Damosa Land finds signs of property market recovery spanning multiple sectors

Seawind Damosa Land
Seawind is one of developer Damosa Land's residential projects in Davao

Davao-based developer Damosa Land is seeing signs of a property market recovery in the residential, office and industrial sectors. The firm noted that sales began to pick up towards to end of last year with activity continuing into the first few months of 2021.

“For instance, residential sales have actually been quite decent considering the whole situation. Inquiries to our other projects, whether it was our offices, our industrial spaces — inquiries already started to really pick up in the fourth quarter of last year,” Damosa Land President Ricardo F. Lagdameo told BusinessWorld.

The developer believes it can match its 2019 results this year so long as it can finish and turn over residential projects delayed by the COVID-19 pandemic, lease out newly completed office space and sign long-term leases for its industrial park.

Residential real estate has been a key driver of the Davao property market over the past few years. Home prices have increased significantly between 2017 and 2019 due to high occupancy rates and limited supply and these factors remain even if activity slowed last year.

“One segment that we continue to be bullish about, and our sales over the last couple of months will validate that, is residential. I think it is going to be good, it’s going to be resilient, not just for Davao but for the rest of the Philippines,” Lagdameo told the website.

Damosa Land thinks big in Davao

Damosa Land is one of the top residential developers in Davao having completed several notable projects. One of its newest projects, Seawind, is its most ambitious to date. The six-tower mid-rise condominium development is located in Sasa and offers rare views of view of the Davao Gulf and Samal Island.

Seawind boasts a lot of outstanding features with 75 percent of the entire property dedicated to amenities and green areas. The project has been designed for start-up families and young professionals who want to live in a resort-like environment in one of Davao’s most relaxing areas.