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CAGAYANLifestyle TIMES Weekly Suntrust cites factors for brisk sales of Davao project de Oro
Volume 2 | No. 85 | Cagayan de Oro City | May 1-7, 2015
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By Cheng Ordonez, Associate Editor
AVAO CITY -- Megaworld and its subsidiary Suntrust Properties, Inc. are looking at three major factors, aside from local investments, that are contributing to fast sales achievement of its P15 billion township project in Davao City. These factors are the locators who are foreigners, and those emanating from Overseas foreign Workers (OFWs) group and those coming from the neighboring areas of Davao region. “Condominium gives foreigners a chance to acquire up to 40 percent of each of these units, unlike owning a house and lot property by which they cannot transfer the titles in their (foreigners’) names,” Atty. Harrison Paltongan, president of Suntrust Properties, Inc., said. The second factor that Paltongan considers as coming in strong is the OFW presence; and third, those Davao neighbors whose children are either studying or working in Davao City. Megaworld’s residential component of the township development has been partnered with Suntrust Properties Inc., particularly for the establishment of four-tower residential condominium “One Lakeshore Drive. Each 21-storey tower will have 350 condominium units, ranging from a 27-sq.m. studio to 76-sq.m. twobedroom units. The
residential condominium project is beside the onehectare man-made lake at Davao Park District. “OFWs are used to staying in condos abroad. So, when they come home to the Philippines they feel home living in condominiums,” explained Paltongan. “Migration, OFWbased, locals and neighbors of Davao region form a mixture of locators, who look upon Davao City as a place with good medical and educational facilities, plus the city’s popularity for business process outsourcing,” according to Atty. Paltongan. Paltongan surmised that younger people would generally want to be living in cosmopolitan condos, and Megaworld will not have difficulty establishing one in Davao and finding locators since it is the number one landlord for BPOs in Metro Manila. “As for enviroment, the more we are abundant,”
he assured. “Environment is on top of the priority of One Lakesahore Drive, because we are going to enhance the surrounding. The reason it is conceptualized as Live-Work-Learn-Relax, becasue it is an ecotourism project.” Paltongan added. The opening of the showroom at the ground floor of Sunstrust office in Davao last Monday gives opportunity for people to have a glimpse of the condo units. “It also reciprocates the overwhelming reception of Davaoeños to our first residential project in Davao Park District. Our experience in Davao is beyond our expectation, even as we are optimistic, we can sell the whole package this year,” Paltongan said. The sold units on the first residential tower will be turned over to the buyers in the last quarter of 2019. Megaworld is said to be bringing, as the country’s largest office developer and landlord, its expertise in the development of state-of-the-art office towers to Davao City, as well, side-by-side with Davao Park District, which features themed residential condominiums to be built by Suntrust, a wholly-owned subsidiary of Megaworld. suntrust/PAGE 2
Atty. Harrison M. Paltongan, president of Suntrust, cuts the ceremonial ribbon during the blessing of Suntrust Showroom in Davao City, April 27, with him are Deanna Jean A. Claveria, Suntrust executive vice president and COO, and Jerry R. Rubis, vice president for marketing and business development of Suntrust. photo by gerry lee gorit
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