Prices of land near the two biggest mixed-use projects in this city have increased significantly since two years ago.
Carlos Omar A. Vargas, president of the Chamber of Real Estates and Builders Association Davao Chapter, said land prices doubled since the start of the Abreeza project of Ayala Land Inc. and Anflo Investment and Management Corp. located just about a kilometer away from the city proper.
SM Prime Holdings’ SM North Davao in Lanang district is also under construction and located on the same street as Abreeza’s but about six kilometers north.
“The search for vacant spaces near these two projects has been intensive considering investors are upbeat,” Mr. Vargas toldBusinessWorld.
Officials of both Anflocor and Ayala previously announced the shopping mall would open middle of this year, although not one among the officials of the two companies in recent days could provide a firm schedule on the formal opening. Aside from the mall, also included in the plan are structures for other projects such as a contact center building, a hotel and a residential condominium.
SM City Lanang, on the other hand, is expected to open next year, although Debbie A. Go, SM manager for Mindanao operation also would not specify the opening date. Like Abreeza, SM City Lanang is also a mixed-use project and will have a shopping mall, the second in this city for the Sy-owned company, and an information technology center.
Mr. Vargas said a square meter of land in any of the areas between Abreeza and SM Lanang could go up to as high as P25,000, way above the roughly P10,000 per square meter price before these projects started two years ago.