Vol. XXII, No. 1 [ BusinessWorld Online ]
Monday, July 26, 2008 | MANILA, PHILIPPINES
FEDERAL LAND, INC. has allotted P4 billion for its high-end twin tower residential condominium project in Makati City.
Dubbed the Grand Midori, the 35-storey Japanese-inspired condominium will be constructed on a 4,000-square meter lot owned by Metropolitan Bank & Trust Co. early next year and will have a total of 622 units.
Federal Land President Alfred V. Ty said the first tower is expected to be completed by 2012 and the other tower by 2014.
Each unit would be sold for P85,000 per square meter. The company said it expects to generate P8 billion in sales once all units of the two towers are sold.
Mr. Ty said the condominium would cater to both local and Japanese markets, adding that they would be holding a road show in Japan to market the condominium.
Federal Land, Inc. has partnered with Japan-based Orix Corp. for Grand Midori. Federal Land owns 60% of the project, while its partner owns the rest.
The joint venture was the first agreement Federal Land, Inc. had made with a multinational corporation.
Mr. Ty noted that despite bleak economic prospects, the Philippines remains an attractive market for property developers.
"The market we are targeting will be able to appreciate the product and quality. We are doing everything possible to make it of less impact on the market," Mr. Ty said.
Aside from Grand Midori, other projects of Federal Land, Inc. include building a P15-billion six-star hotel in Fort Bonifacio in Taguig City.
Its other condominium projects include The Midtown Garden Mansions in Paco, Manila; Bay Garden Club and Residences along Roxas Blvd. in Pasay City; and the Marquinton Garden Terraces, a nine-tower residential complex in Marikina City.
It also owns the Oriental Place, which targets young urban professionals, newly married couples, second- and third-generation Makati residents, and other investors. The project is four minutes away from Ayala Center, two minutes away from Ayala and Buendia Avenues, and 20 minutes from EDSA.
The company earlier said it was promoting its projects abroad, specifically in Europe, targeting income-rich Filipinos working overseas. — Kristine Jane R. Liu