Filinvest bullish on Davao, Mindanao

Jul. 14, 2007

DAVAO CITY — Real estate has become the anchor investments of Filinvest in Davao City and with the positive growth of the industry, more projects are coming not only in the city but in other parts of Mindanao.

Alan J. Barquilla, branch manager of Filinvest in an interview said after offering three subdivision projects within the city, another two projects are in the works for this year.

Barquilla said the three projects has an investment cost of P700 million. Lots of two of the projects Villa de Mercedita (middle-end) and Fuente de Villa Abrilla (high-end) were all sold-out while Orange Grove, a 32-hectare real estate development is 90 percent sold.

Barquilla who met the press on Friday was joined by Geraline C. De Gorostiza, senior business development manager and Dennis Molina, human resource manager.

Two projects for 2007 he said are both middle-end subdivisions located in Talomo and Ma-a both with areas of 15 hectares each.

Barquilla said they are also working on a socialized housing as one of their future projects in Davao City.

He said real estate has been doing well in Davao City and in other parts of Mindanao. Similar projects will be opened in areas like Butuan, he said.

The Securities and Exchange Commission earlier reported that real estate in Davao City is booming and many homebuyers are looking at the area especially retirees as their retirement home.

Barquilla said 40 percent of their clients are Overseas Filipino Workers, 30 percent are local buyers and the remaining 30 percents from the neighboring regions.

As far as collection efficiency is concerned Barquilla said that they enjoy an 80 percent repayment rates.

Barquilla explained that Orange Grove at Matina-Pangi is equipped with a pool, a clubhouse and outdoor jacuzzi plus a two-hectare Mountain Park waiting to be explored.

Orange Grove sales team head Pinky Peters said most of their buyers purchase in that site as their primary residence if not their first home.

She said a good number of homeowners have also purchased with the intent of retiring in the small, country-themed community because of the quiet and laid-back lifestyle community.

The Fuente de Villa-Abrilla was all sold out in a record breaking 6-month period, a high-end subdivision very near to the Citys biggest and newest malls and proximate to the finest restaurants and fastfood joints, trendy bars and watering holes and other recreational options like cinemas and amusement centers.

Barquilla said most of the homebuyers at Fuente are from Davao with several from neighboring areas and OFWs.

Fuente de Villa business development officer Carlo Chavez said with the project located on Tulip Drive, Matina is the wisest investment where one could actually resell it for as much as 40 percent more on the original investment. (PIA/prixdbanzon).

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