DAVAO CITY -- A homegrown real property builder on Friday launched P1 billion hotel and condomimium project on the busy strip of J.P Laurel Avenue here.
The development project is set for completion in 2020.
Santos Land Development Corp. president Antonio S. Domingo said the project -- the Obsidian Suites Hotel and the Ivory Residences Condominium, is its first after 46 years of developing low-cost subdivisions in Davao City.
Domingo said this marks a significant diversification into new business venture of the company on tourism, business and recreational facilities.
Santos Land took the next step in its growth and expansion driven by the increasing demand of the market in the city.
"A homegrown player like us saw this huge opportunity he said just like other players of Metro Manila and from other areas as they look at the growth potential of Davao", he added.
The Ivory Residences is an 18-storey tower with 330 units of various sizes with about 120 parking units spread out in three floors. The other amenities include a swimming pool, a two-storey clubhouse and an outdoor park connecting the 3rd floor of the hotel, and a garden on the tower roof deck.
The building is compliant with the Green Building Code under the National Building Act and features the latest info tech services for the residents.The condominium will be served by three elevators.
The Obsidian Suites Hotel is a 10-storey business hotel with a roof deck with approximately 90 rooms ranging from superior, deluxe, junior and executive suites, and themed-suites.
Domingo said the hotel will have meeting rooms and two 50-seater function rooms convertible to a mid-size ballroom. It will have two restaurant outlets on the ground floor while the other is at the roof deck.
Confident of undertaking this project, Domingo said the company will continue to be the "Community Builder" in Davao under its core values of Commitment, Customer Focus, Excellence, Expertise, Integrity, Leadership, Quality and Teamwork in the execution and realization of this mega project.
He said his company’s aggressiveness of embarking in project expansion is due to the government financial institutions to support their internally driven capital investments.
He said this twin projects will have a positive impactvon Davao City's economy particularly in the labor sector as this development is entirely Davao designed, locally managed, and uses local constructions, talent and suppliers. (Digna D. Banzon/PNA)
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