NEWSFLASH

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MINDANAO HOUSING OVERSUPPLY SEEN

Davao City, Jan. 3, 998 - The property boom that's changing the skyline of Metro Manila and the nearby provinces has spilled over to Mindanao where it will flourish until this y ear.

This assessment was made by real estate developer J.M. Damaso during a recent business forum in Davao City, during which he attributed the growth of real estate to the high income levels in the cities of Davao, Cgayan de Oro and General Santos.

These cities have experienced an estimated 30-40% annual growth rate over the last two years and are projected to be the major industrial centers of Mindanao in the next decade.

Damaso warned that Metro Davao's housing supply is estimated to exceed demand by over 100 percent, while Cagayan de Oro's housing will be oversupplied by 70 percent.