By Mary Ann LL. Reyes (The Philippine
Star) Updated October 26, 2012 12:00 AM
MANILA, Philippines - One of the
biggest names in horizontal property development in the Southern Tagalog region
is entering the highly competitive Metro Manila scene, beginning with a
P1.5-billion two-tower condominium project, its first vertical development.
Calmar Land Development Corp., founded
in 1989, has so far developed 350 hectares of land into 24 residential
subdivisions occupied by more than 10,000 property owners in Quezon, Laguna and
Batangas.
But Calmar Land president Reynaldo
Calayan Jr. said that the company is adapting to the ever-changing landscape of
the real estate industry, such that from residential subdivisions to township
communities and house-and-lot packages to mixed-use condominiums, Calmar Land has
expanded both in terms of locations and range of product offerings to suit the
evolving requirements of the Filipino market.
Calayan said they believe that there
is no glut in terms of condominium supply in Metro Manila and that for the
company, the metropolis provides a much bigger market for them.
Cidades Park, a two-tower medium rise
condo development, will be built in a 5,000-square meter property at the corner
of Samat and Lopez-Rizal streets, in Mandaluyong City, a block away from Shaw
Boulevard.
The 11-story condominium, sitting atop
one of Mandaluyong’s highest point, will be mixed use, with seven floors of
residential units and the first three floors dedicated to the lobbies and
commercial spaces for retail and service conveniences. There will be a maximum
of only 14 units per floor at both towers for a total of 210 units to assure
privacy and exclusivity.
Company managing director Marybel
Calayan said that there will be no studio units. A one bedroom unit will be
around 51 sq m, a two-bedroom unit 76 to 80 sq m, and a three-bedroom unit 118
sq m, at a price of P88,000 per sq m, thereby catering to the upper middle
segment of the market. Special garden units will range from 61 to 175 sq m.
Cidades will start construction in
mid-2013 and turnover is scheduled in 2015.
She said that their foray into Metro
Manila vertical development will allow Calmar Land to move from being a
regional player to becoming a national player.
Company officials also revealed that
this early, they are now looking at other locations in Metro Manila for their
future projects.
_________________________________________________________
