Tuesday, July 28, 2009 | MANILA, PHILIPPINES [ B usinessWorld Online ]
GOKONGWEI-LED Robinsons Land Corp. expects to generate P568 million from the sale of its first "ready-to-receive finish" residential project in Pasig which allows buyers to customize their condominium units.
Robinsons Land wants to sell the 5,255-square-meter (sq.m.) Vimana Verde Residences to children of residents in nearby high-end subdivisions Valle Verde, Wack Wack, Green Meadows, and the Acropolis, who have a combined income of at least P150,000 a month.
"We have conceptualized the project in such a way that we want to target the second generations of the privileged few who want to start their families near where their roots are," Christopher G. Narciso, Robinsons Land’s vice-president for operations, said in a press briefing.
Located on St. Martin Street, the project is only a stone’s throw away from schools like La Salle Greenhills, Poveda, and St. Paul’s Pasig, as well as the Ortigas business district. It will consist of three seven-storey residential condominium buildings with a total of 80 units.
The first building will be turned over in 2011. Unlike other residential projects that offer furnished units, owners of Vimana Verde will get bare units.
"We did a market study of our target market and based from our interviews, 70% to 80% of the buyers of other projects will tear down the fully furnished units and [reconstruct] the place to their own liking," Mr. Narciso said.
Robinsons Land President Frederick Go said buyers would be able to save at least P10,000 per sq.m. by not having to tear down partitions.
Mr. Narciso said Vimana Verde’s price of P70,000 per sq.m. is also P10,000 cheaper compared to nearby residential projects.
The smallest spaces in Vimana Verde are 72-sq.m. two-bedroom units, which will be sold for at least P5.1 million each. The biggest are 155-sq.m. three-bedroom penthouse suites which will be sold for P11 million. The units will have free parking slots.
Robinsons will also launch next month its joint venture project with Security Bank Corp. The one-hectare, 24-storey project will be divided into an office tower and two residential condominiums, with a total of 800 units.
The new project will be more expensive then Vimana Verde and will be sold for P120,000 per sq. m.
Shares in Robinsons Land yesterday gained 2.43% or P0.20 to close at P8.40 apiece. — Kristine Jane R. Liu
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