AMA group earmarks P60B for property projects
MANILA, Philippines—The AMA Group of Companies is investing P60 billion over the next 10 year in various property developments across the country, including flagship project Picar Place in Makati.
AMA group’s property unit Picar Development Inc., a newcomer in the highly competitive real estate business, seeks to make its mark with distinctive projects—such as a 74-story tower in Makati, which is envisioned to become the country’s tallest skyscraper, and the Philippines’ first “telepolis” (completely Wifi-enabled township), which will be built in Cavite, company officials said.
The planned P60-billion investments will involve a portfolio of 10 to 15 real estate projects that will use Picar’s landbank of about 63 hectares of land in various parts of the country.
“Picar has always been guided by a virtue to shape lives through mixed-use and integrated living and leisure concepts where people with dynamic lifestyles can live in comfort,” Picar chairman Amable Aguiluz said in a statement.
The flagship development of Picar, which was established in 2007, will rise on a 1.5-hectare property along Kalayaan Avenue in Makati. The P11-billion Picar Place project will include the three-tower The Stratford Residences, which will have 74 floors each.
“The Stratford Residences is a new-generation, three-tower skyscraper in Makati City that revolutionizes the idea of urban living with smart and superior luxury qualities,” Picar general manager Danilo Jugno said.
The new residential project will bring to the market 1,124 additional residential units. The units will be turned over to buyers by the end of 2015 or in early 2016, Jugno said in a briefing.
Prices range from an average of P3.2 million for the 27- to 24-square-meter studio units to about P20 million for the three-bedroom units with floor areas of 164-183 sqm, said Picar senior assistant vice president Stephen Reyes. The penthouse loft has bigger units ranging from 200 to 480 square meters.
Picar is expected to invest about P3.7 billion in Stratford alone. Also rising in this Makati hub soon is Movenpick Hotel, which will have 350 rooms on 26 floors of the second Stratford tower.
Stratford caters to the middle to upper-income market segments.
The first project to be completed in Picar Place is the P500-million Buddha Bar-Manila, the biggest establishment of the high-end bar and fine-dining restaurant chain that originated in Paris.
In Alabang, Picar has invested in a mid-range residential and commercial condominium development called Chelsea. The 32-story condominium will rise on a 1,408-sqm land in Alabang.
Picar has also established its footprint in south of Metro Manila with Ara Vista Village, a 50-hectare residential-commercial development in General Trias, Cavite. Picar plans to build 2,000 houses in this Wifi-enabled township and a school. The residential units with lot area of 100 sqm are selling for P2.3 million to P5 million.
Ara Vista is expected to be sold out by 2014, said Picar marketing chief Charlie Castillo.
The property firm is also planning to expand in Calamba, Quezon City, Davao, Cebu and Caticlan.
While the company’s current product offerings are focused on middle to upscale buyers, Picar plans to become a full-range developer with products catering to the low-income segment as well, Jugno said.
Jugno also said that international selling is a key part of Picar’s strategy.
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