DAMOSA TOPS OFF ITS DIAMOND TOWER
Damosa Land Inc. has topped off Damosa Diamond Tower. The new office tower is likely to cater to businesses looking for expansive and quality office space especially with Davao City’s rising competitiveness as a business hub in Mindanao. The office tower is only 10 minutes away from Davao International Airport. The office building also promotes the use of renewable energy. It is located within Damosa IT Park along JP Laurel Avenue.
In our opinion, the Damosa Diamond Tower is likely to fill the office supply gap in Davao City. The office building is located within a township and this should make the tower an attractive option for firms looking for space in the city. The project should also benefit from its proximity to the international airport and other infrastructure projects lined up by the government. Colliers believes that Davao City will remain a competitive property market beyond the current administration’s term and this should prop up demand for office and residential developments.
GROUNDBREAKING FOR TWO REGIS
Megaworld broke ground for its second condominium development in its The Upper East township in Bacolod City. The 14-storey Two Regis shall consist of four types of units ranging from 31.5 sq meters (339 sq feet) for a studio unit to up to 87 sq meters (936 sq feet) for a two-bedroom unit. According to the property developer, the condominium will have amenities such as a fitness center, function rooms, swimming pool and will be near the upcoming Upper East mall.
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As of the end of 2018, Colliers has recorded a total of 1,308 condominium units in Bacolod. Despite Megaworld’s recent groundbreaking development, Colliers still sees a muted condominium development in the province. The condominium market in Bacolod city is still at its early stages but we see both demand and supply rising once various township projects are completed. This is relatively smaller compared to annual new supply in larger condominium markets such as Metro Manila and Cebu. In Metro Manila alone, Colliers sees the completion of more than 14,000 units in 2020. To further stimulate investors and end-users’ demand from condominium living, Colliers encourages developers to offer economic (PHP450,000 to PHP1.7 million) and affordable (PHP1.7 to PHP3.2 million) projects as these are likely to attract Overseas Filipino Workers (OFWs) and local businessmen.
₱30-B CCLEX NOW HALFWAY COMPLETED
P30 billion (USD592 million) 8.5-km (5.3 mi) Cebu-Cordova Link Expressway (CCLEX) that would connect mainland Cebu to Cordova in Mactan Island is now 49.85% completed according to Metro Pacific and Investments Corporation (MPIC). The expressway is likely to serve 50,000 vehicles daily while reducing traffic in the existing Marcelo-Fernan and the Mandaue-Mactan bridge. CCLEX is scheduled to be completed in 2021.
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Colliers sees the completion of the CCLEX spurring more economic activities in key parts of Cebu such as the South Road Properties (SRP) and Mactan Island. Colliers has observed that developers such as SM, Ayala Land and Filinvest have been executing landbanking activities as they capitalize on price appreciation potential of land and residential projects due to improved connectivity. Colliers sees property development potential in other areas that are likely to benefit from the government’s ‘Build, Build, Build’ program. We recommend that developers explore other developable land around the proposed infrastructure projects such as the Cebu Bus Rapid Transit (BRT) and the Cebu Monorail project.