MANILA, Philippines—Taipans John Gokongwei and George Ty are teaming up in a real-estate venture for the first time, with their respective property companies jointly embarking on a two-tower residential condominium development on Pioneer Street, Mandaluyong City.
The joint-venture project, called Axis Residences, will be developed by RLC on a 21,109-square-meter lot owned by the Tys’ Federal Land. The announcement was made by RLC, which will also market the project, targeting middle-income end-users, particularly young professionals and start-up families.
The first tower will be an all-deluxe-unit development—with an option to combine units—consisting of 42 floors (including three podium levels for parking) with 916 residential units available for sale. Construction will start in March 2012 and is targeted for completion by March 2016.
Deluxe units have areas ranging from 23 to 27 square meters and will be sold at an average price of P1.9 million to P2.2 million per unit, or about P85,000 per square meter.
“It’s an ideal development for those who have high consideration for mobility and for those in search of dwelling units that strike a balance between quality and affordability,” said Rouen Raz, vice president of sales and marketing of Robinsons Communities.
“Axis Residences is located at a prime area, offers affordable payment terms and makes it easy for residents to move in due to finished-unit deliverables,” said Christopher Narciso of Robinsons Communities.
With monthly amortization payments for the down payment at only about P10,000 per sqm, Axis Residences is one of the best-priced projects in the area, the RLC statement said.
The residential development is located near the Robinsons Cybergate Complex, Robinsons Forum (Pioneer) Mall and Robinsons Gateway.
Its location, which is a few minutes from Metro Manila’s main thoroughfare Edsa, is accessible to all the major business districts of Ortigas, Makati, and The Fort, providing less travel time going to and from offices.—Doris C. Dumlao