EDGEDAVAO Serving a seamless society
VOL.12 ISSUE 172 • THURSDAY, NOVEMBER 7, 2019
f
@EdgeDavao
www.edgedavao.net
MUNCHIES AND MUNCHTOWN INDULGE A1
edgedavao@gmail.com
P 15.00 • 16 PAGES
An armed personnel of Philippine Coast Guard (PCG) Southeastern Mindanao walks by the boom trucks carrying Department of Social Welfare and Development's (DSWD's) relief goods from Manila at Sasa Port in Brgy. Sasa, Davao City on Wednesday before they are delivered to the different quake-affected areas in Davao del Sur and North Cotabato. Lean Daval Jr
WAIT AND SEE
Condo buyers still reluctant after series of quakes leave some condos damaged By MAYA M. PADILLO
C
ondominium buyers and investors are still in the wait and see mode after the series of earthquakes left some condominium buildings damaged in Davao City. Despite the apprehension, a network of real estate brokers assured that the immediate impact of the earthquake does not affect the condominium industry of Davao City and that the industry is "still thriving." Philippine Association of Real Estate Boards Inc. -Davao Board of Realtors Foundation, Inc. (PAREB-DBRFI) presi-
dent lawyer Raymond Batu af�irmed that the real estate industry in Davao City is still healthy and that it is still safe to buy condo units here. Batu said the buyers should conduct due diligence in researching the developer -- local, national or international -- they want to invest in. “Some of the buyers are on wait and see mode but those who are keen
on investing and secure the services of professional real estate practitioners who conduct diligence are still into buying and there is no stopping them,” Batu told Edge Davao. Batu said it would usually take around three to six months for the buyers and investors to adapt and to overcome the ‘wait and see mode.’ “Pag walang sunod sunod na disaster, that is how it is. On our part as real estate practitioners we should not forget the disaster that struck our city but it should be added to our due diligence in selecting properties that
will be offered to our clients,” he said. Batu added that if the buyers’ ‘wait and see mode’ will be ignored it may lead to negative impact to the real estate industry in Davao City. Under Republic Act No. 9646, known as the Real Estate Service Act (Resa), real estate practitioners are mandated to conduct due diligence in doing business with buyers and investors. Batu said they directed their member realtors to be more cautious and should conduct more research on the track records of the developers, the contractors that the
developers hired, and structural integrity of the buildings to ensure the buyers and investors that the units they are going to purchase are safe. “The earthquakes actually somehow showed to us the situation really on the projects and the developers. That is why the call here for real estate brokers would be to add in their conduct of due diligence would be the kind of developers and projects that they are selling especially those developers and projects that are constructed by triple A contractors with foreign consultants and foreign structural engi-
neers,” he said. He also emphasized that real estate brokers should practice more professionalism in serving the clients. “It is the responsibility of the brokers to tell the truth to their clients like telling about the kind of projects that they are in, the developer and its track record, and the contractor that is building the project. Aside from that we have to look at the area where the property is built. There are many considerations and what I am trying to say is for the real estate brokers licensed practitioners they
WAIT AND SEE, P9