Felcris is top investor among new infra projects-A A +A
Wednesday, October 24, 2012
NEW investments for big infrastructure projects in Davao City for this year have reached P2.175 billion, indicating a continuing upsurge of the real estate industry.
Records from City Building Office (CBO) showed that among the investors, homegrown developer Felcris Hotels and Resorts Corporation emerged with the highest investment of P838.967 for its 15-storey Business Process Outsourcing (BPO) Tower and a mall.
The second highest is the Accendo Commercial Corporation, a fully-owned subsidiary of one of the country's biggest developer Ayala Land Inc. (ALI) at P489.496 million. This investment has been set aside for a 26-storey high-rise condominium Alveo, which sits within the 10-hectare area along J.P Laurel Avenue, Bajada, Davao City.
Another big investor is a developer of an accommodation establishment, which invested a total of P285.114 million for an 11-sotrey hotel along J.P. Laurel Avenue.
Condominium developer Filinvest Land Inc. will also infuse P143.069 million for another five-storey condominium project. The other top investors are the Lotrim Consturction Inc. (P48.079 million), San Pedro Hospital of Davao (P36,432 million), AFP Mutual Benefit Association Inc. (P30.247 million) and Lenkara Realty (P25.028 million).
Other big projects include the annex building of Bureau of Internal Revenue (BIR) 11 with P92.893, followed by Cure International Inc. with P78.876 and Edsa 1 Real Estate Corporation with P61.797 million,
CBO chief Engr. Jaime Adalin said the arrival of these developers in an indication that Davao is now being a preferred investment haven.
"We always appreciate those new developments," Adalin said, adding that these new developments as well will always bring positive impact for the city.
He said the significant development of real estate in the city can be attributed to the peace and order program of the City Government.
Davao City Investment Promotions Center chief Jason Magnaye said he is confident that investors will continue to locate in the city and contribute to the growth of real estate sector.
Magnaye said this time, developments will center on the construction of residential and commercial infrastructure projects.
He added that infrastructure developments will prosper in areas where education, shopping and health are greatly needed.
"That's going to be focus to provide resources for emerging communities," Magnaye said.
Published in the Sun.Star Davao newspaper on October 24, 2012.