Aeon Towers, a majestic architectural masterpiece that’s bound to become the tallest skyscraper in Mindanao, punctuated the influx of global investments into Davao City under the administration of President Rodrigo Roa Duterte.
The maiden venture of homegrown developer FTC Group of Companies signed 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.
“We welcome the influx of this new investment coming to Davao City via Aeon Towers. This only solidifies the fact of growing investor confidence for Davao City in general and in Aeon Towers in particular,” said Ian Y. Cruz, president and CEO of FTC Group of Companies.
Cruz also attributed the rosy investor climate to the administration of President Duterte, past Mayor of Davao for 22 years.
The investment company is managed by Altus Capital Partners, an affiliate of the World Bank Group’s International Finance Corporation.
With this new investment pouring in, 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.
Aeon Towers is FTC Group’s initial venture into real estate development, with several projects already lined up in the pipeline for 2018 and beyond.
Altus Managing Director Pavan C. Gidwani said: “We are excited to partner with FTC Group of Companies in this landmark development for Davao. We admire the integrity and vision the family has set-out to build and serve the community they have grown up with. It is an opportune time to be in Davao, and with this investment, Altus has secured a foothold to provide hospitality assets in the south of the country.
The Fund Director Jason Chen said: “We are proud to support the development and growth of FTC Group of Companies. The AEON project gives us a footprint in Davao, an exciting gateway to this part of the region, which has long history in trade and commerce. We see great opportunities in secondary cities, especially with businesses that will serve the wave of firms and individuals, both foreign and domestic that are looking to set up shop here.
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.
