Property development in the Philippines for the new year is already in a strong position, bolstered by demand for middle-income housing.
On Wednesday, Ayala Land Inc., one of the Philippines biggest developers, launched a new low-rise residential and retail project in Tagaytay, while Eton Properties Philippines Inc. announced plans to develop nine projects in the island nation.
The PHP1.5-billion (US$34-million) Ayala development, “Kasa Luntian,” will include six 5- to 7-storey residential buildings on 3.8 hectares. The 343 units will be marketed to middle-income families in a popular tourist destination and be developed by the Alveo Land unit of Ayala. Units will be offered between PHP4.3 million (US$78,000) and PHP15.1 million (US$342,000).
“Entering Tagaytay with our pioneering endeavor Kasa Luntian is a groundbreaking venture for us. And we aim to bank on the city’s continuous development without losing the genuine Tagaytay experience that has made the city of the leading leisure destinations in the country,” said JennylleTupaz, ALveo Land head of project development said.
Tupaz said the company has already sold 155 units during an exclusive, early offering. Due to the strong sales, Tupaz said the company plans to launch remaining units by February 2012. The company expects to generate PHP2.5 billion (US$57 million) in sales from the phase one of the project.
To maintain an eco-friendly environment, Tupaz said 80 per cent of the project will be dedicated for open space and other amenities, including gardens, gazebos, walkways and orchards. There will also be 1,500 square meters of retail and dining.
Eton is also developing diversified properties, including office space, retail, and residential. The company is looking at four business process outsourcing (BPO) buildings, two in Eton Centris in Quezon City. By late next year, Eton is targeting to start its second residential tower in Centris. The company is already set to start construction for the second tower of First Home Makati in Makati.
By late next year, Eton is targeting to start its second residential tower in Centris.
“Eton develops an average of nine new projects every year. We think we can sustain that number. In fact, we have even identified most of the nine,” said Danilo Ignacio, Eton president.
He said Eton will hit at least PHP800 million (US$18 million) in profit for the year, though Eton may report better figures at the end of the year. “The P800 million is easily achieved since we were already at P600 million as of end-September,” he said.
Last year, Eton reported a PHP732 million (US$16.6 million) profit.
Ignacio said the prospect of the property market in the Philippine remains strong against the backdrop of demand from the middle-income market for the residential segment, the same market fueling Ayala’s development.
by Property Report Asia
On Wednesday, Ayala Land Inc., one of the Philippines biggest developers, launched a new low-rise residential and retail project in Tagaytay, while Eton Properties Philippines Inc. announced plans to develop nine projects in the island nation.
The PHP1.5-billion (US$34-million) Ayala development, “Kasa Luntian,” will include six 5- to 7-storey residential buildings on 3.8 hectares. The 343 units will be marketed to middle-income families in a popular tourist destination and be developed by the Alveo Land unit of Ayala. Units will be offered between PHP4.3 million (US$78,000) and PHP15.1 million (US$342,000).
“Entering Tagaytay with our pioneering endeavor Kasa Luntian is a groundbreaking venture for us. And we aim to bank on the city’s continuous development without losing the genuine Tagaytay experience that has made the city of the leading leisure destinations in the country,” said JennylleTupaz, ALveo Land head of project development said.
Tupaz said the company has already sold 155 units during an exclusive, early offering. Due to the strong sales, Tupaz said the company plans to launch remaining units by February 2012. The company expects to generate PHP2.5 billion (US$57 million) in sales from the phase one of the project.
To maintain an eco-friendly environment, Tupaz said 80 per cent of the project will be dedicated for open space and other amenities, including gardens, gazebos, walkways and orchards. There will also be 1,500 square meters of retail and dining.
Eton is also developing diversified properties, including office space, retail, and residential. The company is looking at four business process outsourcing (BPO) buildings, two in Eton Centris in Quezon City. By late next year, Eton is targeting to start its second residential tower in Centris. The company is already set to start construction for the second tower of First Home Makati in Makati.
By late next year, Eton is targeting to start its second residential tower in Centris.
“Eton develops an average of nine new projects every year. We think we can sustain that number. In fact, we have even identified most of the nine,” said Danilo Ignacio, Eton president.
He said Eton will hit at least PHP800 million (US$18 million) in profit for the year, though Eton may report better figures at the end of the year. “The P800 million is easily achieved since we were already at P600 million as of end-September,” he said.
Last year, Eton reported a PHP732 million (US$16.6 million) profit.
Ignacio said the prospect of the property market in the Philippine remains strong against the backdrop of demand from the middle-income market for the residential segment, the same market fueling Ayala’s development.
by Property Report Asia
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