Interest in condo still high: Esdevco

Contrary to the condominium fears allayed by some after a series of earthquakes damaged at some condominium buildings in Davao City, interest in condominium property still exists.

Architect’s rendition of the Enclaves Towers project of Escandor Development Corporation (Esdevco).

Gerald Kent Garces, project head of homegrown developer Escandor Development Corporation (Esdevco), the company behind the Matina Enclaves and the Arcadia, said the market’s interest of condominium property in Davao City is not be heavily affected.

Esdevco recently held an Open House for the month of November for its would-be clients.

Dubbed as “Yes-vember Open House”, the good attendance is a testament homebuyers are not saying “No” to condos.

With its regular Open House events, Esdevco offers as low as P15,000 reservation fee which is considered as among the best value in the market.

For its promotional offer, buyers avail of 9 treats when they invest in Matina Enclaves. These are air condition units, 52-inch LED television, sofa set, dining table, queen size bed, rangehood, convection oven, air fryer, combi blinds, mattress deluxe set, 7.5-kilogram washing machine, induction hob, 8-cubic feet inverter refirgierator, 1-year association dues waived, 1-year Arcadia membership and huge cash discounts.

According to Garces, the initial fears “could be just immediate reactions to the the series of earthquakes but generally, the situation is still normal. Davao City remains a sought-after market.”

Recently, real estate consultancy firm Prime Philippines said the growth in land values, robust supply of condominium units and increasing supply of office spaces are among key factors to consider Davao City as premier center of commerce in Mindanao Region.

In an interview with Edge Davao, Maria Luisa “Chai” R. Abaya, regional head Davao Office said Davao City has become a Central Business District (CBD) and among the key indicators are the infrastructure and availability of the workforce.

According to industry experts, there is a robust supply growth in residential condominium sector and the primary drivers of demand are the remittances of the Overseas Filipino Workers (OFW), local investors from Mindanao and reinvestment opportunities particularly in the downtown area.

The expected total additional residential condominium units from 2020 to 2024 is 13,168 units. Prime Philippines also forecasted an increase of 48 percent and 40 percent in the number of condominium units by the end of 2019 and 2020, respectively.