Damosa Land inks P1.5-billion loan agreement with BDO
DAVAO CITY — Damosa Land Inc. (DLI), the real estate arm of the Floirendo-owned Anflo Investment and Management Corp., has signed a P1.5-billion loan package with BDO Unibank, Inc. to fund planned and ongoing projects.
“This fresh fund will help us expand our portfolio,” DLI Vice-President Ricardo F. Lagdameo told BusinessWorld after the signing ceremony held Nov. 20, the birthday of the family patriarch, the late Don Antonio O. Floirendo.
Mr. Lagdameo said the money will be allocated for the new building at the Damosa IT Park and to “accelerate construction of its residential condominium,” the Seawind complex.
The six-building condominium project is targeted to be completed by 2020, with the third building now nearing completion.
“We continue to be bullish about Davao Region, and clearly so does BDO,” he said.
DLI has also started land preparation works for its next big project, the Bridgeport in the Island Garden City of Samal.
The Bridgeport is designed as a township with condominium buildings, an exclusive subdivision of about 20 high-end stand-alone houses, a commercial area, and a marina.
DLI has also started development of the 88-hectare Agriya, another mixed-use complex located in Panabo City, Davao del Norte. — Carmelito Q. Francisco