CROWN Asia Residences, the mid-income level brand of Vista Residences Inc., is bringing P2-billion worth of investments for its first project in Mandaluyong.
During the grand launch of Crown Asia Residences Wack Wack on Saturday, Vista Residences Inc. president Maribeth C. Tolentino said that this is “yet another milestone” for the company as it combines the elegance of the Laurel legacy with the world-class master-planning expertise of Crown Asia Residences. The company expects to rake in P6 billion from the project.
This newest condominium project will soon rise on prime land at the corner of Laurel Street and Shaw Boulevard, where the 51-year-old Laurel Mansion, formerly the home of former President Jose P. Laurel and Vice President Salvador Laurel, was built.
The Laurel Mansion is famous for being the venue where New Hampshire newspaper publisher James Langley and President Laurel headed a group that forged the Laurel-Langley Agreement of 1956, which extended parity rights to Americans. It was also an important place for other political events, especially when the Nacionalista Party was still the grand old party.
“The history behind this mansion is very important,” said Ambassador Jose Macario Laurel IV, the oldest grandson of the former Philippine president during the Japanese Occupation. “[It’s considered] historical heritage not only because the former president resided in this mansion, but even the late President Sukarno [of Indonesia] and his party stayed here two times [when they visited the country].”
Crown Asia Residences Wack Wack will feature two residential and one mixed-use towers catering to professionals, businessmen and even overseas Filipino worker families. The residential buildings will have an inventory of 700 to 1,000 housing units each, while the latter will host commercial establishments, offices and also some dwellings. Prices of units range from P2 million up to P5 million.
Tolentino told the BusinessMirror the construction of the first residential tower will commence in the last quarter of 2014 and is expected to be finished in 2017, while the remaining buildings are targeted to be completed by 2020. Each of the towers, he said, has an estimated market value of P2 billion.
With the launching of this first project of Vista Residences under the Crown Asia Residences brand alongside the upcoming condominium in Legaspi Village, Makati this year, Tolentino said that they are on track to meet their revenue target of P12 billion this year.
“In fact for the first half, we already are in the P6 billion [income level]. So, we’re positive to reach the remaining P6 billion of or target revenue for the second half of 2012.”