MANILA, Philippines—Robinsons Land Corp. is building a 42-story upscale residential project in Ortigas Center, boosting its position as a leading property investor in the central business district.
The latest project, The Allegro, is part of RLC’s prime high-rise residential project under the “Luxuria” brand catering to “discerning” homebuyers. The project is located at Sonata Place, a prime area previously occupied by The Medical City at the corner of San Miguel Ave. and Lourdes Street.
RLC expects to unlock about P3 billion in revenues from the project, which will offer 408 flat units for sale, according to Amelia Canon, manager at RLC’s business development unit. The units are expected to be turned over to buyers by 2016.
The Allegro will be built on top of a shared three-story podium, which will have a row of retail units at the ground floor. Above the podium are eight floors dedicated to 120 luxurious serviced apartments that will provide recurring rental revenues on top of the residential sales, Canon said.
“Extra care and attention are devoted to selecting superior materials for The Allegro. Branded finishes and upgraded fixtures will be delivered together with each Allegro unit,” RLC president Frederick Go said in a press statement.
The project is the third tower to be launched by RLC at the Sonata Place. The first two towers—Sonata Private Residences 1 and 2—were launched in 2008 as the first phase of the development. These first two buildings are now nearly sold out.
The brisk market takeup of the earlier launched residential offerings emboldened RLC to pursue the subsequent phase of development of Sonata Place, said Henry Yap, RLC general manager for office buildings.
Aside from the competitive quality of the residential offering in a prime location, Canon said the project would be an exclusive gated community with an entirely separate access to the retail and serviced apartment portions available to the public.
The residential units at The Allegro are selling at about P120,000 a square meter. The bulk of the building equivalent to about 25 floors will be devoted to one-bedroom units, which will have a size ranging from 42.55 to 64.96 square meters exclusive of balcony area. The one-bedroom units will be sold from P5.1 million to P8.2 million.