RLC: demand for China condo project brisk despite COVID-19 crisis

Gokongwei-led Robinsons Land Corp. has reported brisk demand for condominium units in its residential project in Chengu, China despite this territory being the epicenter of the coronavirus (COVID-19) pandemic.

In a disclosure to the Philippine Stock Exchange on Monday, RLC said it had recently secured the sales permit for additional components of phases 1 and 2 of the Chengdu project, which started in 2017.

RLC reported “warm reception of the market to the high-rise condominium units and low-rise duplex villas released for sale.”

“Despite the lingering effects of the global COVID-19 pandemic, RLC has sold 76 percent of the 564 condominium units opened for sale and 73 percent of the 64 duplex villas opened for sale in just a few days of selling, after release of the sales permit,” the disclosure said.

The average price per square meter obtained for the condominium units as well as that for the duplex villas were higher than the units sold from the first phase last year, RLC said.

RLC is targeting “upper middle-class” home-buyers for the residential project in Chengdu, the capital of Sichuan Province or the “Heavenly State,” well-known as the natural habitat of the adorable giant pandas.

For the Philippine operations, RLC said it continued to operate its office buildings and industrial facilities.

All of RLC’s 52 local malls are all closed except for the operation of select essential retail shops like supermarkets, pharmacies, and banks.

For its hospitality business, about half of its hotel properties are open with limited operations, RLC said.