Wednesday, October 21, 2009 | MANILA, PHILIPPINES [ BusinessWorld Online ]
GOKONGWEI-LED Robinsons Land Corp. has launched the first project under its newly formed brand Luxuria brand, confident that a market for such project still exists with the local economy remaining buoyant.
"There are a lot of buildings already [in Makati City] but the key is to have a unique concept. The buyers of our [latest project] will get more value [for their money and property] because of the signature products [that come along with it]," Robinsons President Frederick D. Go said.
Dubbed as the Signa Designer Residences, the two-tower project features the products of designers Antonio "Budji" Layug, Royal Pineda and Kenneth Cobonpue.
The 30-story upscale project and will have a total of 700 units, ranging from the smallest 40-square-meter (sq. m.) one-bedroom unit to a 90-sq. m. three-bedroom unit. Unit prices are between P4 million to P12 million. Buyers will have to pay up to P1.6 million more if they want to upgrade to a Cobonpue design.
"The project introduces a new concept in the market by being the first and only designer residences in the country. Signa goes beyond traditional residential developments by offering more than just luxury living," the company said.
The project’s total cost is around P4 billion. Signa Designer Residences is Robinsons Land’s second venture with Security Land Corp.
Robinsons Land said Signa Designer Residences is aimed at executives who want to live near their place of work. The upscale development will rise at the corner of Valero and Rufino Streets in Salcedo Village, Makati.
The listed property company will start the construction of the first tower next year and expects to complete it by 2015. The second tower is expected to be completed by 2016. Robinsons Land started pre-selling the project last Monday.
Robinsons Land recently raised P10 billion from fixed-rate bonds, with proceeds to be used for capital expenditures.
Profits of the company from April to June stood at P720 million, up from the P657.8 million in the same period last year. This was mainly due to the growth in mall operations, residential and office businesses, as well as the property firm’s hotel division.
Aside from Signa Residences , Robinsons Land’s newest projects include the East of Galleria, Gateway Garden Heights and Woodsville Viverde.
Shares in the property developer slipped by 2.08% or P0.25 to P11.75 apiece. — K. J. R. Liu
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