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Robinsons Land unit claims ‘high’ take-up

Posted on 09:21 PM, May 04, 2010 [ BusinessWorld Online ]

ROBINSONS Communities, the middle market unit of Gokongwei-led property developer Robinsons Land Corp., has so far sold almost 90% of all units available in a Quezon City project.
Given the high take-up for the first three towers of the firm’s Escalades at 20th Avenue project, “preselling” for the fourth tower might start before the end of the first half, executives said yesterday.
“Of the three towers that have 120 units each, there are less than 50 units unsold,” Rouen Abel V. Raz, vice-president for sales and marketing of Robinsons Communities, said in a press briefing.
“As soon as a month or two, we will open the fourth tower for preselling,” Mr. Raz said.
Preselling for the first batch of towers began two years ago, officials said.
At the average price of P1.8 million per unit, Mr. Raz said the company have already sold about 310 units worth P558 million.
Christopher G. Narciso, vice-president for operations and special projects of Robinsons Communities, said in an interview the delivery for the first of three towers under construction is scheduled next year.
“[Turnover for] Tower 1 is in August 2011 and the Tower 3 will be November next year,” Mr. Narciso added.
The 22.4-square-meter (sq. m.) studio units are sold at an average price of P1.219 million, the 32-sq. m. one-bedroom unit for P1.234 million, and the 49.5-sq. m. two-bedroom unit for P2.49 million.
Robinsons Land operates under four brands -- Robinsons Luxuria for the high-end market, Robinsons Residences for condominiums in central business districts, Robinsons Homes for house-and-lot developments in the provinces, and Robinsons Communities.
In March, Robinsons Communities launched the eight-tower mid-rise project Escalades South Metro that will be located in Parañaque. It is the eighth project of Robinsons Communities.
The unit has already completed projects like WoodsVille Mansions in Parañaque, The Wellington Courtyard in Tagaytay, Gateway Garden Ridge in Mandaluyong, Bloomfields in Davao and Tagaytay, and Blue Coast Residences in Cebu.
Shares in Robinsons Land, which recorded a 10% rise in net income to P3.27 billion last year, were unchanged yesterday at P15.25 each. -- Neil Jerome C. Morales
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