DAMOSA LAND, Inc. (DLI) is optimistic on the recovery of the real estate industry, after seeing a rebound in its residential, commercial, and industrial businesses this year.
“Now more than ever, the Davao region shows promise as a prime investment spot as it continues to grow higher than the country’s GDP even with pandemic-related adversities. It is Damosa Land’s goal to support this growth by focusing on the progress of our real estate projects and ensuring that our developments are ready for new locators who will further expand the opportunities for our community,” Ricardo F. “Cary” Lagdameo, president of DLI, said in a statement.
This year, Damosa Land completed Seawind, its first condominium development, and the Damosa Diamond Tower. Construction continued on Ameria, the residential component of its agropolis township project Agriya.
Seawind turned over more than 52% of its 1,162 total units. Consolidated sales for Seawind and Ameria jumped 50% from 2020 levels.
Excluding Damosa Diamond Tower, the company said its retail and traditional office segment is at 94% occupancy versus around 88% in 2020. Damosa Land said demand is expected to continue to recover as more businesses open up.
Damosa Land also signed a franchise partnership with International Workplace Group (IWG). Under the deal, the company will develop and operate eight IWG centers across Mindanao in Davao, Cagayan de Oro, and General Santos over the next five years.
It also ramped up development of the Anflo Industrial Estate, adding state-of-the-art cold storage facilities.