PROPERTIES located along J.P. Laurel Avenue in Davao City are the “most expensive in Mindanao” right now, according to Prime Philippines Capital Markets and Investment (PPCMI).
During the Habi at Kape press conference on Wednesday, June 13, PPCMI associate Raphil Saguan said this is primarily because of the different commercial, residential, and high-value property developments in the area.
He said the road currently offers 1,050 room accommodations, which are projected to increase by 37 percent by year 2020.
In their study, Saguan also said they found out that hotels and other accommodation facilities along J.P. Laurel Avenue have an average occupancy rate of 70 percent.
Residential units on J.P. Laurel are currently priced at P2.7 million to P12 million, depending on the location and the neighboring establishments of the unit.
Saguan also noted that there are business districts and high commercial strips along J.P. Laurel, which make the stretch “an ideal package for living” as it provides both residential and commercial components in one area.
Most of the real estate developments in the area are targeted towards Class B to Class A market.
However, Saguan also noted that only 10 percent of the unused lots on J.P. Laurel are for sale. The remaining 90 percent are developed under joint ventures.
The going rate for J.P. Laurel lots is P65,000 to P120,000 per square meter depending on the location.
Saguan said they foresee a 50-percent year-on-year increase because of the booming business environment in the area.
“J.P. Laurel is a major thoroughfare in the city. So it is one of the biggest veins of the Davao landmark. It also has high foot and vehicular traffic. Basically, it has a very huge potential for growth. It is highly accessible as well being only 13 to 17 minutes away from Francisco Bangoy International Airport and it has very good thoroughfares to the other parts of the city,” said Saguan.