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Robinsons Land eyes P3-B sales from condo

Posted on September 06, 2011 09:13:47 PM [ BusinessWorld Online ]

ROBINSONS LAND Corp. expects to make P3 billion in sales from its latest luxury condominium development in Mandaluyong City, noting brisk take-up of units from the project’s first phase.

The Gokongwei-led developer said the second phase of its Sonata Place project, a 42-storey high-rise development dubbed The Allegro, should be finished by 2016.

The new project will feature two residential towers to be constructed on a 3,800-square meter land area. It will feature 408 units.

The towers shall be built on a three-storey retail space.

One-bedroom units, ranging from 42.55 to 64.96 square meters, will cost between P5 million and 8 million each, while two-bedroom units measuring 114.29 to 119.12 square meters will cost between P15 million and P16 million. A three-bedroom unit sized at 149 to 169.64 square meters, on the other hand, will cost P20 million to 23 million.

Officials declined to specify the project cost.

“We expect sales to be consistently high toward the end of the year,” said Henry L. Yap, Robinsons Land office buildings division general manager and vice-president for design and planning at the project’s launch yesterday.

Already, sales of Sonata Private Residences units, which form phase one of the Sonata Place project, have been brisk, Mr. Yap said.

Units in The Sonata Private Residences’ first tower, launched in 2008, are nearly sold-out and are expected to be transferred to its new owners by the end of the year, Mr. Yap said. The second tower under this first phase is also on track for completion by the third quarter next year.

The entire Sonata Place development sits on a 10,509-square meter lot along San Miguel Ave.

Robinsons Land’s net income for the nine months ending in June this year rose by 18% to P3.048 billion from year-ago levels.

Robinsons Land is the property residential arm of listed JG Summit Holdings, Inc. It is also into shopping malls, hotels and office space leasing. Robinsons Land shares sank by 1.12% to P12.40 yesterday. -- FJGDLF

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