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More property projects rising in Davao City

Posted on May 29, 2014 11:31:07 PM [ Businessworld Online ]

DAVAO CITY has turned out to be one of Metro Manila-based property developers’ prime expansion sites, with two listed companies -- Megaworld Corp. and Sta. Lucia Land, Inc. -- yesterday baring their latest ventures there.

Megaworld said in a statement yesterday that it is spending P1.2 billion to build a 15-storey office tower, called the Davao Finance Center, in Davao Park District -- the city’s first master-planned central business district -- as part of the first phase of the township’s office segment.

Construction will start early next year and is expected to be completed “by 2016.”

The tower will rise at the corner of Dakudao Avenue and Megaworld Avenue, which will become the township’s main artery passing through the commercial, office, and residential areas.

“Davao Finance Center will be the first to rise in Davao Park District because we envision it to be a landmark for business, trade and commerce, especially for information technology and business process outsourcing (IT-BPO) in Mindanao,” the statement quoted Jericho P. Go, Megaworld’s senior vice-president, as saying.

At least four IT-BPO companies have already expressed interest to set up operations at the Davao Finance Center, Megaworld said in its statement, but did not give any detail beyond saying “[m]ost of these companies are first-time locators in Mindanao.”

“There is an abundance of highly skilled human resource, and the existence of centers of excellence ensures there is enough supply for highly skilled human resource to meet demand,” Mr. Go noted of Davao City.

The company is also putting up a McDonald’s store in front of the Davao Finance Center next year. The franchise in the Philippines for McDonald’s fastfood chain is held by Golden Arches Development Corp. -- an affiliate of tycoon Andrew L. Tan’s conglomerate Alliance Global Group, Inc., of which Megaworld is a majority-owned subsidiary.

Davao City, which is Mindanao’s center of trade, commerce, and education, is home to over two million residents and several topnotch universities including the Ateneo de Davao University, University of the Philippines-Mindanao Campus, and the University of Mindanao, among others, Megaworld noted.

Davao Park District is Megaworld’s first township development in Mindanao. Positioned to be the central business district of Davao, the township will have office towers, commercial and retail strips, open parks and lagoon, and themed residential condominiums by Suntrust Properties, Inc., a wholly owned subsidiary of Megaworld. The company is pouring P15 billion for the development of the township in the next five to seven years.

Megaworld townships are clustered primarily in Metro Manila with a few in the Visayas. In 1999, Megaworld opened the 18.5-hectare (ha) Eastwood City in Quezon City which now has 21 residential condominiums, 11 office towers, over 100 companies, and 60,000 office workers. Other Megaworld townships are 50-ha McKinley Hill, 34.5 ha McKinley West, the 5-ha Forbes Town Center, and the 15.4-ha Uptown Bonifacio all in the Fort Bonifacio area; the 12.3-ha Woodside City in Pasig City; the 25-ha Newport City in Pasay City; the 72-ha Iloilo Business Park in Mandurriao, Iloilo City; and the 28.8-ha The Mactan Newtown in Lapu-Lapu City, Cebu.

The company has also residential and commercial projects in Chinatown in Manila’s Binondo district and in Makati City’s central business district.

Sta. Lucia Land, Inc. said in a separate statement yesterday that it has launched SotoGrande Hotel Suites condotel in its 60-ha master-planned community Davao Riverfront Corporate City.

The 15-storey SotoGrande Hotel Suites will have 260 prime residential and commercial units.

Other projects under the Sta. Lucia group in the Mindanao area include Ranchos Palos Verdes Sports and Country Club which has a 77-ha, 18-hole, all-weather championship golf course designed by world-renowned designer Andy Dye.

Other major residential and commercial projects include Valley Verde, Ponte Verde, South Grove, South Pacific, Altea Ciudades, Alta Monte Residential Estates, Ciudad Verde, Las Palmas Verdes and Colinas Verdes.

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