Prime property development, a boost to Davao’s real estate

The steady growth and development of prime properties notably high-end residences is expected to boost Davao City’s real property industry in the year 2008.

Councilor Arnolfo Renato Cabling, housing committee chair of the Sangguniang Panlungsod of Davao City, in an interview said he is optimistic that 2008 is another good year for the industry even as he said that more investments on real property projects will pour in to the city to cater to clients looking for retirement homes.

He said Davao City has been considered by many as second home especially among retirees including those Dabawenyos from abroad.

Cabling said this concern has been factored in the Shelter and Services Development Code of Davao because they make sure that all sectors are given the appropriate guidelines with regards their taste and penchant for urban living.

The Comprehensive Shelter Code of Davao City, better known as City Ordinance 0154-07 or Comprehensive Urban was signed into law by Mayor Rodrigo Duterte on November 12, 2007.

Meanwhile, Cabling said that with the passage of the Shelter Code, the housing concern of Davao can now be properly acted on as it will ensure a continuing shelter program of the city.

Although he said the housing concern will be addressed in accordance to available resources saying that if there will be projects these will have a corresponding need for funding.

“We need to have funds to attend to the problem especially of the urban poor,” he said.

Cabling said there is a need to maximize use of existing relocation sites of the city where the informal sectors could resettle.

In an earlier report, Cabling said the city’s backlog has gone up to 109,000 units (projection) but with the 20 percent allocation out of the developers’ investment to the urban poor, the concern can be initially addressed.

He said this scheme is a shift to the old practice of credit buying among property developers with projects in Davao City.

“Instead of putting in projects for the urban poor in the city like development of high end properties, subdivision developers have opted to do it somewhere else,” he said.

He said they had corrected the practice by allowing them to use their permits only when the developer could come up with a project for the urban poor and this could either be raw land, other infrastructure or money that are stipulated in a memorandum of agreement with the city government.