PROPERTY developer Phinma Properties Inc. is upbeat on developing another project in Davao City following the overwhelming success of Arezzo Place Davao, its first midrise condominium project outside Metro Manila.
Rogelio Garcia Jr., director for sales and marketing, told VoxPop Davao in an interview last week this move is a result of the booming real-estate property industry in the city.
“So far we are very happy with the results leading us to be ahead of our target. The market response is very surprising to us. We are very much welcomed by the Davao market. That is why this is not definitely the last project of Phinma Properties in Davao City,” he said.
Arezzo is a 2.6-hectare property in Dona Pilar Avenue in Barrio Pampanga, Sasa, Davao City.
Gene Arcena, Arezzo Place project director said, they are presently looking at potential areas to be developed in the city.
“Yes we have looked at several properties here, we are trying to negotiate and make sure what the best property, we are also looking into the horizontal property, but Phinma is known for vertical,” Arcena said.
The Building 3 units of the firm’s condominium project are set to be turned over to its homeowners by January of next year.
The condominium property has a total of 12 mid-rise condominium buildings with one building dedicated as a parking area.
Garcia said the buildings 3 and 4 are already fully sold-out while the buildings 1 and 2 are 85 percent sold.
He said looking at their buyers profile, most are from Davao City while some are overseas Filipino workers.
Arcena said sales of the property reached around P500 million. But the firm is expecting its sales for the whole project in the next three years to jump to P2 billion.
For the construction updates of the Building 1 (the third building the company is developing), Garcia said, it will start sometime in the first quarter of 2017 and they target to finish its (building 1) construction by the end of 2017.
The clubhouse’s construction will start early next year.
“Once we complete construction of Buildings 1 and 2, next in line will be buildings 6 and 7,” Engineer Deogenes Lesiguez, project in charge of Arezzo Place Davao said.
The whole project is eyed to be finished by 2019.
