DAVAO CITY—Property
developer DMCI Homes is putting up its first high-rise development
beside its condominium project here south of downtown Davao.
Leonora
P. Gutierrez, chief marketing officer of DMCI, said the twin
towers—rising at 28 stories—are expected to help address the surge in
demand for residential units for transients, travelers and businessmen
resulting from the expansion of the city’s economy over the last three
years.
The twin towers
project will start almost simultaneously with the expected construction
in the downtown area of another twin towers by the Ayala group and a
hotel building of the FTC Group north of downtown. Local powerhouse FTC
is an affiliate of AGL Sons Inc., which is known to be one of the
leading operators of commercial buildings and real estate developments
in the province. Four other mid-rise hotels were expected to come online
next year to bank on the holding of the MICE Convention in March next
year. MICE is an acronym for meetings, incentives, conferences, and
exhibitions.
Development
cost for the DMCI twin towers is expected to reach P3 billion. It will
be situated at the DMCI property in Ecoland Village near the Times Beach
area and the newly built SM shopping mall. It would occupy two
hectares, of which 1.2 hectares would be the building area while the
other 8,000 square meters would be devoted to commercial units.
She said the proposed height of the twin towers had been approved by the Civil Aviation Authority of the Philippines.
Construction is expected to start next year and may be finished in three years.
This
would be the fourth major project of the company here, including the
city’s first condominium, a hacienda-inspired subdivision and another
subdivision in Catalunan Pequeño.
Residential
projects are also expected to start in two western barangays here,
where the educational center and resort spots are situated, and in three
other towns of Sultan Kudarat and Maguindanao.
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