DAVAO CITY — Home grown firm Santos Land Development Corp. is spending P1.2 billion for a condominium building with a hotel component in the city’s Bajada area.
“We will start the condominium first,” Antonio Nicolas S. Domingo, Santos Land president, told BusinessWorld in an interview.
Mr. Domingo said the builder expects to complete the 18-floor project, called Ivory Residences Davao, within the next three years.
Pre-selling for units, priced starting at P2.9 million, has started and about 10% of the total 300 units have been taken, he said. “About a third of the buyers are those looking for places where to park their money.”
Santos Land is currently focusing its sales campaign on locals who have properties in the company’s subdivision projects and migrants from surrounding areas of Davao City.
“There are new schools that are being built and these have attracted students from the nearby areas,” he said.
Another major potential market, Mr. Domingo said, are those who are retiring and want to invest their money.
For the hotel component, the company is planning to construct a 10-floor, 95-room building targeted at business executives.
The hotel and the condominium will share amenities such as swimming pool and the two-floor club house, which can be used as function rooms.
Mr. Domingo said the company plans to develop its land bank given the boom in the real estate sector and rising market values. — Carmelito Q. Francisco