by Greg G. Deligero
SOME of the biggest investments in property development happened the last 10 years.
Records obtained from the Davao City Investment Promotion Center (DCIPC) bared that a total of P16 billion of capital went into big real estate property projects
The biggest figure was posted in 2009 with P4.23 billion worth of investments. Property developers which invested during that year included the Accendo Commercial Corporation for the Abreeza Mall, Hemeni Land Corporation for the Chula Vista Residences, Kisan Lu Realty, Inc. for the Santiago Villas, 8990 Housing Development Corporation for the Deca Homes Resort Residences and Mountain Haven Development, Inc. for the Villa Azalea.
It was followed by 2010 with a total of P2.40 billion worth of property development investments. Investors during that year include the FTC Group of Companies Corp. for its Commercial Building for Lease, Primeland Properties, Inc. for the Residencia Del Rio Village, SM Prime Holding, Inc. for its expansion, Santos Land Development Corp. for the Santos Building 2, Great Earth Marketing and Development Corporation for the NCCC Bread Factory Commissary, Urbaneast Development, Inc. for the Villa Alevidaa and 8990 Housing Development Corp. for the DECA Homes Esperanza.
Years 2001, 2003 and 2008 all posted over a billion worth of projects The lowest was recorded in 2005 with only P306 million followed by 2007 with P420 million, 2002 with P460 million, 2006 with P501 million and 2004 with P620 million.
This year, the total amount of fresh investments poured in Davao City already reached P3.42 billion as of October.
The Davao City Investment Incentive Board (DCIIB) granted these projects with local tax incentives.
As DCIIB-approved projects, the investors are entitled to avail of fiscal incentives such as exemption from building permit fees and charges; exemption from the Mayor’s permit fees, business sales taxes and other fees and charges imposed under existing city ordinances for a maximum of 3 years; and exemption from basic real property tax for a maximum of 2 years.
They are also qualified to enjoy non-fiscal incentives such as assistance in securing business licenses and permits processing of local investment incentives, business matching services, help in finding suitable sites for your business or plant location, assistance in finding sources of raw materials, providing of manpower and other production needs and access to the city’s data-banking services.
The total amount of investments as of October this year is already 42.50% higher than the total investments recorded in 2010.
Last year, Davao City attracted P2.40 billion total investments in 13 different projects that generated 4,494 direct and indirect jobs.
Of the 13 projects, nine are property development projects, three are tourism facilities and one is agri-business.
Topping the list of projects approved as of October this year is the hospitel project of the Metro Davao Medical and Research Center worth P327 million. The project is a tertiary hospital with hotel amenities that will generate 414 direct and indirect employment.
It is followed by the Pinnacle Hotel and Suites of the Central Parq Group of companies worth P205 million which will generate 194 total employment; the Main Street Claveria and Brooklyn and Walters Hotel of the Davao Rogienald Corporation worth P120 million which will generate 87 total employment; and the 6-storey condominium of Kim Guan Realty Development Corporation worth P85 million which will generate a total of 442 employment.
Other projects include the Orchid Hills, a high end subdivision project of the BDA Holiday Prime Properties, Inc. with P220.98 million total project cost; the Damosa IT Park– Building 3 project of the Davao Land, Inc. with P52.23 million project cost; and the Recreation Park of the Gumamela Caverock Farm Resort with P29.63 million project cost.
The other tourism facility project is the Home Crest Residences of the Globalcrest Properties, Inc. which will construct a 3-storey 28-room boutique hotel with P27.50 million project cost.
Since the enactment of the Davao City Investment Code in 1994, property development companies with the most number of projects include the Alsons Development and Investment Corporation which developed the Alicia Mansion, Woodridge Park, Zinnia Townhomes, Aldevinco U-Mall and Garden Heights; the 8990 Housing Developmewnt Corporation which developed the Deca Homes Phase I and Phase II and Deca Homes Resort Residences; and the F. Soriano & Co. Inc., which developed the St. Francis Village, San Gabriel Village, Wellsprings Village and Pag-ibig Country Homes.
Other companies are the Lui Enterprises which developed Green Heights, commercial buildings and townhouses; the Makar Properties Development Inc., which developed the Rosalina Village, Villa Susana and Susana Homes Subdivision; Pryce Properties Corporation which developed the Pearl Pacific Twin Tower, Pryce Tower and Villa Josefina; the Royal Davao Development Corporation which developed the Royal Pines Estate; and Santos land Development Corporation which developed the Cecilia Heights and Priscilla Estate Subdivision.
