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UNDETERRED SCIONS OF DAVAO
LEGACY Leisure Residences
D
By Manuel T. Cayon
AVAO CITY—The scions of two business families have teamed up to establish a sprawling fourbuilding mixed-use residence complex in what used to be a secluded piece of land along a less traveled highway, an addition to a growing short list of big-league construction projects here.
Notwithstanding the global and domestic onslaught of the dreaded novel coronavirus 2019 (Covid-19), Legacy Leisure
launched an ambitious P4-billion project comprising of four mid-rise buildings on a strip of land along a less-frequented section of the
Ma-a Road, some seven kilometers northwest of downtown. Short of a township, the area is carved out from a 2.8-hectare property and consists of four 15-story buildings and a commercial strip at the front section of the property. Unlike any other residential development projects, property developers assured the city and its clientowners that the vertical residential property is more than a home leisure living. It would also serve as a “legacy” to residential homeowners.
Green leisure
ALONG the strip of the property is a jogging lane that winds through the buildings, and across the Olympic-sized pool, the only residential sprawl in the Philip-
pines with an international-standard swimming facility. Adjacent to that Olympic pool is a number 8-shaped waterthemed park, said Clark Lawson Yap, vice president for marketing of CrisRon Holiday Builders Inc., and the partner-developer of Legacy Leisure. It also has a spray park, pitch and putting green and parks and playgrounds. These are some of the features that set it apart from the common residential property development. “[While] the city required all developers to allocate 30 percent of the property for green space and when property development only has 30 percent for amenities, we have 68 percent for green and ame-
nities,” he said. The property has only a 32-percent building blueprint, said Wesley Bangayan, Legacy Leisure VP for sales and marketing.
Residences only
THE property did away with the studio units and proceeded with the one-, two- and three-bedroom units. Each building has 429 rooms and discussions are under way on whether to accommodate short stays, or hoteltype accommodations. “Right now, we prefer medium- to long-term stays if we would open a portion of the place to rents,” Yap said. The discussion revolves around addressing the business side of the clientele’s desire to earn with the
extra units they buy. “Say, a client buys six units or 10 units, it is understood as intended for income generation of the buyer,” he said. “We have to address that reality. We are accommodating that reality among our buyers,” he added. Aside from the issue of security and continuity of income for their clients, “we prefer walk-in clients on medium- to long-term stays of four or six months, even longer.” It would also depend, he said, “on the desire of the homeowners on how they want the property to be used.” The developers said the project is mixed-use, but as residences and commercial uses—unlike other residential buildings, which are partly Continued on A2
Countries starting to hoard food, threatening global trade By Isis Almeida & Agnieszka de Sousa
I
are still loading their pantries— and the economic fallout from the virus is just starting. The specter of more trade restrictions is stirring memories of how protectionism can often end up causing more harm than good. That adage rings especially true now as the moves would be driven by anxiety and not made in response to crop failures or other supply problems.
Bloomberg News
T’S not just grocery shoppers who are hoarding pantry staples. Some governments are moving to secure domestic food supplies during the coronavirus pandemic.
Kazakhstan, one of the world’s biggest shippers of wheat flour, banned exports of that product along with others, including carrots, sugar and potatoes. Vietnam temporarily suspended new rice export contracts. Serbia has stopped the flow of its sunflower oil and other goods, while Russia is leaving the door open to shipment bans and said it’s assessing the situation weekly. To be perfectly clear, there have been just a handful of moves and no sure signs that much more is on the horizon. Still, what’s been happening has raised a question: Is
this the start of a wave of food nationalism that will further disrupt supply chains and trade flows? “We’re starting to see this happening already—and all we can see is that the lockdown is going to get worse,” said Tim Benton, research director in emerging risks at think tank Chatham House in London. Though food supplies are ample, logistical hurdles are making it harder to get products where they need to be as the coronavirus unleashes unprecedented measures, panic buying and the threat of labor crunches. Consumers across the globe
PESO EXCHANGE RATES n US 51.0740
Extreme measures
SHOPPERS wait on the street for the general opening of the store, during a time set aside for elderly and vulnerable members of the community to shop, at an Iceland Foods Ltd. store in London, UK, on March 18, 2020. Growing fears about the coronavirus pandemic have led to extraordinary scenes in British grocery stores with people lining up outside shops before opening times and bulk-buying items such as toilet paper and pasta. BLOOMBERG
AS it is, many governments have employed extreme measures, setting curfews and limits on crowds, or even on people venturing out for anything but to acquire essentials. That could spill over to food policy, said Ann Berg, an independent consultant and veteran agricultural trader who started her career at Louis Dreyfus Co. in 1974. “You could see wartime rationing, price controls and domestic stockpiling,” she said. Some nations are adding to their strategic reserves. China, the biggest rice grower and consumer, Continued on A2
n JAPAN 0.4669 n UK 62.1162 n HK 6.5885 n CHINA 7.2241 n SINGAPORE 35.6986 n AUSTRALIA 30.8436 n EU 56.3448 n SAUDI ARABIA 13.6016
Source: BSP (March 27, 2020)