High real estate prices
Properties along J.P. Laurel Ave., most expensive in Mindanao
REAL estate properties located in the stretch of J.P. Laurel Avenue is the ‘most expensive in Mindanao’ right now, said Prime Philippines Capital Markets and Investment (PPCMI).
During the Habi at Kape press conference yesterday, June 13, PPCMI associate Raphil Saguan said this is primarily because of the different commercial, residential, and high-value property developments in the area.
He further said that the avenue currently has 1,050 room accommodations and they predict it would increase by 37 percent by year 2020.
In their study, Saguan also said they found out that the occupancy rate in the hotels and other accommodation facilities along J.P. Laurel Avenue is at 70 percent at least.
He said currently, price ranges of residential units in J.P. Laurel play at around P2.7 million to P12 million depending on the location and the neighboring establishments of the unit.
Along J.P. Laurel Avenue, as well, Saguan said there are already business districts and high commercial strips that make the stretch ‘an ideal package for living’ as it provides both the residential and commercial component in one stretch of a road.
Most of the target market of the real estate developments and land areas in the avenue are towards Class B to Class A market. However, Saguan also noted that only 10 percent of the unused lands in J.P. Laurel are for sale. The remaining 90 percent are entered into joint ventures and other similar business developments.
With the going rate of land value in J.P. Laurel at P65,000 to P120,000 per square meter depending on the location, Saguan said they are foreseeing about 50 percent year-on-year increase because of the booming business environment in the area.
“J.P. Laurel is a major thoroughfare in the city. So it is one of the biggest veins of the Davao landmark. It also has high foot and vehicular traffic. Basically, it has a very huge potential for growth. It is highly accessible as well being only 13 to 17 minutes away from Francisco Bangoy International Airport and it has very good thoroughfares to the other parts of the city,” said Saguan.