UrbanEast ventures into commercial development
HOMEGROWN developer UrbanEast Developments Inc. embarks on a new direction as it breaks ground on Monday, June 11, for its first major commercial development, the Town Plaza at Monteritz located along C.P Garcia National Highway, corner Ma-a and Magtuod Roads, Davao City.
The one hectare master-planned premium commercial development designed by Visionarch is eyed to be Davao’s newest major landmark with nearly 260 meters of direct frontage in one of Davao’s busiest intersections and fastest growing districts.
UrbanEast president Edward Bernardo said the project, with an estimated cost of P1 billion, marks the start of the company’s new thrust - going beyond residential and horizontal developments.
“We have been leasing properties to other commercial tenants but this is the first time that we will do something of this scale. It is time for the company, for the property, and for Davao City, it all came together. I am very confident in the prospects of this development,” he said.
He added the unique pocket/community strip mall, targeted to be completed in December 2019, will be characterized by a functioning clock tower and feature a diverse mix of key tenants thus giving Dabawenyos and tourists a new experience.
The development’s first long-term anchor tenant is McDonald’s (Golden Arches Development Corp.).
“Our tenants will be a mix of local, national, and international brands, a lot of people in Manila are actually coming here next week to see the property, and our consultants say it is a good sign. Most of our tenants are Manila-based companies, this is what we really targeted, to draw big foot traffic,” he said.
However, Bernardo emphasized that the building will also feature homegrown companies like Annipie to add value to the place.
The development also boasts of ample parking spaces, driveways, wide pedestrian walkways, al fresco dining areas, green spaces, event and function spaces, public transport waiting bays, service areas for tenants, multiple public rest rooms, grand marquees and lighted pylons, blowup signages, backup power supply, PWD-friendly facilities and a 24/7 security.
UrbanEast leasing and marketing officer Celeste Beduya said the development targets mixed market segments (low, middle and up-scale markets).
Bernardo said the company, which has been operating for around 13 years, will be investing in more commercial and vertical developments.
“UrbanEast has a very good land bank. We have a lot of properties that are currently idle that we can actually develop in the future, so I am looking into commercial developments, a little bit of mixed-use properties. We are also eager to embark on our first vertical residential developments because we feel that Davao is ready and the company is ready too,” he said.
In his speech, he honored his father, Engr. Rodolfo Bernardo, Jr., saying the Town Plaza at Monteritz is a legacy of his father.
The groundbreaking ceremony was attended by Vice Mayor Bernard Al-ag and the company’s development partners.