The real estate is still top investment sector in Davao City according to the Davao City Investment and Promotions Center.
The biggest investment in the local real estate industry is the Abreeza Project which is a joint venture of Ayala and Anflocor. Abreeza is a mall with BPO component project and is situated in a 10-hectare prime property along J.P. Laurel Avenue. It is a mixed use facility that will house shopping centers, business processing outsourcing and hotel facilities. The property is currently under construction.
Other big property development projects are Chula Vista, Santiago Villas, Villa Azalea and Deca Homes Resort Residences which will include a wakeboard facility.
The city government is actively promoting Davao as a good place for investment by providing incentives to interested investors. Big tickets projects will enjoy exemptions from payment of building permit fees and other fees and charges, mayor’s permit fees, and business sales taxes for the next three years, as well as exemption from the payment of Basic Real Property Tax for the next two years.
The total investments processed by the Davao City Investment and Promotions Center reaches Php 5.99 billion.
The Ayala Land Incorporated in partnership with Anflocor will infuse 5-Billion Peso worth of investments in Davao City for the development of a new multi-use shopping mall with Business Process Outsourcing (BPO) facilities, residential, hotel and commercial lots along Bajada Street.
The project will be built in a 10-hectare property owned by the Floreindos. This huge mall project is known as “Abreeza” and is expected to be completed in the next three years. This ambitious project between Ayala Land and Anflocor costs 4-5 billion pesos and is considered as one of the biggest single investments in Davao City for decades.
The construction works will begin in the first quarter of 2009. The construction stage alone will employ more than 3,000 workers and each BPO building is expected to generate at least 3,000 jobs for Dabawenyos. There will be two BPO buildings to be setup in the area. Read the rest of this entry »