By: Nelson C. Bagaforo
DAVAO CITY, Davao, Philippines
→ Real estate industry continues to flourish with its growing population and a bullish property market, attracting big players to expand their projects in the city.
"Davao has continued to progress. It is one of the fastest growing cities in the country today. The presence of big companies putting up shops in the city is a manifestation that Davao has really become an exciting city in terms of investments," Hilario Yadao, business unit head of MGS Construction, Inc., said on the sidelines of the topping off ceremony for Nottingham, Camella Northpoint's third condo building, recently.
MGS Construction, a Triple-A land development construction company in the country, is the builder of Camella Northpoint, a landmark British colonial themed condo development in Davao City of Camella Davao, a subsidiary of Vista Land and Lifescapes, Inc.
Yadao said real estate business is apparently doing well in the city with property development projects going on in almost every corner.
"All big developers from Luzon have noticed the progress going on here (in Davao) and they want to take advantage of that," Yadao said.
Camella Davao general manager Marlon Escalicas said migration of people from Visayas and Luzon areas in Davao City, most of whom were relocated due to expansion of their companies in the city, triggered a rising demand for housing in the city. This does not include those coming from neighboring areas who are seeking for jobs in the city.
"Even demand for condo housing has risen," he said. "This is spurred by the city's growing population."
For instance, he said, selling of their condominium units at Camella Northpoint in Bajada, Davao City has been going on smoothly.
"It didn't take long that all units in our third building, the Notttingham, were sold out. We will speed up the completion of the condo project so we can have the turnover by the third quarter of this year. In fact the topping off is a sign that the project will soon be completed," Escalicas said.
By second quarter, Escalicas said they will have the groundbreaking of the fourth building. The first and the second buildings at Northpoint are already occupied by some unit owners.
Within the year, Camella is also set to launch two more vertical projects in the city to address the growing market demand for condominiums.
"One is located in Bajada and the other is on Torres street. Both projects are in partnership with prominent families in the city," he said. He did not elaborate.