FTC Group of Companies, developer of Aeon Towers, the 33-level architectural masterpiece that’s bound to become the tallest skyscraper in Mindanao, will soon open a new business expansion signaling a more aggressive presence in the local property market.
The new corporate expansion is expected to be the carrier arm of future development projects of the homegrown FTC, a diversified company which traces its beginnings in retail business.
“It is something we intent to do as part of our growth. This means there will be more projects for FTC,” said Ian Y. Cruz, president and CEO of FTC Group of Companies.
Aeon Towers is now on its final touches and should be ready for turnover early next year.
“Aeon Towers is our pet project and our barometer for future endeavors. At the rate we are going, it looks promising,” said Cruz.
FTC’s venture into real estate development has become one of the high points in the influx of global investments into Davao City under the administration of then City Mayor and now President Rodrigo Roa Duterte.
With all of Aeon Towers’ units already sold out FTC, is poised to prepare for its next steps in the flourishing real property market in the city.
Proof of the success of Aeon Towers is the recent signing of a landmark deal with a global investment firm Altus Hospitality South Inc. in February.
The deal made between FTC Group of Companies and Altus Hospitality South, Inc., a joint venture hospitality investment company between Altus Capital Corporation and Private Equity capital (via a fund from Singapore) involves the bulk purchase by the company of units at Aeon Towers, a new mixed-used residential and commercial tower, which at 33 floors is set to become the tallest skyscraper in Mindanao.
The young CEO also attributed the rosy investor climate to the administration of President Duterte, past Mayor of Davao for 22 years.
“This is the best time to be in business in Davao City,” Cruz said noting that several major players in the real estate business are already expanding to the city. He also cited foreign capital coming in through other ventures.
Aeon Towers is set to operate a 144-Hotel and 144-serviced apartment along with a 197-room high-end residential condominium. It will also have over 2,000 square meters of prime retail space, and with over 1,000 square meters grand ballroom, the largest in Davao.
Cruz said that Aeon Towers is scheduled for completion at the end of 2017, with the retail, hotel and service apartments expected to be opened to the public by June 2018.
Aeon Towers is designed by Syndicated Architects, Far East Associates with Ian Campbell and Associates as project and construction manager.