Capture two markets with one (residential) tower | Inquirer Business

Capture two markets with one (residential) tower

/ 04:21 AM December 17, 2016
Serviced residences feature complete kitchen amenities.

Serviced residences feature complete kitchen amenities.

Over the past decade, this northern section of Ortigas Center right across Meralco headquarters has suffered a sort of stagnation—vacant properties and aging buildings laid idle, a number of them awaiting foreclosure.

About five years ago this area’s landscape changed substantially as top notch residential towers began construction. Then early this year, gourmet restaurants, dessert bars as well as coffee shops and service outlets opened almost simultaneously attracting a growing number of crowds consisting mostly of office workers.

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“We’re astonished by the development that has taken place here thanks to a booming economy and arrival of numerous business outsourcing firms within the Ortigas Center,” said Charlene Chua-Sy, COO and SVP for Sales and Marketing of CDC Holdings.

The real estate developer teamed up anew with international serviced residence operator The Ascott, this time for the nearly finished P2.5-billion CDC Millennium Ortigas/Citadines Millennium Ortigas Manila, a 32-story mixed used development consisting of 96 residential condo units (for sale) and 290 units of serviced residences to be managed by Ascott.

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There will also be 11 units of commercial spaces for lease.

The Ascott is the world’s largest international serviced residence owner-operator handling almost 30,000 serviced residence units in key cities of the Americas, Asia Pacific, Europe and the Gulf region, as well as over 18,000 units which are under development, making a total of more than 48,000 units in 100 cities across 27 countries. It operates three brands—Ascott, Citadines and Somerset.

On the other hand, CDC Holdings was among the first to introduce serviced residence concept to the local market with its two developments in Makati City—Millennium Suites in 2001 and Millennium Plaza Residences in 1993. Through a joint venture partnership with Singapore-based The Ascott, Millennium Suites was operated under Ascott’s Somerset brand as Somerset Millennium Makati since 2000.

Citadines Millennium Ortigas Manila is set to serve the needs of top business leaders, key management executives and their families, as well as young, independent travellers

Citadines Millennium Ortigas Manila is set to serve the needs of top business leaders, key management executives and their families, as well as young, independent travellers

Second team up

Chua informed that CDC Millennium Ortigas/Citadines Millennium Ortigas Manila is already its second team up with The Ascott. “We saw growth in our previous partnership with The Ascott, our highly successful Somerset Millennium Makati located along Aguirre Street in Legaspi Village. Years ago we noticed the growing demand for more business accommodations in the Ortigas Center area so Ascott and our company embarked on another exciting new project meant to serve two important markets.”

Located on a 1,700-square meter property at the corner of Ortigas Avenue and Sapphire Street, CDC Millennium Ortigas/Citadines Millennium Ortigas Manila will be serving the needs of top business leaders, key management executives and their families, as well as young, independent travellers a choice of studios and one- to three-bedroom serviced residences with sizes ranging from 33 sqm to 141 sqm.

Serviced residences are located from levels 4 to 24 with their amenity floor located at level 3. Additionally, the serviced residence will have premier floors and VIP lounge located at levels 31 and 32.

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“Citadines Millennium Ortigas Manila marks the The Ascott’s first project in Ortigas Center and fortifies our leadership position as the country’s largest owner and operator of luxury serviced residences with 2,346 units across 11 properties—1,078 units from the five properties currently in operation and additional 1,268 units in the remaining six properties already in the pipeline,” said Citadines Millennium Ortigas Manila residence GM Glenn Magalang.

The Ascott will manage the all the building’s amenity floors and common areas.

Second crucial market

Another crucial market CDC Millennium Ortigas/Citadines Millennium Ortigas Manila will be targeting are those wanting to take advantage of living within a city center: easy access to all the business, business and educational agencies.

For them we have reserved the building’s residential condo units on levels 25 up to 30 with a private entrance along Sapphire Road (there will be two passenger elevators and one common service elevator).

Residential condo unit including Penthouse owners will have their amenity floor on the rooftop (Sky garden and infinity swimming pool) while the Business Lounge will be on the 32nd floor.

Chua related that The Ascott was in close coordination even during the building’s initial design and conceptualization phase. “Considering the buyers and clients coming mostly from multinational companies, this whole building was designed and built to meet and even exceed world standard, which is why it should pass the Green Mark Certification standards of the Building and Construction Authority of Singapore.”

To do this, CDC Millennium Ortigas/Citadines Millennium Ortigas Manila employed the following:

a combination of single- and multi-phase inverter aircon system

energy efficiency lighting fixtures in public use

elevators use frequency inverter technology which regulates input voltage and frequency throughout the journey, minimizing electricity used

plumbing fixtures are certified by Water Efficiency Labeling System, including water efficiency dual flush water closet

double glazed low-e windows for thermal insulation and to minimize noise penetrating the units facing the streets

use of low VOC paint for apartment walls to maintain indoor environment quality

unit layout and window placement to allow for plenty of natural light to come in

Installation of sensors in the parking area to monitor carbon monoxide from motor vehicle emissions and activate mechanical ventilation when necessary to maintain air quality

setting up of pockets of greens all throughout the building such as the vertical green wall in the lobby area and gardens at the third and fourth floors and on roof deck.

“We expect strong demand for our serviced residences considering the increasing number of expatriates and business travellers entering the Philippines. The Ascott’s presence in the Ortigas Center will allow us to further tap on the growing accommodation demand in the country’s second most important financial district after Makati Central Business District,” said Magalang.

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TAGS: Ascott, CDC Holdings, Charlene Chua-Sy, Citadines, ortigas center, property, residential tower, Somerset
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