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Picar allots P1.6b for Alabang project

By Jenniffer B. Austria | Posted on August 18, 2012 | 12:01am |
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Picar Development Inc., the real estate arm of the AMA Group of Companies, is investing P1.6 billion for the development of a residential condominium project in Alabang, Muntinlupa City.

The company said the project called Chelsea Residences would have 696 units and be priced at P75,000 per square meter.

“Given that Alabang is known for having the highest ratio of open spaces to developed land, Picar Development ventured in bringing a project that will complement its laid-back environs,” Picar general manager Danilo Jugno said.

Jugno said the company had sold 70 units of the project during the soft launching on Wednesday. Picar hopes to generate P2.2 billion in revenues from the project.

Construction of the 32-story Chelsea Residences will start next year and units will be ready for turnover to buyers by 2016. Unit buyers will have a choice of standard room or with balcony or garden.

Jugno is confident the project would be well-received by the market because of its accessibility to the Skyway along South Luzon Expressway.

Picar is targetting start-up families as well as young entrepreneurs as buyers.

The company earlier announced plans to spend over P60 billion in various real estate projects over a period of 10 years. Projects in the pipeline include condominiums, five-star hotels, office, commercial establishments and mixed-use communities.

It said of the programmed capital spending, P11 billion was allotted for the Picar Place, a mixed-use complex located along Kalayaan Avenue in Makati City.

Picar Place is a 1.5-hectare property that will contain the 74- story residential condominium called Stratford Residences and Movenpick Hotel, a five-star hotel with 350 rooms.

The company opened the Buddah Bar at Picar Place in June. Buddah Bar is a high-end lounge and restaurant chain that started in Paris. This is the first Buddah Bar in Asia and is considered the biggest in the world.

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