FOUNDATION works of the 37-storey Vivaldi Residences, the Eurotowers International, Inc. project in Davao City, is 95 percent complete and is targeted to be finished by the end of this month.
Roy L. Estanislao, Eurotowers director for Construction and Development Group, told reporters Friday during the company's Circle of Excellence Annual Awards Night at the Apo View Hotel that foundation works are quite advance with the timeline and they attributed this to its bored piling contractor, the Advanced Foundation Construction Systems Corp. (AFCSC).
"We are now 95 percent complete or 67 out of 70 bored piles were already casted, we target to finish everything by end of March," he said.
The foundation works started last June 2015. The 118 meters above the ground, 849-unit high-rise condominium project is founded with a total of 60 meters below, which can be equal to 20 storeys. Vivaldi Residences has a total of 1,004 square meters area of land.
Estanislao said that AFCSC is the leading "AAA" bored piling company in the country.
"Just for the foundation works alone, the company allocated some P 120 million for it," Estanislao said.
Eurotowers invested over P1 billion for the condominium project.
After the foundation works, necessary testing procedures will be undertaken. Afterwards, the structural works will be open for bidding.
The company set that it will be awarded to another contractor within April of this year.
Jesse G. Clamor, finance and admin director and acting director for sales, in a separate interview said that 2/3 of the total units were already sold out.
"Our sales are performing well, actually as of now, we are 2/3 of the total units sold out and we target to fully sell it out by the end of this year," Clamor said.
Clamor bared that 60 percent of its buyers are investors, high net worth individuals who buy a unit for the purpose of leasing it out.
The remaining 40 percent is a mix of individuals who have children and relatives who will study and work in Davao, individuals living outside the city who wants to have a unit in Davao, Overseas Filipino Workers (OFWS) and young professionals, among others.
Also, Clamor shared that it will be the first condominium in Mindanao which has a mechanical leap for parking areas. Parking areas are located in the basement, second and third floors.
Meanwhile, the premier real estate developer in the country will invest in another notable change that is bound to be accomplished for the next three to five years, the Apo View Hotel Residences.
After Eurotowers took over to manage the landmark hotel in the city, it already laid down a plan of redeveloping it to a more competitive property development.
"For our next project, the first hotel to rise in the city will be transformed into a residential prime address, we will be allocating some P1.5 billion for this," Clamor said.
Initial plans showed that within the one hectare property, some three new towers/building will be build.
The master plan of the next big project is expected to be out by the third quarter of this year. Launching of the project is targeted before to year ends.
"Actually, redevelopment and improvement works for the hotel started late last year," he said.