by Prix D Banzon of PIA
Davao City (6 December) — The shift of homebuyers to medium rise residential buildings (MRBs) is an indication that Davao City is ready for the new concept.
Tristan Las Marias, vice president for regional operations of Filinvest Land Incorporated of Visayas and Mindanao said the coming in of MRBs is also to respond to the non-availability of lands very near the urban centers.
The city also has outgrown the trend of horizontal residential development and has move towards the more sophistical and (more practical) vertical residential developments.
“The strength of which is to maximize small parcel of land within highly strategic areas to provide accessible and practical residential dwellings to local and out of town market,” he said.
He said their market for the MRBs are the out town residents where they have children studying in universities and those working in Davao City but with homes in the provinces.
“The cost of an apartment and the transportation would turn more expensive than when they reside just within the urban center,” he said.
Other than that he said acquiring a “Walk-up Condominium Unit” is not an expense just like renting an apartment but an investment.
FLI he said is excited about Davao City as its local economy and the local estate industry have started to signs of growth and maturity.
He said more residential projects have started to sprout within the city, making scare (and more valuable) available developable land within the city itself.
Meanwhile Las Marias said 40 percent of the market is cornered by the Overseas Filipino Workers (OFWs) while 20 to 30 percent are buyers outside of Davao City and most of their MRB market are the locals who look for new concept of living.
“The locals are those who used to live in big residential houses because they own large tract of lands but wanted to try something different that will give them free access to institutions very near their residences,” he said.
He said Filinvest will acquire and develop more projects in Davao City, Las Marias also said that Filinvest will continue their project expansion even as he said that they are willing to invest in the City more than the current figures depending on the kind of project. (PIA)
