Floirendo group now in property development
Subscribe Now April 11, 2013 at 12:12pm
Damosa Land Inc. (DLI) is currently pursuing several mid-rise condominium buildings for the low- and middle-income markets. It is also in the middle of expanding a hotel and opening additional phases of its subdivision project, all within north of downtown Davao where its main holdings company is headquartered.
DLI belongs to the Antonio O. Floirendo Corp. (Anflocor) which holds interests in banana production and related agriculture services, business and commerical development as well as real estate.
The Anflocor group is more popularly associated with Damosa, the shortened name of Davao Motor Sales, the first business venture of the businessman Antonio Floirendo in 1948. He was later to become one of the banana magnates in the Davao region, with his Tagum Agricultural Development Co. (Tadeco) Edgardo Villaver, general manager and vice president of the DLI, said two six-story condominiums will start construction works this year in an area in Sasa, 11 kilometers north of downtown and is already owned by the company.
The masterplan allows for four buildings, but DLI wants to evaluate market reception for the project as this will be the first condominium development in the area. The mid-rise buildings are targeted for the low- and middle-income markets, with units priced between P1 million and P2.5 million.
DLI expects to spend close to P500 million on the two condominium projects.
Villaver said the company is known for pioneering developments in the area. It started a hotel in the Lanang in the late 1990s “when only a few were around. The group also signed a joint venture with Microtel to build the first Microtel hotel in Mindanao. A second Microtel hotel was later built with 66 rooms, this time in General Santos City.
Along with the condominium project, he said DLI will expand the Microtel hotel, as well as the Fairlanes subdivision project.
“Our Fairlanes project has been well received that we have to start the second phase, with a third phase already planned,” he added. He also said it was the Fairlanes project that contributed to conceptualizing an aggressive push on residential developments.
Also on the drawing board are high-end subdivisions situated in the city and in Davao del Norte and Davao del Sur, a farming subdivision in the city, and a seaside property development in Samal Island, near the Pearl Farm beach resort which the Floirendos also owned.
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