Vol. XXII, No. 162 [ BusinessWorld Online ]
Thursday, March 19, 2009 | MANILA, PHILIPPINES
TWO PROPERTY developers are optimistic there’s still a market for residential projects this year, defying the bleak outlook by analysts.
Lucio C. Tan-led Eton Properties Philippines, Inc. launched Tuesday the 3.3 hectare high-end townhouse project 68 Roces, the company’s first project for the year.
The project, on Roces Avenue in Quezon City, will have 190 units of three-to four-bedroom townhouses, with parking slots. Unit sizes range from 158 square meters (sq.m.) priced at P12 million to 238 sq.m. which will be sold at P15 million.
Danilo E. Ignacio, Eton president and chief operating officer said there was still high demand for high-end residences contrary to views that the segment would most likely take a hit.
"Even during this time, there are still a lot of people from the high-end market with lots of money. As long as it is an end-user product, the demand will always be there," he said.
The target market is not the overseas Filipino workers but couples who want to start their own families, he said.
The residential townhouse, which will have a clubhouse, a 28-meter swimming pool, and playground, will occupy 2.8 hectares. The remaining space will be allotted for a retail strip.
Meanwhile, newly listed Anchor Land Holdings, Inc. will launch the second of its twin-tower development Solemare Parksuites at the ASEANA Business Park in Parañaque next month.
The new 18-storey tower comes on the heels of "overwhelming market reception" for Solemare Parksuites’ Tower 1 and strong demand for high-end residential units in the Macapagal Boulevard area, the company said.
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