THE new joint venture agreement between Yuson Huang Excellence Soberano (YHES) and Ascott Limited was signed last Friday, November 10, for the Citadines Riverside Davao project.
Ascott Limited is one of the leading international serviced residence owner-operators and has established presence in America, Asia Pacific, Europe, and the Middle East. Regional General Manager for Philippines and Thailand Arthur Gindnap said their partnership with YHES marks their entry in Mindanao as it would be their first time establishing in the island, particularly in Davao City.
Brands under Ascott Limited include Ascott, Citadines, Somerset, Quest, The Crest Collection, and Lyf. In the Philippines, they have previously partnered with Cebu Landmasters, Inc. (CLI) in establishing the first Citadines in the country which is in Cebu City.
“Citadines Davao will be for young professionals with hectic schedules and would want a hassle-free lifestyle,” said Gindnap.
The mixed-use project will offer short and long-stay guests with spacious apartments and personalized services on top of the usual housekeeping, heightened security, and available amenities. The 1.9-hectare land property is located along McArthur Highway in Matina, Davao City just a few meters from the overpass fronting the University of Mindanao.
Davao Filandia Realty Corp. president and CEO Jason Huang said they have allotted about a hectare of land in Mintal to give to the more than 30 families who are still living in the property.
CLI president and CEO Jose Soberano III said they target to start construction by the first half of 2018 and the pre-selling by the first quarter.
“We will do it in phases. The first phase will consist of the hotel, the first residential condo, boutique retail, and the convention facility. The second phase will be composed of the rest of the four condo buildings,” Soberano said adding the first phase would cost at least P3 billion.
They plan to have 400 units for the first residential condo and 250 units for the condotel, 175 of which will be sold to the market. They target to finish the two phases in five years.
When asked about the imminent problem in traffic as the area is already heavily trafficked even at present, Huang said there will be spacious parking areas to be provided for their clients.
“This thing about hospitality, this thing about people wanting to travel is something that you cannot change. It’s not like you can order online and course this through Amazon…You don’t go to your laptop or your iPad because you want to see the place. You have to go there and there’s so many beautiful things to discover in the Philippines and many of those are in Visayas and Mindanao. And a lot of them are here in Davao. So that’s where our confidence is built around,” Soberano said when asked how he thinks the market in Davao city would bloom despite the technology and all the other developers coming.