Posted on 06:52 PM, October 15, 2010 [ BusinessWorld Online ]
Gokongwei-led Robinsons Land Corp. has launched a two-tower residential project at Ortigas Center in Pasig to capture the market for "young career professionals."
The Pearl Place will be the fourth residential project of the listed property developer in the Ortigas central business district. "The Pearl Place appeals mostly to young career professionals and businessmen who prefer to be independent and have their own space," Rouen Abel V. Raz, vice-president for sales and marketing at unit Robinsons Communities, said in a statement.
The residential project will have two 40-storey towers with a multi-level podium. The two towers will have 1,502 residential condominium units worth P66,000 per square meter (sq. m.). A total of 1,176 units will be 24 sq. m. studio units worth P1.58 million each. There will also be 226 one-bedroom units and 100 two-bedroom units.
The ground floor will have 800 sq. m. of commercial space for lease to small restaurants and fast food chains, convenience stores, and laundry shops.
The Pearl Place will rise on a 3,000-sq.-m. lot on Pearl Drive beside the University of Asia and the Pacific. The project is expected to be completed in 2014.
Robinsons Land operates under four brands -- Robinsons Luxuria for the high-end market, Robinsons Residences for condominiums in business districts, Robinsons Communities for the middle-income segment, and Robinsons Homes for house-and-lot developments in the provinces.
Previous residential projects of the property developer in Ortigas Center include the 45-storey East of Galleria and the 33-storey Galleria Regency.
Shares in listed Robinsons Land, whose profits grew by 11% in the first half to P2.59 billion due to mall expansion, fell by 0.95% or P0.16 to close at P16.54 each on Friday. -- N. J. C. Morales
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