TAGUM CITY -- Real estate industry is booming even outside Davao City as the leading property developer, Suntrust Properties Inc., a wholly-owned subsidiary of Megaworld Corporation reported on Monday, December 5, in which the Palm City project in Barangay Mankilam, Tagum City, Davao del Norte is already 15 percent sold out.
Suntrust Executive Vice President and Chief Operating Officer Deanna Jean Claveria, in an interview with VoxPop Davao Monday, said Tagum is fast-becoming a real-estate hub in the region next to Davao.
“From the time we soft-launched the project (Palm City), some 200 lots/houses were already sold,” she said in an interview at the sidelines of the company’s opening of its first sales office and information center in Gaisano Mall Arcade area, Tagum City.
“The market is very responsive, we are very excited in our development here as we saw so much growth in Tagum, when I first set foot here in 2015, I was impressed because it is very progressive especially the local government units' efforts for its road infrastructures,” she added.
The company poured an initial investment of P2.6 billion for the project, a 27.7-hectare (ha) horizontal development composed of three enclaves namely the Bismark Palm, Royal Palm and Phoenix Palm. Of the total area property, 26.7 has of which will be devoted to residential area while the remaining one hectare will be for the two commercial buildings.
The project will house a total of 1,248 house and lots.
With its modern model houses, Suntrust Palm City will be offering to its clientele three model houses. These are Bridgette, 120-square meter (sqm) full two-storey single-detached units, Cathleen, a 150 sqm. Full two-storey single-detached units and Abigail an 88 sqm. duplex and combined duplex units.
Last August, land development of the property started and is targeting to finish it within three to four years, including the amenities.
“We invested here in Tagum because we want to take part of its growth. We hope to be one of the contributors of the local economy like creation of jobs,” Claveria said.
With the construction of the project around 10,000 to 20,000 employees are expected to be employed. The Palm City project is joint venture agreement between Suntrust and its development partner PNS Development, Inc., owner of the project’s land area.
Claveria said with the opening of its sales office in Tagum, the company can now serve better its clients in the city. She said Palm City's market base is coming from all over Mindanao.
