DAVAO CITY — Gotianun-owned Filinvest Land, Inc. has earmarked P6 billion in investments in the Davao Region.
Tristan Las Marias, company vice-president for Visayas and Mindanao said Filinvest would develop a 2.3-hectare land in the region into “walk-in condominiums.”
Called One Oasis, the project will be located in the Ecoland district and will be composed of seven medium-rise buildings costing P1.5 billion. The project, the official said, would be completed in four years.
The company is also investing in its Kembali Coast, a residential beach resort in the Island Garden City of Samal where it is pouring in another P1.5 billion. Three other commercial and residential projects of Filinvest in this city are Fuente de Villa Brille, Orange Grove and Villa Mercedita.
All of the developments target the middle to upscale markets with prices ranging from P500,000 to P2 million for lots and from P2 million to P5 million for house-and-lot packages.
The new condominium projects, Mr. Las Marias said, would target buyers who want to own residential units near the center of the city. “Location is everything,” he said, adding that the project is adjacent to SM City Davao, one of the biggest shopping malls in the city.
“This is our selling point,” he said.
Filinvest, he added, has observed that the city’s economy and the local real estate industry have started to show signs of growth and maturity.
“The Davao economy is really on the upswing,” he said, adding that even before the project could start, the company has already received a significant number of inquiries.
Each unit will be sold at P43,000 per square meter, said Mr. Las Marias, noting that the company was expecting to sell at least P300 million per year upon the completion of the first condominium by early 2009.
Each of the buildings will have five levels including the roof top with each building having 120 residential condominium units. The units are either two-bedroom units, one-bedroom units or studio type units. The company is expected to aggressively sell the units not only to city residents but also to those outside the city and overseas Filipino workers.
About 40% of the company’s clients are overseas workers, while about 30% are outside the city who are either working here, have children attending local schools or want to have residences in the city. He said the project was patterned after similar ventures in Ortigas and Cainta, both in Metro Manila.