SUNTRUST Properties Inc., a wholly-owned subsidiary of Megaworld Corp., is eyeing a possible Mindanao expansion after the development of its first residential project One Lakeshore Drive in Davao City.
But lawyer Harrison M. Paltongan, president of Suntrust Properties, said expansion plans will depend on how fast the turnout will be for their project in Davao, the company's first in Mindanao.
The company is targeting the major cities on the island.
"That's possible, but that will come after this (Davao project)," he said.
When asked why the company chose Davao as its launching pad, Paltongan cited the city's peace and security situation and its rosy economic performance, this being the center of commerce in Mindanao.
"It has the biggest university in Mindanao, most modern medical institutions, all these constructions are going on, and it has the lowest crime rate. A good place for people to live," he said.
"So we brought in a township that encompasses all these facets of living," he added.
The Suntrust's One Lakeshore Drive is the residential component of P15-billion Davao Park District (DPD), Megaworld's 11.2-hectare township project in Lanang, Davao City.
He estimated that One Lakeshore Drive, a 7.2-hectare within DPD, will eat up one-third, or a total of P4.995 billion, of the total budget allocated only in the next five to seven years.
"(That's) for the development of the project and development of the areas around it," he added.
The residential area will have four towers, each with 21 floors and three high speed elevators.
Last week, Suntrust started the clearing and construction of roads and drainage while the backfilling and construction of the towers will commence next year.
The company reported last week that the first of four towers was almost sold out, the reason why it has launched the second tower this early.
He added that they are targeting the middle-class market segment, mostly the employees and the businessmen.
"We've been developing more expensive projects in Manila, the prices here are much lower," he added.
He added that Suntrust is built around the concept of "live, work, learn, and play," which will come complete with exclusive amenities such as swimming pool and gym for homeowners.
The development will also be dotted with fine dining restaurants, school, and the Davao Finance Center, a 16-storey steel building for offices. There will also be a one-hectare man-made lake.
Within the 7.2-hectare development, Suntrust has some pockets of lands, reserved for future developments that will come depending on the needs of the residents.
Last Friday, Suntrust opened its office in the city at the Lacson Building on CM Recto St.