HOMEGROWN real estate firm, Damosa Land Inc., (DLI), is expanding its office space leasing business with the ceremonial topping off of its Damosa Diamond Tower on Friday, January 24.
The Damosa Diamond Tower is a 17-story building that will bring DLI’s total portfolio to 40,000 square meters of leasable spaces located at Damosa IT Park.
DLI first vice president Ricardo Lagdameo said the building is an addition to their office leasing business portfolio.
“One of the directions for DamosaLand is to really grow our office portfolio and we believe that flexible workplaces really continue to grow over the next couple of years,” he said.
“We are building the Damosa Diamond Tower because office rental rates are starting to pick up but it is still very affordable compared to other parts of the country which is why this is a very attractive location for businesses to enter,” he added.
DLI also owns the Topaz Tower which houses some business process outsourcing (BPO) company. The existing tower is operated by Regus, a leading flexible workplace provider under the International Working Group (IWG) for three years now.
Lagdameo signed agreements anew with the IWG for its Diamond Tower.
“We have partnered with Regus three years ago and the business has done fantastic returns for us. It has also helped a lot of new kinds of investments come into Davao,” he said.
IWG country manager for the Philippines, Thailand, Vietnam, Cambodia, South Korea Lars Wittig said with their existing center, they were able to contribute to the eight percent growth of the Mindanao economy due to the influx of investors coming from the other parts of the country.
Lagdameo said with the Diamond Tower, he hoped to accommodate diverse businesses including local entrepreneurs and small, and medium enterprises (SMEs).
“What happens is when we are opening our new building, investors now will have a choice of whether they want a permanent workspace or they want a flexible workplace so it gives them flexibility and what it does is really gives us a wider range of industries that can come in,” he said.
“It can range from anywhere from BPOs, SMEs to even a sole proprietorship. That is what we really wanna see here in Davao City and in the region, the industry will become more and more diverse and being able to give them the option on how to invest their money in an office space,” he said.
He also bared about 30 leasable floors have already been pre-committed, with a mix of local and multinational companies.
He said the building is targetted to be completed by April in 2020.