By ROGER M. BALANZA
Abreeza, the mixed-used property development project of Ayala Land Inc. and the Floirendo Group of Companies, is the single biggest investment in Davao City in 2009.
Pegged at a cost of about P3 billion when completed, Abreeza would have shopping centers, business processing outsourcing firms, office spaces, banking and financial centers, and hotels. Construction of the property is already underway.
Built on a 10-hectare property of the Floirendos in downtown business district JP Laurel Avenue, Abreeza accounts for more than half of P4.2 billion poured into real property development and tourism, said Roberto Teo, head of the Davao City Investment Promotions Center (DCIPC).
The Ayala-Floirendo joint venture was started middle of last year and joins other existing big malls on prime land JP Laurel Avenue. It is said to be completed this year.
All in all DCIPC processed investment worth P5.9 billion, said Teo, at a year-end interview on status of investments in the city, adding real estate development beat other sectors in terms of investments volumes.
The property development projects Chula Vista, Santiago Villas, Villa Azalea, and Deca Homes Resort Residences also chipped in volumes to make the sector retain its vibrancy as the city’s most preferred investment areas.
DCIPS is the local government’s investment promotion arms and grants a line of incentives for investors into preferred investment areas on Tourism and Recreational Facilities, Agri Business and Food Processing, Light Manufacturing and Assembly, Property Development, Transshipment Infrastructure, Establishment of Foreign Bank Branches, Medical, Educational, Training, and Sports Facilities, Telecommunications.
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