DAVAO CITY, Philippines
— Alsons Development and Investment Corp. is developing three residential communities in the city in the near term, an official said.
The firm plans to have the lots ready immediately to ensure brisk sales and quick home construction of early buyers, Jolla Angelica A. Soriaga, the company’s business development unit manager, said without elaborating on project costs.
The three projects are the expansion of the existing subdivision dubbed NorthCrest, a small upscale neighborhood to be called Wood Lane and a leisure development named Eden Ridge.
The NorthCrest expansion will add 578 lots with sizes ranging from 150-800 square meters. Lot prices are pegged at P8,800 to P9,900 per square meter. Aside from the usual amenities such as swimming pool and a children’s playground, the subdivision will also have retail spaces.
Wood Lane lots, meanwhile, are priced at P8,000 to P9,000 per square meter. The two-hectare upscale neighborhood will only have 77 lots.
Lot owners will be provided with catalogs and must submit their blueprints for approval of the company.
The company said it would turn over both NorthCrest and Wood Lane lots to buyers by the fourth quarter of 2013.
Eden Ridge, for its part, will be located on an elevated area south of the city proper. The project will have 101 lots for sale with each lot having an area between 500-955 square meters. Per-square-meter price is from P6,000 to P6,500.
The developments come on top of a rising number of real estate projects in the city which had prompted the local government to remove incentives given to the property sector. Officials had claimed that companies have continued to invest in property development and that removing their incentives, which include three-year exemptions on business tax and real property tax, would not have a negative impact on this sector.
by Carmelito Q. Francisco of BusinessWorld Online