[ manilastandardtoday.com ]
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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