Real estate projects spur Davao City's economy

DAVAO City Chamber of Commerce (DCCII) president Arturo Milan said the progress in the city’s real estate is one of the huge factors which contributed to the city’s economic development.

“Property development is one of the prime drivers of the robust economic status in the city,” Milan said in a media forum Monday, December 17, at SM City Davao.

“We have also seen also that property prices are also up. What used to be P30,000 to P40,000 now amounts ranges to P80,000 to P120,000 per square meters (sqm) especially along our Bajada and Lanang area,” Milan added.

He also described the long stretch of J.P Laurel Avenue as “Edsa” because of the traffic congestion created alongside with the city’s economic development.

Milan said property development construction of hotels and residential buildings like Aeon Towers, and mixed-use facility properties like Azuela Cove and The Davao Global Township are concrete examples of how the city is taking in investments.

However, Milan said these property developments are still not enough in accommodating tourists and future investors in the city for the next years.

“Kulang pa gihapon ta og mga pang-accommodations sa city kung gusto jud ta mahimong Mice (Meetings, incentives, conferences, and exhibitions or events) capital of the Philippines which Davao City is aspiring to become (We still lack accommodation facilities in the city if we want to be the Mice capital of the Philippines which Davao City is aspiring to become),” Milan said, adding congestion will definitely be a trade-off toward that development.

“I think the city is doing its best to address such issue through the coastal roads, bypass roads, and they are also addressing the mass-transit system,” Milan added.

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