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Luxury condo firm reports brisk sales

[ ] April 27, 2011
Property developer Century Properties Inc. yesterday said it is enjoying brisk sales for The Milano Residences, which it is building in partnership with international designer Versace through the latter’s home design unit Versace Home.
About 54 percent of the units in the 52-story building had been sold two months from its formal launch in January, Century Properties said.
"The robust sales performance exhibited by Milano is a validation that the Philippines is at an opportune position for investment and anchors Century’s standing as the premier developer of ultra-luxury units," said Robbie R. Antonio, Century Properties managing director.
He said buyers are well-heeled Filipino professionals based in the Philippines.
Despite the global recession in 2009, the Philippine economy and property market have remained resilient, as evidenced by continued demand for both residential and commercial spaces.
The luxury market benefited from this, with many investors and end-users seeking high-quality properties in the most convenient locations, specifically in the Makati central business district area.
Prices of luxury condominiums in Makati are as low as 15 percent of the prices for similar units in Hong Kong or Singapore, said Century Properties.
"The Milano Residences serves as our contribution to elevating the Philippines and Makati as world-class destinations, raising the standards for luxury living and, most importantly, injecting it with a global mindset," Antonio said.
"With The Milano Residences and Century Properties, Versace brings its own unique design and lifestyle to Manila and it further contextualizes the innovative research for high luxury residential projects to diffuse the aesthetic sensibility that so typically characterizes ‘Made in Italy’," said Gian Giacomo Ferraris, Versace chief executive.

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