AMA Group to build P2.6B Alabang condo building

The property development arm of the AMA Group is breaking into the Alabang property market with the launch of a 32-story contemporary condominium that brings to market P2.6 billion worth of residential inventory.

Picar Development has started pre-selling 696 residential units for its mid-rise building called “The Chelsea Residences,” which is targeted for turnover to buyers by 2016, top officials announced in a press briefing on Friday.

Given the strong market response to this new offering, Picar general manager Danilo Jugno said the company would likely be able to sell all available units in a year’s time. As an initial offering, the residential units began selling for about P70,000 per square meter but after the first 70 units were taken up, the selling price was raised to P75,000 per square meter.

Construction of the project, which is located along Buencamino Street near the Alabang-Zapote Road, is expected to start by next year, Jugno said.

“Given that Alabang is known for having the highest ratio of open spaces to developed land, Picar Development ventured in bringing a project that will complement its laidback environs,” Jugno said. “With residential solutions infused with the comforts of suburban locale, The Chelsea Residences offer a subdued community set amidst a flourishing landscape.”

Picar is investing about P1.3 billion in this project. Total sales value of residential units to be sold will range between P2.2 billion and P2.6 billion.

The studio unit mix includes: 372 standard units with an area of 24-28 sqm, 48 with balcony units sized at 27-48 sqm and three studio with garden units sized at 31-36 sqm.

The one-bedroom units range between 36 and 79 sqm, some of which are standard, units while others have a balcony or a garden. The two-bedroom units range between 56 and 65 sqm, some of which have either a balcony or a garden while others are standard units.

The most valuable units are the penthouse units with sizes ranging from 96 to 195 sqm. There are only two two-bedroom units with balcony (96-108 sqm) and two three-bedroom units (187-195 sqm).

The Chelsea Residences, which targets young people and upstart families, seeks to take the concept of “smart modern living to a whole new degree,” Jugno said. Apart from the Wi-Fi-enabled accessibility, it has many IT features that seek to establish it as the first “intelligent” building in Alabang. Residents, for instance, have the option to subscribe to a service that can put location trackers for small children.

“With its comfortable living spaces, state-of-the-art facilities and highly advanced connectivity and securities integrations, The Chelsea Residences allows dynamic individuals to benefit from a balanced way of life that’s enriched with Alabang’s potential for industrial growth and recreational fulfillment,” Jugno said.