MANILA, Philippines - Coming off a banner year, AMA Group’s property unit Picar Development Inc. is eyeing P5 billion in sales this year, or more double from what it reported in 2012, on the strength of the residential segment of the market.
Danilo B. Jugno, general manager of Picar Development, said the company remains bullish on the property sector given steady inflows from Filipinos living overseas, a low interest rate environment and robust consumer spending.
Jugno said Picar registered record sales of P2.1 billion last year on strong demand for its exclusive residential subdivision project in Gen. Trias Cavite, the Ara Vista Village.
Ara Vista sold 70 percent of its Phase 2, which was launched last May, generating a total P1.5 billion in sales. The community is completely WiFi connected, making it the first telepolis in the country.
Jugno said the uniqueness of the company’s products likewise boosted the strong 2012 financial results.
Given the success of Phases 1 and 2, the company will start pre-selling this month Phase 5 of the project, comprising 592 two-story detached homes.
Picar is also set to launch in the middle of the year the AMA Tower, a 35-story residential and commercial development located along EDSA, Ortigas.
Another AMA Tower wll rise on Panay Avenue in Quezon City. it will be a 34-story mixed-use condominium masterplanned for career-driven city dwellers.
By yearend, Picar will launch its first ever five-star Movenpick Hotel in Makati City. A partnership with Swiss hotel chain Movenpick Hotels and Residences, the project will house 305 European contemporary-designed hotel rooms and 320 residential apartments.
The Movenpick Hotel forms part of the company’s township project dubbed Picar Place on Kalayaan Ave.
Also to rise within Picar Place is the 74-story Stratford Residences, which is touted to become the tallest skyscraper in Makati. The project will make available a total of 1,124 units priced at P3.2 million to P20 million each.
Slated for groundbreaking in the middle of the year is the P1.3 billion Chelsea Residences in Alabang. The 32-story residential condominium will offer 696 units with sales value estimated at between P2.2 billion and P2.6 billion.
The AMA Group, led by Amb. Amable Aguiluz V, acknowledged as the pioneer of IT education in the country, is embarking on a P60 billion expansion program over the next 10 years to develop high-rise residential projects, five-star hotels, offices, retail establishments and master-planned communities.