Biz Buzz: ‘At Your Own Risk’

Superpremium Condo Boom – new high-end condominium project set to be launched to cater the demand for premium residential units.

Believe it or not, high-end condominium units are in short supply in Metro Manila. And when we say “high end,” we don’t just mean “expensive.” We’re talking about ultra expensive condominium units whose price tags start at nine digits.

The two main drivers for this demand, we’re told, is the large number of expatriate executives who are coming to the Philippines to tend to their multinational operations investments (available Forbes and Dasma residences are in short supply, of course) as well as foreigners who are investing in these properties themselves (we’re talking about money from China, mainly).

The good news, however, is that another high-end condominium project is set to be launched to cater to this seemingly insatiable demand for premium residential units. And the names behind it are premium brands as well.

Biz Buzz learned that Shang Properties Inc.—the local property firm of Malaysian billionaire Robert Kuok— has recently entered into a joint-venture agreement with Robinsons Land Corp. of the Gokongweis for the new project in Bonifacio Global City in Taguig.

 

The upscale development will be called Aurelia Residences and will be located adjacent to the current Robinsons Land project near the Manila American Cemetery (probably the quietest and least busy section of BGC nowadays). Basically, Robinsons Land will chip in its real estate into the joint-venture deal and Shang Properties will build and run the condo.

It will break ground later this year and if the track record of Shang Properties with its Horizon Homes in Shangri-La at the Fort is any indication, the project will be completely sold out within weeks. Note, of course, that all 95 units at Horizon Homes now go for an average of P625,000 a square meter. That’s the price for luxuriously furnished units as opposed to around P540,000 a sqm for their bare condos. At the average size of 320 sqm, the Horizon Homes units were fully scooped up by buyers for around P200 million apiece.

Naturally, expect the premium units of the Shang-Robinsons joint venture to be in this region, too. Or more. And don’t be surprised if they’re sold out as well, with all the money going around nowadays.

Article by DAXIM L. LUCAS, published at: Philippine Daily Inquirer

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