Vol. XXI, No. 199 [ Business World Online ]
Monday, May 12, 2008 | MANILA, PHILIPPINES
THE DEMAND for condominiums near urban centers remains strong, with many Filipinos opting to live in areas that have access to public transportation.
"The market is really so much bigger. I think there is a shift lately towards more urban living and there seems to be a return to the city centers," said Michael T. Gotianun, vice-president of Filinvest Alabang, Inc (FAI).
FAI spent P600 million for the development of its first residential condominium project outside the Filinvest Corporate City in Muntinlupa, while adding middle-income Filipinos to its target market.
In an interview, Mr. Gotianun said they had developed Pioneer Pointe in Mandaluyong City to widen the company’s reach and tap a different market segment. "Before, we just thought of concentrating all our condominium developments in Alabang, but over time we [saw] that the market could only absorb so much in one given place," he said in an interview.
Mr. Gotianun said the demand for condominium units remains strong, adding that most of the buyers are Filipinos working or living abroad. Built on a 1,400-square meter (sqm) property in Mandaluyong, Pioneer Pointe is a 28-storey condominium project that has 215 residential and commercial units.
Targeting mid-income Filipinos, the project offers studio units and two-bedroom units costing P1.6 million to P2 million.
"We expect turnover to be completed within this year, and we’ll have another one coming... in Fort Bonifacio. It’s called Beaufort," Mr. Gotianun said. Beaufort will be a twin-tower upscale condominium project that will have 42 storeys. Overlooking the Manila Golf Club, The Fort and Bonifacio High Street, the project is expected to be finished by 2012.
FAI is the commercial property subsidiary of Filinvest Development Corp. that manages the development of the 244-hectare Filinvest Corporate City in Alabang, Muntinlupa. The company started as a subdivision developer in Quezon City with a flagship project called Filinvest Homes. Aside from residential homes, it also erects buildings for business process outsourcing through Northgate Cyberzone, also in Alabang. — Lovely Nica P. Lee
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