Posted on
December 19, 2012 08:44:32 PM [ BusinessWorld Online ]
DEVELOPER
Ortigas & Co. expects to earn over P5 billion from sales of The Royalton,
its first condominium in Capitol Commons, a mixed-use complex at the corner of
Shaw Boulevard and Meralco Avenue in Pasig City that is also seen to include a
luxury mall opening in two years, a company official of the company said last
week.
“We hope to
make about P5 billion-plus in total sales for The Royalton alone. In our
Capitol Commons master plan, we have five towers in one block, and The
Royalton’s the first. We expect roughly P25-30 billion in sales for the entire
block over a span of 10 years of selling and development,” Joselito F. Santos,
Ortigas real estate division general manager, said on the sidelines of the The
Royalton Private Investors’ Night in Capitol Commons, Pasig City on Thursday
last week.
The Royalton,
a 61-floor upscale condominium tower, will have 422 units in 33.4-square-meter
(sq.-m.) to 46.6-sq.-m. studio, 59.7-sq.-m. to 99.4-sq.-m. one-bedroom,
86.9-sq.-m. to 133-sq.-m. two-bedroom configurations, as well as penthouse
units measuring as big as 190.5 sq. m., an Ortigas statement on Thursday last
week read.
The Royalton
will also feature a retail level as well as basement and podium parking for 446
vehicles. Amenities will include a fitness center, swimming pool, conference
room, and lounge.
“We hope to
be able to fully sell the condominium in a year, by end-2013. Our buyers will
be young people who want to enjoy the lifestyle of condominium living -- some
will even be financed by their parents -- but a lot will also be investors,”
Mr. Santos said.
Asked for The
Royalton units’ price range, Mr. Santos said: “Our selling pries are very
competitive, they are below the selling prices of our competition in the area.”
In December
last year, Ortigas unveiled Capitol Commons, a 10-hectare mixed-use development
that the company is currently building on the site of the former Rizal
Provincial Capitol for an estimated cost of P25 billion.
Aside from
The Royalton, structures at Capitol Commons will include Estancia, a luxury
shopping mall, and a new Unimart supermarket that will have 12,000 sq. m. of
leasable space.
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