PROPERTY developer DataLand, Inc. plans to launch a two-tower mixed-use residential and office development worth P11 billion by the end of the first quarter of next year.
“We have to change the business model. Previously, the business model was purely an office project,” DLI Vice President for Development and Customer Turnover Group Felimon G. Yee Jr. said on the sidelines of the company’s 10th-anniversary media briefing.
The development is described by the property development arm of building construction firm DDT Konstract, Inc. as “one of the future landmarks of the EDSA skyline standing at 55 and 54 floors.”
DLI originally launched the project as an office development before the pandemic. The former DDT Sky Towers will be relaunched in March 2023 as a mixed-use development under the name 947 Sky Towers.
Mr. Yee said that after the pandemic, demand from companies for co-working spaces grew as some industries adopted hybrid and work-from-home arrangements.
“The demand is there for residential [units] and the office has been quite passive because [of the pandemic]. We tried to shift the business model and we have tried as well to honor the buyers of offices,” Mr. Yee added.
DLI’s 947 Sky Towers is situated in a 5,250-square-meter (sq.m.) lot. It will have two towers with 1,735 residential units and will be the third vertical project of DLI in Metro Manila.
The first tower will have 54 floors and 880 residential units and the second tower will have 55 floors and 855 residential units, 80% of which will be studio-type units.
Units in the development will range from a studio unit with sizes from 28 sq.m. to 30 sq.m. to a three-bedroom unit at 98 sq.m. to 100 sq.m.
Four floors will be allocated for office developments, which will translate to 56 units of office spaces ranging from 100 sq.m. to 120 sq.m. in size.
“We are looking at launching prices of about P170,000 to P180,000 [per sq.m.]. It really depends since there is already a change in price. We might have to study again and probably get another updated market scan,” Mr. Yee said.
DLI Executive Vice President Joseph Ramil B. Lombos said the edge of DLI is the group’s own construction arm.
“Among the different developers, I know there are only three who have their own construction company,” he said. “DLI has its own construction company that differentiates us from the others.”
In the fourth quarter of next year, DLI also plans to launch two-tower mixed-use high-rise development in Santa Ana, Manila. It will be situated in a 4,855-sq.m. lot and will have 40 floors in each tower, translating to 1,480 residential units.
During DLI’s 10 years, its completed projects include The Silk Residences in Santa Mesa, Manila; The Olive Place in Mandaluyong; MyCube in Biñan, Laguna; and The Miren Enclaves in Palawan. — Justine Irish D. Tabile
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The article was originally published in Business World.
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