MANILA, Philippines — Developer Arthaland Corp. plans to launch three residential projects this year as it expects the high-end segment to continue dodging oversupply woes in Metro Manila.
Arthaland executive vice president Christopher Narciso told reporters on Thursday that the projects would rise in Laguna province, Makati and Quezon City.
These will be in the high-end market, or those worth up to P20 million per unit, according to Narciso.
Property brokers have said this segment is one of the least affected by sluggish demand in the National Capital Region, especially since prospective buyers had more extra income.
Ready for delivery
This comes after Arthaland unveiled that it would complete its ultra-luxury development, Eluria, by the fourth quarter of this year, or six months ahead of schedule. The developer expects P6 billion in sales from the project.
“Eluria has garnered an excellent response from the market, with more than half of the units already reserved,” Arthaland chief sustainability officer Oliver Chan said in a press briefing.
Eluria currently houses 37 units sized at 288 square meters (sq m) to 579 sq m each. These cost at least P550,000 per sq m, or around P158 million per unit.
In launching an ultra-luxury development, Chan explained that they wanted to target “successful businessmen,” including next-generation corporate leaders.
“If this is something within reach, then it is something that they would go for,” he said. “We normally invite people to Eluria.”
Each floor in the property only has a maximum of two units, according to Chan, with three floors containing only one unit.
Last November, Arthaland raised P2.5 billion from its follow-on offering of preferred shares to fund the development of an upcoming two-tower residential project in the mid-market segment.
READ: Arthaland completes P2.5-B fundraising, new residential dev’t coming
The company offered 4.96 million shares at P500 each.