A P1-billion 18-storey condominium development with a hotel component, owned by homegrown real estate developer Santos Land Development Corporation, broke ground at J.P Laurel Avenue Friday.
"This is our first foray into the vertical development and hotel industry business," Santos Land Development Corporation President Antonio Santos Domingo said in an interview after the groundbreaking rites.
The Corporation's new investment is in line with the exponential growth of the city and the advent of national and international players and investors in Davao's real estate market.
"This is our biggest project since our corporation used to focus on housing development projects," he said.
The Ivory Residences is an 18-storey condominium tower with 330 units of various sizes. It boasts of 120 parking units spread over three floors. Among its amenities are a swimming pool, a two-storey clubhouse and an outdoor park that connects the condominium to the third floor of the hotel.
The Obsidian Suites, on the other hand, is a 10-storey business hotel with a roof deck. The hotel will feature 90 rooms ranging from superior, deluxe, junior and executive suites and themed suites.
There will also be different sized meeting rooms as well as two 50-seater function rooms that can convert into a mid-sized ballroom. There will be two restaurant outlets, one on the ground floor and on the roof deck.