BIG developers have continued to show confidence on the potential of Davao City's property sector -- pouring in huge investments to address growing demand of the market.
For one, the country's leading developer of sustainable estates that offers a diverse mix of quality residential and commercial development -- the Ayala Land Inc. (ALI) -- has once again partnered with an established homegrown developer, the Alcantara Group of Companies -- to develop a prime 25-hectare property into new destination that promises the comforts and convenience of city living.
Soon to attract Davao City's growing property market and retail investors is the so-called Azuela Cove, seen to become the city's prime waterside business and residential district.
"Over the years, Ayala Land has been committed to enriching the way we live and enhancing land nationwide," Jun Bisnar, vice president and chief operations officer of ALI Vismin Group, said in a statement. "We focus on inclusive growth, sharing our expertise as a full line property developer to communities around the country as we remain a reliable partner in nation building."
Azuela Cove will be formally presented in a media launch slated today.
The project briefer indicates the P20 billion Azuela Cove is a brainchild of Aviana Development Corp, a joint venture company between The Alcantara Group and ALI.
For its initial phase, covering a five-year period from 2017 to 2021, the company is set to pour in a projected investment of P8 billion that will be utilized for land development, Cove and retail construction, development of Ayala Land high-rise condominium Phase 1 and the St. Luke's Medical Center.
From 2021 onwards, the company will pour in an additional P12 billion for Cove development, additional towers and retail construction.
The project is expected to generate some 13,000 jobs -- a total of 5,880 during the construction phase and 7,120 when fully operational.
Azuela Cove's Masterplan includes The Shops at Azuela Cove, a retail play with a total gross leasable area (GLA) of 4,000 sqm, which will be home to local food favorites as well as classic national and international dining establishments.
At 1,700 sqm GLA, The Shops first phase offering will be launched in the last quarter of 2017.
Another initial locator is Ayala Land Premier (ALP), which will spearhead the development of its first condominium towers in the district, all providing a pristine view of Samal Island and the Davao Gulf.
"We continue to build mixed-use estates around the country not only because of the country's economic growth, but also because of the continued trust and confidence of Ayala Land's customers," Bisnar said. "Our focus on sustainability and our genuine partnership with communities, local governments, and other stakeholders sets us apart and helps us fulfill our mission."