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Davao City property sector continues to boom

Posted on June 08, 2016 10:31:00 PM [ ]
By Carmelito Q. Francisco, Correspondent

DAVAO CITY -- Committed investments in the real estate sector here reached P2.895 billion in the first quarter, up 50% from P1.935 billion in the same period last year, data from the Davao City Investment Promotion Center (DCIPC) showed.

The number of building permits released during the first three months of the year also increased 23% to 1,270.

DCPIC head Ivan C. Cortez said growth in the property sector has been monitored since a decade ago “but it has been growing rapidly in the last three years with some big companies putting up their investments.”

Mr. Cortez said homegrown developers have been aggressively expanding alongside the entry of the country’s major real estate players in recent years.

Ricardo F. Lagdameo, vice-president of the Davao-based Damosa Land, Inc., said the bullish sentiment was further lifted by the election of outgoing Mayor Rodrigo R. Duterte to the presidency.

“His leadership has provided a better business climate and I hope this can be translated in a national scale,” Mr. Lagdameo told BusinessWorld in an interview.

Damosa Land, which has horizontal and vertical residential projects as well as commercial developments, is fast-tracking the completion of its first condominium venture, which has seen good sales. The six-building Seawind, located at the northeastern side of the city fronting the nearest tip of the Island Garden City of Samal, was originally set to be completed by 2021.

“But because of the high demand, we are shortening the period to 2019,” said Mr. Lagdameo.

The southern Mindanao cluster head of Vista Land and Lifescapes, Inc., the country’s biggest builder, said the company’s founder and former Senator Manuel B. Villar, Jr. gave them marching orders to prepare for more investments in the Davao Region.

“Mr. Villar is very optimistic about Davao City and southern Mindanao during the term of (Mr.) Duterte. He sees an influx of investments, infrastructure, tourists and there will be a lot of economic movements in Davao and in Mindanao and (Mr.) Villar wants to capitalize on this situation by pouring more investments and develop more horizontal projects,” said Marlon B. Escalicas, head of Vista Land’s Camella group in the area.

Mr. Villar’s son, Las Piñas Rep. Mark A. Villar, has been tapped by Mr. Duterte to head the Department of Public Works and Highways.

“Vista Land aims to work hand in hand with government in bringing development in the countryside, and in all parts of the country we want us to be a partner of the progress and catalyst of change,” Mr. Esalicas said in an interview.

“North Davao (City) is being developed as the next district with the upcoming sports dome, Lyceum School, and it is near the ‘Malacañang of the South.’ It’s worth expanding,” he added. -- with Maya M. Padillo       

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