June 04, 2012
DAVAO CITY — Damosa Land, Inc., the property development arm of Anflo Management & Investment Corp. (Anflocor), plans to build a banana-themed entertainment complex on a 50-hectare property in Panabo City, Davao del Norte.
Ricardo R. Floirendo, Damosa Land senior vice-president, said the theme park will just be a component in the plan for the area.
Other components would include housing and other property projects, although Mr. Floirendo told BusinessWorld that the plan is yet to be finalized.
Part of the development, he added, is a five-hectare subdivision that would provide housing units to officials of Anflocor companies who are based in Panabo City.
Panabo, one of the three component cities of Davao del Norte, is home to several Anflocor projects including the P2.7-billion Davao International Container Terminal, whose groundbreaking last month was attended by the 96-year-old patriarch, Don Antonio O. Floirendo.
The city also hosts the Tagum Agricultural Development Co., with its 10,000-hectare banana plantation that employs about 8,000 people.
Although Damosa Land has yet to finalize the total project cost for its Panabo property, Mr. Floirendo said the company is looking at continuing to implement more projects within its current landholdings.
â€œThe good thing about this is that our father was able to go into land banking and that these properties have started to mature (for investments),â€ he said. He did not provide details, however, on the size of the land banked by the company.
In late April, Damosa Land launched its seven-hectare Fairlane housing project in Davao City. Mr. Floirendo said the company is investing about P200 million for the project, which was named after the estate of Henry Ford, founder of the Ford Motor Co. The Floirendo family used to be a dealer of Ford vehicles in the Philippines.
In an earlier statement, Anflocor said its foray into property development is an indication that it has strengthened its business presence. â€œAs the need for high quality property developments continues to diversify, Damosa Land is always on the beat of knowing the demands of the market to give them the best that they deserve,â€ it added. — CQF