(The Philippine Star) Updated January 29, 2010 12:00 AM
MANILA, Philippines - Property developer Landmark Communities Inc. is building a P1-billion residential condominium building along Roxas Boulevard in Manila to take advantage of the expected residential boom in the country’s next business and entertainment hub.
Landmark Communities is a joint venture among businessmen Jonathan Lim, maker of Sanicare tissue, Silver Swan owner Benjamin Sison and Celedonio Pile Jr.
Pile, president and chief executive officer of Landmark Communities, said the project, dubbed Mandara Waterfront Residences, will comprise 12 buildings, offering a total of 216 units priced at between P5.8 million and P15 million. It will rise on a 1.4-hectare property at Asiaworld City, Parañaque and will be the metro’s first oceanfront residential community.
The first 10 buildings will have three or four storeys while the last two will have 12 floors. Each building will have only 12 units. The first building is slated for completion in March this year while the second building is now being marketed.
Unit sizes range from 72 square meters to 138 square meters, Pile said.
Pile said the company may spend up to P1.1 billion to develop the project within a four-year period.
He said Roxas Boulevard is poised to regain its old glory a choice as entertainment and business destination with the development of Pagcor City, a 54-hectare masterplanned gaming and hotel complex which is envisioned to put the Philippines on the map as the next Macau of Asia.
He added that demand for residential developments in the area are expected to shoot up once developments take place, pointing out that in the last two years alone, around 2,000 units along Roxas Boulevard, averaging 100 units per month, had already been sold. – Zinnia dela Peña
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