A real estate group led by the Lorenzo family is investing P4 billion in three luxury property developments in Davao City, upbeat on the area’s rise as a major real estate market given its strong economic growth and emerging tourism industry.
The investment in Mindanao’s “most urbanized city” will be made through Torre Lorenzo Development Corp. (TLDC), an affiliate of Lapanday Properties Inc., which has been doing business in Makati, Mandaluyong, Laguna and Davao.
TLDC’s three new projects in Davao City are the Dusit Thani Residences, dusitD2 Hotel and Lubi Plantation Resort. All these are seen to provide luxury accommodations to guests and investors as these projects are in partnership with Thai hospitality group Dusit International. By teaming up with the global hotel brand, TLDC said it sought to “raise the bar in terms of quality accommodations in Davao.”
Tomas Lorenzo, TLDC president, said in a statement yesterday that the properties would cater to the discerning taste of local and international travelers seeking to take advantage of Davao’s booming tourism industry.
“With an array of benefits for different levels of investment, Davao offers the best value in terms of doing business,” said Lorenzo. “As the Davao economy picks up, its property sector will strengthen and we will continue to see an upward trajectory. Now is the best time to capitalize on its real estate market given such favorable conditions.” Doris Dumlao-Abadilla