Filinvest Land bullish about Davao market

DAVAO CITY, Philippines - Filinvest Land Inc. is looking for more areas that it can develop, with roughly P2 billion still available for investment here. Tristan Las Marias, Filinvest Land vice-president for the Visayas and Mindanao, said the company wants to put up more medium-rise condominiums and mid-priced residences in urban centers. "We are in the process of looking for more properties in the city that are near workplaces," he said at the weekend, adding that the trend is for employees to live near their offices to minimize transportation expenses. Filinvest Land has started its first condominium project in the city, a seven-building property located just across the SM City Davao mall. The company is spending about P1.5 billion on One Oasis Davao. The company is building another condominium in a three-hectare area across the NCCC Mall of Davao in Matina. It has seven projects in the city, with investments worth P15 billion since 2000. But the City Council has rejected Filinvest Land’s housing project in Dumoy district. Mr. Las Marias said the company would continue to invest in Davao City given its potential as a major urban development market. He said the city continues to be investor-friendly, noting that Filinvest Land had to withdraw some of the documents for its Dumoy project to correct errors. "We continue to be bullish about the property market in the city," Mr. Las Marias said. - BusinessWorld