Consuji-led developer bullish on Davao, to build third condominium project
DAVAO CITY — The Consunji group’s DMCI Urban Property Developers Inc. is starting within the third quarter of the year its third medium-rise residential complex in this city.
Leonora P. Gutierrez, area manager, said the application of the firm’s Palmetto Place in Maa district, just outside downtown, is already being deliberated for approval by the city council.
Palmetto Place will have four five-storey residential buildings. Initially, the plan was to set up three-storey buildings, but it was revised to accommodate additional units and provide service elevators, Ms. Gutierrez said.
At present, the company is completing the three-building, seven-storey Magallanes Residences, its second condominium complex in the city after the highly successful Ecoland 4000 which was completed two years ago. Ms. Gutierrez said the company has already sold 60% of the 115 units of the first building in Magallanes Residences. The next building is expected to rise in August, and the last building, six months later.
Magallanes Residences, located at the back of the Davao City hall, has 115 units per building, seven of which are for commercial use. A studio unit of 24 square meters with a balcony is sold for P2.8 million, while a 56-square meter, two-room unit costs P3.2 million.
Despite the global economic meltdown that has affected property development in other regions, Ms. Gutierrez said the company has been bullish on its investments in Davao considering the market’s response.
When the company began selling units at Magallanes Residences, two foreigners immediately bought two units each in cash, she said. But the Davao condominium market is still dependent on local clients, Ms. Gutierrez said.
DMCI is regarded as a trailblazer in medium-rise condominium development here. In 2006 local property brokers said the market was not ready for this type of residential projects, but DMCI still pursued its two-building four storey Ecoland 4000.
“At that time, everyone was telling us that the city was not ready for a condominium project, but we decided to go on with it. And we proved everyone wrong,” she said. — C.Q. Francisco