Davao City approves P1.6B in property investments

DAVAO CITY (MindaNews / 1 Dec) – The Davao City Building Office approved a total of P1.646 billion worth of high-rise and medium-rise developments from January to November 18 this year.

Investments from the property developer Robinson’s Land Corporation topped the list with P576 million for the construction of an eight-storey hotel by its conglomerate, Go Hotels Davao Inc., in Lanang.

Tailing behind Robinson’s is the seven-storey new office building of the Davao City Water District (DCWD) worth P536 million, while the five-storey condominium project of Filinvest Land Inc. came third highest with P116.782 million.

“The influx of investors and the aggressive churning out of projects of real estate players are the result of the factors both inherent to the city and as being purposively governed and administered by its local leaders headed by the Mayor Rody Duterte,” said Ivan Cortez, head of the Davao City Investment Promotion Center (DCIPC).

He also attributed the new investments to the “livable qualities of the city that make for a strong market base where property sellers attract not only the local market but even strongly those who are outside but intend to do business or migrate to the city.”

Cortez said his office will continue to devise plans and strategies that will make doing business in the city easier for the investors by creating an easy-going atmosphere for the businessmen.

“Our efforts of matching service providers with those who seek them will be pursued as always. Investment promotion is best done by making sure there is service provided once investments are on the ground with the end-view of having a survival rate for registered business,” he added.

In a presentation during the Asia CEO Forum at the Marco Polo Hotel Davao, Claro Cordero Jr., head of the research, consulting, and valuation of the Jones Lang LaSalle Philippines Inc. (JLL), named companies such as Filinvest, AyalaLand, Robinsons, DMCI-UPDI, and Megaworld as among the big investors who poured in big amounts for their projects.

JLL is a financial and professional services firm specializing in commercial real estate services and investment management.

He added that the city has 22 residential condominium developments in the pipeline with a combined 5,600 units.