DAVAO CITY — Damosa Land Inc. (DLI), the real estate arm of the Floirendo group of companies, is investing about P1 billion for its 12-hectare township project in the Island Garden City of Samal.
Groundbreaking for the seaside complex, dubbed Bridgeport, is planned within the second quarter of the year, according to DLI Vice-President Ricardo F. Lagdameo.
“It is going to be a master-planned, mixed-use community,” Mr. Lagdameo said at a press conference Thursday.
Bridgeport will be a high-end, “less crowded community,” with the detached residential homes consisting of 400- to 500-square meter lots priced at a minimum of P10 million.
The island township will also have a marina for up to 50 boats and a condominium complex, which is the first lined up for construction.
Paulynne Anne B. Ferrero, business development officer of Bridgeport, said the company is positioning the project as “an easy access leisure township.”
Ms. Ferrero said the complex will also have a commercial area and a hotel of about 200 rooms, targeting the meetings, incentives, conferences, and exhibition market.
She added that the planned hotel is not seen to compete with Pearl Farm, the Floirendo’s luxury resort in Samal.
DLI is also looking at linking with the fishing communities on the island to have their catch sold to one of Bridgeport’s restaurants.
“We have started discussing this proposal with the village officials and the fisherfolk group,” said Ms. Ferrero.
Meanwhile, in a forum earlier in the week, Mr. Lagdameo said their office leasing business in Davao City, a partnership with flexible workspace provider Regus Philippines, saw a good performance in 2017 despite the declaration of martial law in Mindanao.
“I would say it is one of our strongest years… for more long term investors, they are trying to cut through the noise, they know that the fundamentals are there. The declaration of martial law is just temporary in nature,” he said during the Mindanao Business Briefing on Jan. 22 organized by the European Chamber of Commerce of the Philippines.
Regus Philippines Country Manager Lars Wittig, in the same forum, cited a 93% occupancy rate as of end-2017 for their Davao facility, the company’s biggest site in the country with 346 stations, 52 offices, and three conference rooms.
“With 93% occupancy and solid demand, we need to expand in Davao, while looking for locations in CDO (Cagayan de Oro City) and General Santos (City) as well,” Mr. Wittig said.
Mr. Lagdameo said it has been largely “business as usual” despite apprehensions over martial law.
“There’s really a negative perception (from the outside) on what is going on due to martial law. But there are a lot of opportunities for new investments to come in… there’s been a lot of growth not just in agriculture as we know the economy of Mindanao has really been focused on the agri-business, but over the last decade or so there’s been an increase in services, in real estate, BPO (business process outsourcing), and industry. There’s been a lot of moves to really promote manufacturing,” he said.
DLI is currently developing an 88-hectare township in Panabo City, adjoining the 63-hectare Anflo Industrial Economic Zone under sister firm Anflo Industrial Estate. — Carmelito Q. Francisco and Maya M. Padillo