Despite the financially challenging times, some developers believe there is a window of opportunity for the property sector to achieve substantial growth this year.

Romarico Alvarez, chairman of PA Metro Residences Builders Inc, (PAMRBI)  said the country’s housing market is still underserved mainly because of the backlog especially in the affordable segment. “We strongly believe developers like us can achieve growth because there is still such a huge demand for affordable housing,” said Alvarez in an interview with the Business Mirror in Makati City.

For instance, Alvarez said the units in East Residences Ortigas have been selling like hotcakes since it was launched in 2008. Amethyst, the first of four five-story buildings, has already been sold out and expected to be completed in two months.

Topaz, the second building, has already been 80 percent sold. Meanwhile, Alvarez said they have begun selling the Jade which is expected to be completed in April 2010.

Ivory, the fourth tower, is expected to be finished in July 2010. When completed, East Residences-Ortigas will have a total of 438 units.

Alvarez said PAMRBI has crafted a niche for the homebuyers of East Residences Ortigas. He pointed out the company has managed to shape the buyer’s consciousness that buying condominiums is viable investment. Furthermore, Alvarez said PAMRBI has complemented good products with good locations advantageous to the buyer.

According to Juny Santillan, president of PAMRBI, location is still the best appeal for homebuyers because this means lesser time for traveling to and from home to office. Furthermore, there will be lesser stress when navigating the very business thoroughfare of the metropolis.

He observed homebuyers prefer condominiums to be located near their work, restaurants and probably, nightlife. Moreover, the continuous increase in fuel prices is motivating these buyers back to the city as people get tired of long commuting hours.  As a result, condominiums near Metro Manila’s major business districts have been gaining popularity of late.

As far as East Residence Ortigas, Santillan said it is conveniently located to important establishments. East Residences Ortigas is just across Ever Gotesco Ortigas.

“PAMRBI is on the right track as far as affordable and next home market is concerned because homebuyers realized that the current scenario demands a convenient location,” said Santillan.

“Building East Residences Ortigas is perfect for us because many of our homebuyers are working within the Ortigas Central Business District. It is also convenient for people working in Quezon City or Makati,” said Santillan.

Alvarez stressed the company made it sure to provide amenities in the 8,146-square-meter land to give homeowners the best amenities.

“Each modern designed 30-sq-m unit comes with a balcony, ceramic tiled flooring, modular kitchen counter with base cabinet, provisions for phone line, cable and window type air-conditioning,” described De Guzman.

Other amenities include a multipurpose hall, swimming pool, playground, park, and a building devoted for parking.

“Overcrowding will never be an issue because each floor will only have a maximum of six units,” said Santillan.

Units at East Residences Ortigas are priced from P960,500 to P1.1 million depending on the unit’s location.