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Robinsons condo targets ‘yuppies’

Posted on 09:08 PM, August 31, 2010 [ BusinessWorld Online ]

GOKONGWEI-led property developer Robinsons Land Corp. has launched a P3-billion condominium project at the Ortigas business district, aiming to capture the market of young professionals used to a “metropolitan lifestyle.”

The two-tower The Sapphire is the third residential project of the listed property developer in the Ortigas central business district (CBD).

“The reason why buyers are buying properties outside the Ortigas CBD is because there was an absence of new first-class projects for a long time,” Robinsons Land President Frederick D. Go said during the project launching.

“We are one of the first locators in Ortigas Center. By introducing this new development, we help Ortigas keep pace with other CBDs, making it dynamic with other developments,” Mybelle V. Aragon-Gobio, vice-president for business development of Robinsons Land, said.

Ms. Aragon-Gobio said each tower would have 38 floors and about 400 units each.

[Total sales value] is P1.5 billion per tower,” Ms. Aragon-Gobio said, adding that the first tower would be completed in 2015.

One-bedroom units occupying 30 to 37.3 square meters (sq. m.) will be sold for P2.8 million; 45.5- to 60-sq.-m. two-bedroom units for P4.5 million or higher; and 97-sq.-m. three-bedroom units for P9 million.

The Sapphire falls under the Robinsons Residences brand that builds condominiums in business districts. Robinsons Land operates under four brands -- Robinsons Luxuria for the high-end market, Robinsons Residences, Robinsons Communities for the middle-income segment, and Robinsons Homes for house-and-lot developments in the provinces.

The latest project is located on a 2,500-sq.-m. property bought by the real estate firm from Veterans Bank five months ago.

Early this month, Robinsons Land launched the three-hectare Woodsville Residences in Parañaque. The residential townhouse project can generate a minimum P1.172 billion in sales.

Previous residential projects of the property developer in Ortigas Center are the 45-storey East of Galleria and the 33-storey Galleria Regency.

Shares in the listed Robinsons Land, whose profits grew by 11% in the first half to P2.59 billion due to mall expansion, shed P0.16 to close at P14.10 each yesterday. -- Neil Jerome C. Morales

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