DAVAO CITY, Davao
— Uraya Land Development, Inc. (ULDI) said it will build two medium-rise condominiums in Toril district, in an elevated area with a view of the Davao Gulf.
Debin A. Uraya, ULDI chair, told BusinessWorld the buildings -- one a three-storey structure and the other at six storeys -- will go up within the Villa de Mercedes (VDM) complex, an 80-hectare property located 535 feet above sea level.
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ULDI Sales Director Cecille Ann S. Ilagan said construction of the first building, with an estimated cost of P180 million, is scheduled to start by the fourth quarter.
“We are demand-driven. It’s high time that we put up our condo project,” Mr. Uraya said.
Condominiums have proliferated in Davao City in recent years with projects tending to concentrate in the city center, where the economics of condominiums typically work best.
Mr. Uraya said the ground within the property can support high-rise development.
Meanwhile, ULDI is also gearing for the expansion of VDM, a joint venture with Anflo Management and Investment Corp. (ANFLOCOR), by developing another suburban residential project lower down the hill.
The new project is targeted for launch in October.
Under the two companies’ agreement, ULDI will develop a high-end residential subdivision within a 136-square-meter property of ANFLOCOR in Marapangi, Toril, which is adjacent to VDM.
Also in the pipeline is the development of a commercial complex at the access area of VDM, a high-end resort subdivision.
source: BWorld Online
Published on August 25, 2014 09:51:00 PM | Business World Online by: Maya M. Padillo
