Business World

Turnover of units at Davao’s Aeon Towers faces delay


DAVAO CITY — Local property developer FTC Group of Companies Corp. is facing a one-year delay in the turnover of units for its 33-floor mixeduse Aeon Towers, but it is embarking on another project, this time a complex of five residentia­l buildings.

FTC held the topping-off ceremony for Aeon Towers in late February 2017. At that time, FTC Group Chairman Francisco T. Cruz said the P3.1billion building was 70% complete and they were aiming to hand over the residentia­l units to buyers by end2017 or January 2018.

Last week, however, Ian Y. Cruz, president of FTC subsidiary Aeon Luxe Properties, Inc., said the turnover of the condominiu­m units is set for December 2018.

“Aeon is just a developer and part owner of the hotel, and Aeon Towers will be operated by a third party, Vanguard (Hotels). We launched Aeon Towers in 2011 and now we are running to 2018. The reason for the delay is we have to ensure the safety of our property… (Another) one of the causes of the delay is we have changed so many designs from the original one. Because we have to adapt to the trend now,” Mr. Cruz said in an interview with the media.

Mr. Cruz said the total project cost has reached P4.5 billion, including the hotel fixtures and furniture.

Aeon Towers — a mixed condominiu­m, commercial and hotel project — would become the tallest operationa­l building in Davao City and the rest of Mindanao once opened.

In February 2015, a 100- meter section of the road that borders the site collapsed, the second time after a similar incident took place at the same portion in September 2014. The second incident prompted the Department of Labor and Employment to issue a temporary stoppage order due to worker safety concerns.

In October last year, the project figured in another controvers­y when Davao City Mayor Sara Duterte-Carpio issued an ultimatum against the company for not immediatel­y removing a crane on its rooftop, which the Civil Aviation Authority of the Philippine­s said exceeded the allowable height and was posing an obstructio­n and risks to flights coming into the Davao Internatio­nal Airport.


Meanwhile, Aeon Luxe Properties will be developing Aeon Bleu, a five-building condominiu­m complex on a 1.6-hectare property in the Bacaca area.

“Aeon Bleu, which is a mid-cost developmen­t, is going to be the first inland residentia­l condotel resort living in the city,” said Andrew P. Bautista, Aeon Luxe Properties vice-president for sales.

Mr. Bautista said the company is targeting to launch the project within the second quarter this year.

“We are prepared to launch it anytime, as soon as we get our permits that are expected in less than a month now. We are now in the process of doing it at HLURB (Housing and Land Use Regulatory Board) and the (city) council,” he said.

The tallest of the five buildings would be 26 floors, he added. — Maya M. Padillo

 ??  ?? AEON TOWERS is set to be the tallest building in Mindanao.
AEON TOWERS is set to be the tallest building in Mindanao.

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