THE real-estate unit of construction firm, AM Oreta & Co., said on Thursday that it is all set to turn over and fully operate its P700-million premier residential project called 3 Forty Fifth Residences in Alabang, Muntinlupa City, over the next two months with the end goal of selling the remaining units by end of 2015.
Top Property Development and Management Inc.’s Sales and Marketing Head Grandii V. Abarico told reporters in a media briefing recently that their parent company had decided to enter into the real-estate business and chose such a business district as the site of their pioneering project due to a need for more high-end housing developments in the area.
“When we first conceptualized this project, we found a gap in Alabang. There are a lot of condo offerings already here. However, we haven’t seen a condo development that caters primarily to the high-end market alone. Most of the projects here are catering to mid-income to lower-income market. And, at this point in time, we felt the there’s a need in that market. That’s why we put up this property,” he said.
At present, he cited that the luxury segment comprised only 10 percent of the vertical housing market, while the latter accounts for 90 percent.
Being the first of its kind in the area, he is bullish that it will set a standard and create a demand for “luxury condo living” concept in Alabang.
“In fact, three other high-end condos followed us after we launched the project,” he noted, without citing their names. So, I think that the industry is realizing the trend in this area, and it’s going to that direction.”
3 Forty Fifth Residences is a 14-story top-end condominium at the Northgate Cyber Zone, offering exclusivity with just only 71 units on top of amenities, such as a lap pool, fully equipped fitness center, yoga room, sky deck lounge and function room fitted with an interactive kitchen.
The dwelling units are comprised of studio suites with balconies, one bedroom with study rooms, premium two-bedroom type and penthouses with lofts.
With prices ranging from P5.9 million to P32 million each, they are mostly catered to business owners, top executive expatriates and even “empty-nesters.”
Following the soft opening in 2013, 20 percent of the units have already been sold, mostly to business owners and a few from end-users.
“There are a lot of walk-ins already inquiring if we’re leasing the units out, and they’re looking at that facility like a serviced apartment type so that could be a potential investment for the buyers since there are no other competitors here in the area that offer that kind of a product, Abarico said.
TPDMI is tapping a property management company that will manage the leasing aspect starting August of this year.