Saturday, September 19, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
Listed property developer Sta. Lucia Land, Inc. launched on Friday its first "condotel" project in Metro Manila.
The P500-million project, dubbed the La Breza Tower, will rise on Mother Ignacia Street in Quezon City and is expected to be completed two years from now.
"La Breza is the company’s response to the rising demand for upmarket real estate in the city and to the influx of tourists visiting the area," the company said.
The 22-story development will feature furnished "condotels" and will offer units ranging from a 35-square-meter (sq. m.) studio unit to a 231-sq. m., three-bedroom unit. Prices will start at P70,000 per sq. m.
Aside from selling to families who want to have their own homes, Sta. Lucia said La Breza would serve as a hub for executives, businessmen and professionals. The project will have a business center that will include function rooms, meeting rooms, and conference rooms.
"Sta. Lucia’s latest project is a landmark development as it is the first condotel of its kind to rise in Quezon City. La Breza is a wise investment [because] owners can get their condotel units leased out on a time-share basis which gives them a source of revenue," Sta. Lucia Corporate Marketing Director Michelle Robles said.
The property developer’s portfolio consists of horizontal and vertical properties across the country, as well as a shopping mall in Cainta, Rizal.
Shares in the company jumped by 11.25% or P0.09 to close at P0.89 apiece on Friday.
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