Posted on March 08, 2011 09:54:09 PM [ BusinessWorld Online ]
PROPERTY developers Robinsons Land Corp. and Federal Land, Inc. of the Metrobank Group have entered a partnership for the first time to put up two residential towers in Mandaluyong.
Under the deal, Gokongwei-led Robinsons Land will develop and sell a 21,000-square-meter (sq. m.) property of unlisted Federal Land.
The two-tower Axis Residences will be on Pioneer Street in Mandaluyong, the listed real estate firm said in a statement yesterday.
Robinsons Land pointed to its “established expertise and reputation in the Pioneer area with its mixed-use Cybergate Complex.”
The 42-storey Tower 1, which will have three podium levels for parking, will have “all-deluxe” units.
“We will have 916 units for Tower 1 with about 25 units per floor,” Rouen Abel V. Raz, vice-president for sales and marketing for brand Robinsons Communities, said in a mobile phone “text” message yesterday.
“The start of construction is March 2012 and turnover date is March 2016. We have decided to turn over the project in 2016 to allow easy amortization payments,” Mr. Raz added.
The 23-27 sq. m. deluxe units will be sold at P1.9 million-P2.2 million per unit or P85,000 per sq. m., Robinsons Land said.
Monthly amortization payment for the down payment was estimated at around P10,000 per sq. m.
“Axis Residences is primarily designed to cater to middle-income end-users, specifically to young professionals and start-up families,” Mr. Raz said in the statement.
“It is an ideal development for those who have high consideration for mobility and for those in search of dwelling units that strike a balance between quality and affordability,” Mr. Raz added.
Amenities in Axis Residences will include commercial spaces, a main lobby, parking slots on the ground floor, recreational facilities at the fifth floor, a 25-meter lap pool with pool deck, function rooms, a fitness center and gym, a children’s playground, a multi-purpose covered court, a pavilion, a landscaped garden, and a karaoke and game room.
“The main benefit of living in Axis Residences is its advantageous location,” Mr. Raz said, adding that the project would be located near the Robinsons Cybergate complex, Robinsons Forum Mall, and the Robinsons Gateway residential project.
Gokongwei-led Robinsons Land has allotted a record P30 billion in capital spending in the next two fiscal years. To finance expansion, the property giant will conduct a P13-billion, two-for-one stock rights offering in April.
Robinsons Land, the property arm of listed JG Summit Holdings, Inc., is into shopping malls, hotels, and office space leasing.
Federal Land started as Federal Homes, Inc. in 1972, launching the Soler Tower as its first residential condominium project catering to the Chinese-Filipino community in Binondo, Manila.
The property firm of the Metrobank Group launched eight residential projects last year, four in 2009, five in 2008, and four in 2007.
Shares in the listed property developer -- whose profits surged by almost 25% to P1.016 billion in the first quarter of its fiscal year that will end in September -- closed P0.06 lower at P12.80 each yesterday. -- Neil Jerome C. Morales
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