[ Manilastandardtoday.com ] July 15, 2009
By Elaine R. Alanguilan
The Beacon, the P8-billion residential condominium development of Geo-Estate Development Corp. in the Makati central business district, is enjoying brisk sales with the first of the three towers nearly sold out within a year of its launch.
Francisco Licuanan III, chairman of Geo-Estate, said the company would continue to focus on projects geared toward the middle-income market, the least affected by the slowdown in property sales.
“We will be focusing on middle-income market, which is the largest market and where the good returns are. The middle market is not as speculative or investment-driven market so it is not as affected as the high-end projects,” said Licuanan in a press conference yesterday.
Geo-Estate, incorporated in 2007 mostly by former executives of Ayala Land Inc. led by Licuanan, is developing projects in Metro Manila and its environs. It is developing The Beacon in partnership with the RCBC Group, which owns the property, and EEI Corp., which is the project contractor.
“Like in Ayala Land, people can expect from us the same attention to customer needs and details as well as post-purchase service,” said Licuanan.
The Beacon is a three-tower residential condominium project being constructed at the corner of Don Chino Roces Avenue (formerly Pasong Tamo) and Arnaiz Avenue (formerly Pasay Road) in Makati.
Geo-Estate is now focusing sales of units in Arnaiz Tower (Phase 2) after the near sellout of Roces Tower (Phase 1) units.
The company said it sold over 1,000 residential units (98 percent) of Roces Tower despite economic concerns and its relative inexperience. Structural works on the 44-story Roces Tower have now reached the 42nd floor.
Roces Tower offers studio, two-bedroom and loft units while Arnaiz Tower has studio units which can be combined to form one, two- or three-bedroom units.
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