Posted on October 07, 2013 10:36:48 PM [ BusinessWorld Online ]
GOTIANUN-LED Filinvest Alabang, Inc. hopes to book P6 billion in revenues from a mid-rise residential project under a newly established luxury brand, officials said yesterday.
Josephine Gotianun-Yap, the firm’s president and chief executive officer, said Filinvest Alabang will spend “billions” for Botanika Nature Residences, a 1.55-hectare development within Filinvest City in Alabang, Muntinlupa City.
The property will have three mid-rise towers with 370 units.
“The total sales value of the three towers is around P6 billion,” Ms. Gotianun-Yap said in a briefing in Filinvest City yesterday.
Construction of the first tower, which will have 101 units, will start in June next year while turnover will be on 2017. Price for the property was pegged at P139,000 per square meter (sq.m.), with a standard 125-sq.m. unit costing around P18.2 million, according to Daphne O. Sanchez, the company’s assistant vice-president.
The two other towers are still in the planning stage, Ms. Sanchez said on the sidelines of the briefing.
Botanika Nature Residences will be the maiden project under a newly formed brand called the “Exclusive Collection” catering to the “very high-end market.”
The project puts Filinvest Group, which has long been known as a homebuilder for the middle-income market, in competition for the high-end market with Ayala Land, Inc.; Century Properties Group, Inc.; and Megaworld Corp.
“We feel that, today, it’s time for us to launch a new brand for the top-end of the market,” Ms. Gotianun-Yap said, citing the firm’s 50 years of experience in property development.
Ms. Sanchez said there are other high-end projects in the pipeline for the “Exclusive Collection.” “There are projects that are in the planning stage,” she said.
Filinvest Alabang is the developer of Filinvest City, a 244-hectare master-planned development adjacent to South Luzon Expressway in Alabang. The company is a unit of listed Filinvest Land, Inc. -- C. H. C. Venzon