-up families.
“Eight buildings with six floors each will be built on a 3.8-hectare property along Ma-a Road, which is walking distance from the NCCC shopping mall and just a few minutes away from the major educational institutions and commercial establishments in the city,” said Geraldine de Gorostiza, Filinvest Land area development manager.
With only 30% of the total space to be used for buildings, Mr. Las Marias said 70% of this new development will be open spaces, trees and pathwalks.
Mr. Las Marias said alternatives to wood are used to emphasize the environmental feature of this project and others before it.
“We have saved around 3,000 pieces of plywood and 85,000 board feet of lumber per building,” he claimed.
For 2011 alone, he said, the company saved 40,000 pieces of plywood and 1.1 million board feet of lumber for its projects.
Mr. Las Marias also said the project will have a system to collect rainwater to be used in toilets and for watering plants.
The project is also built higher than street level since Ma-a has been identified as a frequently flooded area.
8 Spatial is the third joint venture between Filinvest Land and CVA & Sons, which is owned by the Carlos Villa Abrille family.
The two others are Le Jardin de Villa-Abrille -- also in Ma-a -- and Fuente de Villa-Abrille along Tulip Drive in Matina.
Filinvest Land has five residential subdivisions in Davao City as well as one each in Tagum City and the Island Garden City of Samal.
It is also behind the One Oasis Davao condominium complex located right next to SM City Davao.
Shares of the company ended trading yesterday at P1.60 apiece, down four centavos or 2.44% from P1.64 each on Friday last week. -- C. A. Carillo