Ortigas Land’s Olin at Jade Drive had a rousing start in the pre-selling stage when it sold 54 percent of its total units worth P5.5 billion.
“With the current economic environment, highlighted by high inflation, we were not sure if people would respond. Of course we planned for a successful launch. We are very overwhelmed by the good market reception,”Ortigas Land Assistant Vice President and Residential Business Unit Head Jenna Belardo at a recent media briefing.
The 52-story residential tower, strategically located in one of the country’s most dynamic central business districts (CBDs), houses 1,245 units in total, with 1,031 studio units and 214 1-bedroom units. Parking is also available as well as a retail area for quick access to essential services.
“All of the 214 1-bedroom units have been sold out. Our sales force is actually clamoring for more but we cannot add more,” Belardo said.
With the launch of Olin at Jade Drive, Belardo said Ortigas Land aims to provide the market with a residential development that offers all the perks and benefits of living within a bustling business district while maintaining affordability.
A studio unit at Olin is priced at P6 million to P8 million with parking. Meanwhile, a one-bedroom unit will be sold at P9 million to P10 million per unit.
Launched in April 2023 for priority selling, Olin at Jade Drive closed the sale with 536 units, which is equivalent to 43 percent of the property’s total inventory. To date, Olin has sold more than half of the total inventory of Olin equating to 671 units, generating a total of P5.5B in value.
Belardo attributed the high demand to the high buyer confidence as the economy continues to open up. She added employees of the company acquired units at Olin for investment and as halfway.Majority of the buyers are from the local market while 10 to 15 percent are overseas-based.
“Ortigas Land is well-known for its legacy of master-planned estates, continuously catering to the evolving needs of the property market. This newest development is very exciting for us as this launches our venture into the mid-market segment within the Ortigas CBD,” explained Belardo.
Targeted towards young professionals in adjacent offices and students in nearby academic institutions, Olin at Jade Drive will provide modern amenities such as co-working spaces, gym, garden, lounges, pools, and function hall to cater to the modern city dwellers’ needs. Ortigas Land maintains quality assurance for the design, construction, and maintenance of this property.
Positioned for the middle market segment, Olin at Jade Drive has also included a coworking space for the tenants. Developed during the pandemic, Belardo said the company decided to introduce a coworking space to enable the tenants to experience an office vibe even if they are in a work from home setup. “If you are living in a condominium and working from home, we don’t want our future tenants to be cooped up in their units and experience boredom,” she said.
A prime location
Olin at Jade Drive is situated within Ortigas Center which has one of the lowest residential vacancy rates (6.8%) alongside other major CBDs, according to the Colliers Q4 2022 Property Market Briefing—making it a sought-after and in-demand location in Metro Manila. Colliers also mentioned Ortigas Center’s low office vacancy rate (15.2%), further elevating the property’s value as it bridges the growing demand for residential developments within the area for office workers and possibly their families.
“We see great potential in capital appreciation for the development with its accessibility to commercial developments, corporate offices, and educational institutions, as well as mass transportation and ongoing infrastructure projects like the Metro Manila Subway and MRT Line 4,” Belardo added.
Olin at Jade Drive will offer flexible payment terms for up to 72 months, suitable for those interested in finding a home or valuable real estate investment within Ortigas Center.
Olin at Jade Drive is expected to be turned over by 2029.