ROBINSONS Land Corp. (RLC) expects the number of affluent Filipinos to increase after three years.
This is the reason the property developer moved into the luxury segment of the market, RLC Business Unit General Manager Henry L. Yap said.
“We’re seeing more and more Filipinos going for luxury brands and the economy is doing good,” Yap told the BusinessMirror at the launch of the company’s showroom for the first Westin-brandresidential and mixed-use development in Southeast Asia. World Bank data showed the Philippines’s per-capita income has hit $7,840 in 2010, up from $3,940 in the year 2000.
Called “The Residences at The Westin Manila Sonata Place,” the property development is expected to unload into the market about 300 hotel rooms of the five-star hotel.
Flanking the hotel would be two 30-story buildings that would supply 344 units to the market, Yap said.
He said the two buildings would bring to four the total towers planned for the 1,900-square-meter area at the corner of Lourdes Street and San Miguel Avenue in the heart of the Ortigas Commercial and Business District (CBD).
Yap added he believes the value of the project is at P6 billion. He said the excavation would be for the whole project and it would be built in one swoop. “But we will open the hotel first as it is lower than the residences,” Yap said, pointing to a scale model in the showroom at a property in the Bonifacio Global City, which he said RLC also owns. “Excavation has already started.”
Yap said the residences, which would be turned over to buyers by 2021, would have 1-, 2- and 3-bedroom units with sizes ranging from 47 sq m, 97 sq m and over 200 sq m, respectively. Yap said he estimates the cost of each unit at “north of P180,000” per sq m.
He estimated the smallest unit would fetch a price of P9 million, which would include a parking space. There would be five floors allotted for basement parking, Yap said.
“The number of cars that could be parked in the space is relative to the size of the unit,” Yap added.
There would be 12 units to 14 units for the lower floors, while the number of units would decrease on the upper floors. There would also be penthouse units that would be over 200 sq m each.
“We see ourselves complementing, not competing, with players in the hotel sector in the Ortigas CBD,” Yap told the BusinessMirror.
Image credits: Nonie Reyes
1 comment
Hope you can also build a Hotel in Fairview/Greater Lagro in Novaliches, QC. https://uploads.disquscdn.com/images/1a9086bac7ab6a03a09600a4a17d9541804fb2f240ee7e92d26a63a654f543cf.jpg