Investors, buyers firm up gains
In just a matter of months, upscale developer Rockwell Land will inch closer to realizing its finest artwork creation yet.
The 51-storey Sakura and the 56-storey Kirov—the first two of five towers comprising the premium 3.6-ha Proscenium enclave—will be welcoming their first residents this year, enabling them to revel in a new breed of innovative luxury residence.
“The completion of Kirov and Sakura will change the Makati skyline. Most importantly, its completion will mark the start of the elevated experience that we have promised to our customers,” said Jovie Lim-Dy, vice president for residential sales of Rockwell Land.
The significance of this completion, however, goes beyond delivering a commitment and having the prestige of bearing the signature Rockwell lifestyle.
Owners and investors of the Sakura and Kirov stand to benefit from the healthy and sustained increases in capital values, from the time the Proscenium was launched in 2012.
Data from Rockwell Land showed that prices for both the Sakura and Kirov grew by about 90 percent in less than six years. Conservatively, capital appreciation for the towers stand roughly at about 5 percent a year.
Prices of units at the Sakura and Kirov stood at only P180,000 per sqm during the launch period. But today, the average price for a Proscenium unit reached P340,000 per sqm.
“Aside from the good economic state of the country, factors such as having a great location, our brand reputation and the assurance of a high quality Development led to our customers enjoying good capital appreciation from these two towers,” Lim-Dy explained.
Indeed, the strong capital appreciation that the Proscenium currently enjoys is very telling of the rising demand for premium developments and of the growing sophistication of Philippine property buyers.
And such a positive trend is seen to spill over in the next several years, according to Colliers International Philippines.
“Colliers International Philippines believes that luxury condominium demand should remain strong due to Metro Manila having one of the most attractive rental yields in the region; relatively lower prices; and sustained demand from affluent Filipinos and foreign investors,” it explained in a report.
“The luxury market in the country’s capital is relatively small but demand has been stable over the past few years… More affluent locals are seeing luxury condominium projects as a viable investment option aside from the stock market. The shift in lifestyle also encourages the high-end investors and end-users from posh villages to embrace condominium living,” Colliers explained.
Proof of this is the fact that upscale projects by developers such as Rockwell Land are recording strong take up.
Data from Colliers showed that prime condominium units across all projects in Rockwell Center still command the highest rental rate averaging P874 per sqm a month.
Capital values also continue to increase with average prices of Rockwell’s three-bedroom units in the secondary market rising nearly 2 percent to P199,000-P246,000 per sqm in the second quarter of the year.
Both the Sakura and Kirov were launched in November 2012 and even at the onset, it was already well received by the market, according to Lim-Dy, as everyone was then excited to be part of the Proscenium.
Today, both towers are sold out with their buyers comprised of “discerning, affluent individuals who value the distinctive lifestyle that Rockwell offers.”
The Sakura has a total of 210 units with sizes ranging from 142 sqm to 202 sqm, while the Kirov offered 178 units with cuts of 224 sqm to 241 sqm. Both towers put a strong emphasis on the privacy and exclusivity of unit owners, with each floor featuring only two to five units.
Key features and amenities define the kind of elevated lifestyle that can be had at Sakura and Kirov. Apart from having libraries, a gym, function rooms, and dining rooms, residents will enjoy close to a hectare expanse of amenities on the fifth floor of the Proscenium upon its completion. This will have a grand lawn, an outdoor tennis court, a splash pad, a floating river and jogging path.
A significant cultural component of the whole Proscenium enclave will be the modern performing arts theater that will host world-class cultural performances. This 500-seater theater will be a first in Makati.