Posted on 09:15 PM, November 04, 2010 [ BusinessWorld Online ]
THE FAIRMONT Makati Hotel and Raffles Suites and Residences Makati, two high-end real estate projects of Dubai-based Kingdom Hotel Investments and Ayala Land, Inc., have so far yielded brisk sales.
A $152-million complex housing the two brands is expected to be completed late next year, an executive said.
“Sales have been great. We launched it 18 months ago and have sold $40 million in one day,” Brad Berry, vice-president for real estate sales at Kingdom Hotel Investments, told reporters late on Wednesday.
“Right now, 70% of the project is sold,” he added.
The luxury project is composed of Raffles Residences that will have 237 units, Fairmont Hotel that will have 279 rooms, and Raffles Hotel that will have 30 rooms.
The complex’s first to eighth floors will be occupied by the four-star Fairmont Hotels, while the ninth and 10th floors will house the six-star Raffles Hotel.
“We are [aiming to complete the project] in the fourth quarter of 2011,” Mr. Berry said.
“Now we [are receiving orders] from end-users. Before, investors were our buyers,” Mr. Berry added.
In July, Raffles Residences sold a 404-square-meter penthouse for P104 million, the most expensive deal of its kind in the country, he said.
Mr. Berry said 80% of the buyers were local residents and 20% were expatriates.
The hotel and residential complex is being built at the corner of Makati and Arnaiz Avenues, across Greenbelt Mall.
“There is a lot of potential to grow the brand in Asia. Now we are fully focused on finishing this project,” Mr. Berry said. -- N. J. C. Morales