By Zinnia B. Dela Peña (The Philippine Star) Updated April 14, 2010 12:00 AM
MANILA, Philippines - Robinsons Land Corp. (RLC), the property development arm of the Gokongwei family, has sold already half of the first of four planned residential towers of The Magnolia Place, a modern complex to rise in the upscale New Manila neighborhood.
In a press briefing yesterday, RLC assistant vice president Trina B. Cipriano said 50 percent of the 420 units of the first tower that will be constructed before the end of the year had already been sold, pointing out that sales have been brisk since the start of the year.
“Magnolia has been a consistent sales contributor to the group. The demand is really strong,” Cipriano said.
Magnolia Residences forms part of the P10-billion Magnolia Town Square, a self-contained, fully integrated community that will rise on a five-hectare property bounded by Aurora Blvd., Doña Hemady and N. Domingo. Two hectares are being dedicated for the residential component which will offer a total of 1,500 units.
The first tower, which will have 38 storys, is slated for completion on June 2014, Cipriano said.
She said the retail component comprising of a shopping mall, restaurants and specialty shops will be completed in early 2012.
A one-bedroom unit sells at between P2.9 million to P3.7 million while a two-bedroom unit is priced at P4.6 million to P6.4 million. Executive two-bedroom units sell at P6.3 million to P8.58 million while the three-bedroom units sell at P9.76 million to P11.76 million.
According to Cipriano, the company is offering a new payment scheme that will allow home buyers to reduce repayment burden in the initial years through equated monthly installments. This, in turn, helps in increasing the loan eligibility of the applicant.
Under the step-up scheme, buyers will be required to make a 60 percent downpayment with the balance of 40 percent to be paid over 52 months. The lower payment scheme is made possible because of the step-up facility where the monthly payouts increase during the later part of the loan tenure.
When completed, the whole community development will be filled with all sorts of indoor and outdoor amenities and facilities, among which are swimming pools for children and adults, game rooms, multi-purpose rooms, a Zen garden, a library, a fitness center, and children’s indoor and outdoor playgrounds.
Cipriano said the construction of the second tower will depend on the sales take-up of the first tower and prevailing market conditions.
She added that the project is strategically located and easily accessible to various transport services including the Light Railway Transit 2, as well as various schools and hospitals.
RLC has commissioned master-planner RTKL to draft conceptual drawings for the commercial complex and Asya Design Partners to draft designs for the residential component.
The Magnolia Town Square is RLC’s sixth mixed-use development after Robinsons Galleria in Ortigas, Robinsons Otis and Robinsons Ermita in Manila, Forum Robinsons Mandaluyong and Woodsville City in Parañaque.
RLC is the real estate unit of JG Summit Holdings Inc., one of the country’s largest conglomerates with diverse interests in branded consumer foods, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation and financial services.
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