RLC kicks off 2024 residential launches with Cubao condo

MANILA, Philippines — Gokongwei-led Robinsons Land Corp. (RLC) is kicking off its new residential project pipeline for 2024 on a high note with the launch of its latest property, Mira Residences, in Quezon City.

Mira is a four-tower Nordic-inspired development by RLC Residences in a 9,583-square meter property in Cubao.

The project has a gross floor area of 155,517 sqm with 2,150 residential units and 643 parking spaces for future homeowners upon completion.

“Mira being our first launch for the year is the most solid indicator we can give that we continue to be confident in the residential market,” RLC Residences senior vice president and business unit general manager John Richard Sotelo told The STAR in an interview.

“In the past couple of months, maybe the past six months based on the last report by Colliers, the residential market is still growing. But if you look at the segments, upscale and premium are still growing fast. The mid-range market is still growing but not as fast. And as expected, the mid-range market is the one that’s hit mostly by the fact that we have high interest rates. So that trend is continuing but there is a lot more confidence in the economy now. Confidence is getting better in that sense,” he said.

As such, Sotelo said RLC expects Mira to do well.

Construction of the first tower in Mira Residences, which has a total of 539 units, is eyed for completion by the fourth quarter of 2030.

“We’ll probably launch the second tower of Mira by the second quarter next near. If the pickup is very fast, we might launch it even earlier. So it depends,” Sotelo said.

“We have other projects upcoming. I can’t disclose details, but for now we’re fully focused on Mira and confident that’s it’s going to be a good start to our series of launches for the rest of the year,” he said.

Mira Residences is intended to be a family-centric development that o?ers a wide range of features tailored to meet the needs of modern millennial family builders.

RLC said the development o?ers reasonably-priced units which makes it an ideal investment option for families seeking a comfortable and secure living environment.

It offers studio, one- and two-bedroom units with balcony options, ranging from 26.5 sqm. to 78 sqm. living spaces.

“As of today we have designed the four towers of Mira to be almost exactly the same in terms of unit count for example, with some little changes because of the orientation of the building,” Sotelo said.

“But what we normally do is based on the sales velocity and turn out of the current tower and based on feedback from customers, we sometimes adjust,” he said.

RLC’s residential division has 90 residential condominium projects under the RLC Residences brand and 40 housing subdivisions under the Robinsons Homes brand, of which 100 have been completed and 30 are still ongoing as of end last year.

For its residential division, RLC has several projects in various stages for future development that are scheduled for completion in the next six years.

As a leading diversified real estate firm in the country, RLC holds over 800 hectares of land nationwide and remains open to property acquisition and joint venture opportunities.