MANILA, Philippines—Robinsons Land Corp. of the Gokongwei group has unveiled its biggest property project at the Ortigas central business district to date—a lifestyle-oriented block consisting of four residential towers and a retail hub.
RLC acquired additional parcels of land in Ortigas to form the 8,300-square-meter “The Sapphire Bloc,” which will have four residential towers and a 2,000-sqm retail space for gourmet restaurants, dessert bars as well as coffee shops and service outlets, officials said in a briefing on Monday.
In an interview, RLC vice president for business development and financing Mybelle Aragon-Gobio said RLC originally owned only 2,500 square meters of land in the area that was supposed to accommodate only two residential buildings. But encouraged by the strong takeup of the first Sapphire tower, she said RLC took the opportunity to acquire adjacent properties foreclosed by banks and come out with this development bounded by Sapphire, Garnet and Onyx streets.
Aragon-Gobio said the 38-story first tower, which was launched a year ago, would likely yield P1.6 billion in sales revenue. RLC has now sold 60 percent of the 408 units in the first tower. The 40-story second tower, which will have 482 units, will be launched next year.
RLC will turn over the residential units in tower 1 by 2016, when the retail component on the ground floor opens its doors to the public, she said.
The Sapphire Bloc is offering one-bedroom units, the biggest of which measures 37.30 sqm, for P4.16 million. Two-bedroom units, measuring 60 sqm, are selling for P6.74 million. The three-bedroom units, at 97 sqm, go for as much as P10.77 million.
The units are effectively selling for around P110,000 per square meter.
Aragon-Gobio said the project was in line with RLC’s thrust toward “selective prudent expansion” in the residential property market.
“We’re focusing on the market that’s more stable,” she explained.
The Art Deco-inspired project is designed by W.V. Coscoluella and Associates, one of the country’s top architecture firms.