BY DWIGHT SARGA
[ Malaya.com.ph ] January 29,. 2010
Seeing Roxas Boulevard become a "mini Las Vegas" in four to five years, developer Landmark Communities Inc. is positioning itself early with its Mandara Waterfront Residences condominium project.
Celedonio Pile Jr., Landmark Communities president, said that they are spending P1.1 billion to P1.2 billion in the construction of the low-rise by-the bay Mandara Waterfront Residences.
Pile said they decided to make it a low-rise project because they wanted to be unique and exclusive, given that almost all of their competitors are expected to build high-rise mass housing condominium units.
It is a 12 building project offering 216 units in a 1.4 hectare of land at Asiaworld City, Barangay Don Galo, Paranaque City where the Manila Bay could be seen. Ten of the buildings are three to four storeys, offering three to four units; while the remaining two are 12-storey buildings.
The first 10 buildings cost P60 to P70 million each.
Pile said 60 percent of the first building is already finished and it is expected to be completed in March. The construction of the first building started last year. He said that they would complete the whole project within four years.
Pile said the units range from 72 square meters to 138 sqm with prices ranging from P5.8million to P15 million.
The property notes that it is near international airports, malls, renowned schools, business establishment and other commercial hubs.
Landmark Communites said they are targeting businessmen, pilots, doctor and other well-to do.
Pile explained that making an investment in the 600 hectare Roxas Boulevard or Bay Area is a must now because it is expected to become a main entertainment and business district within four to five years.
Given this situation, tourism and demand for condominium units would rise, making Mandara Residences part of the expected boom, Pile said.
He said that more than 5.2 million tourist would come in the Bay Area once it is fully developed.
Pile gave this forecast due to the development of Bagong Nayong Pilipino of the Philippine Amusement and Gaming Corporation or Pagcor City, a 54 hectare gaming and hotel development project; the rise of the SM Mall of Asia and expected development of five to eight four to five star hotels, restaurants and other establishments in the area.
Pile said that Benjamin Sison, president of Silver Swan Manufacturing Co. Inc, and Landmark Communities chairman Jonathan Lim has about 70 percent share in the project.
Excore Inc., a professional planning and management company with a property research arm, has about 30 percent share.
The property where the project is being built was formerly owned by the Philippine Veterans Bank.
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