MANILA, Philippines - Urban property developer Ortigas & Co. unveiled yesterday its second residential condominium project at its 10-hectare mixed-use complex Capitol Commons in Pasig City, which is expected to generate P8 billion in sales.
In a briefing, Ortigas & Co. real estate division general manager Joey Santos said the 63-story Imperium will be the most luxurious of the five residential towers to be constructed in the P25 billion mixed-use development.
The new residential project, which requires an investment of about P4 billion, will bring to the market a total of 226 units upon completion in January 2019. It will offer only four units per floor to ensure maximum privacy for its residents.
Santos said the regular two bedroom units with an average size of 101-115 square meters will sell for P17-P19 million each, two-bedroom suites (127 to 129 sqm) for P20-P23 million, three-bedroom units (154-158 sqm) for P25-28 million, and three-bedroom suites (203-207 sqm) for P33-P37 million. Prices are inclusive of parking, which costs around P1 million each slot.
The launch of Imperium follows the brisk take-up of the first tower, Royalton.
The retail component of the project which includes the upscale shopping mall, Estancia, is expected to open its doors to the public in the third quarter or end December this year. About 20,000 square meters of the building will be reserved for office space.
Santos said the launch of the new tower also reflects the company’s confidence in the local property sector, particularly in the high-end segment where there is a rising demand and a limited supply.
Citing a report by CB Richard Ellis, Santos noted that luxury projects only comprise less than one percent of the total residential condominium inventory.
“There is pent-up demand in this sector and it has been driving multiple product launches in the past years. We will take our share of that,†he said.
Santos said the company is considering borrowing P6 billion from local banks to fund its ongoing expansion program, which entails an investment of about P15 billion.
For this year alone, however, Ortigas & Co. is seen to spend only P1.5 billion.
Among its ongoing projects include the 12-hectare township Circulo Verde in Bagumbayan, Quezon City; the expansion of the Greenhills shopping center and Tiendesitas.