Exclusive condominium scheme presents a unique opportunity for investors, writes Tina-Marie O’Neill 

Compared to China, Singapore and possibly Hong Kong, demand for investment properties among western speculators in the Philippines has been largely low key – until now.

Haute couture fashion house Versace has announced it is to join forces with established Philippines developer Century Properties Group to design and brand a condominium scheme in Makati, the central business district of the capital, Manila.

It’s not the Italian designer brand’s first foray into interior design/branding, but it is its first venture into south east Asia.

Versace teamed up with Damac Properties in Lebanon to build Damac Tower, an exclusive high-rise building in downtown Beirut, which should be complete in 2013.

Damac and Versace also joined forces in 2009 to launch the fashion label’s first retail outlet in The Dubai Mall, the emirate’s largest shopping centre.

Other Versace Home projects include The Versace Palace, a luxury fashion branded hotel on Australia’s Gold Coast, the similar, soon-to-be-completed Palazzo Versace Dubai hotel, and a series of one and two-bedroom apartment residences on the 12th floor of The Plaza Hotel in New York.

For its part, the Philippine economy was not as exposed to the global recession as much as neighbouring countries in Asia, and is expected to grow by about 5 per cent this year, according to the International Monetary Fund.

Domestic consumption has also grown and there’s a particular demand among wealthy Filipinos for designer-branded goods, which extends to living quarters and home interiors.

While Versace is a global name, Century Properties is the largest private real estate developer in the Philippines and has been in operation for 24 years.

It is run by the Antonio family, the company behind the Essensa East Forbes project, a luxury twin tower project which has been hailed as the most prestigious residential condominium in the Philippines.

The family’s Antonio Organisation owns, develops, markets and manages high-end commercial and residential properties to the value of approximately $2.1 billion in five countries.

Versace’s Manila project is being coordinated by Century Properties managing director Robbie Antonio.

Called The Milano Residences, the $68 million (about €50 million) residential tower will rise to 53 storeys incorporating 340 one, two and three-bedroom apartment suites, penthouses, ” townhouse suites’’ and Italian-inspired apartments called The Loggias, which will feature private plunge pools. The scheme is slated for completion in 2015.

The building proper was designed by Broadway Malyan, an award-winning international architectural and design practice behind better known buildings, such as the 18-storey Pall Mall building in Liverpool, the planned 50-storey Vauxhall Tower in London, and the Obel Tower in Belfast.

The Milano Residences will feature Versace’s Greek key motif as its signature interior symbol, with the design house’s flair evident in the building’s lobby, hallways, lounge, library, pool garden and space.

Versace Home will also create interior design ideas that residents may adopt for their own units, and they’ll also have the option to buy Versace Home furnishings and bed linens to fill their Versace-inspired condos.

The units will range in size from 50 square metres to full floor units of 500 square metres and prices will range respectively from $100,000 to $2 million, (about €70,000 to €1.4 million at latest dollar-euro rates).

Within that range, a typical two-bedroom unit could span between 87 and 111 square metres with an average price of more than $300,000 (about €209,000), and three-bedroom apartments will offer between 113 and 146 square metres of living space and an average price of over $400,000, or about €279,000.

‘‘We anticipate that about 80 per cent of buyers for this development will be locals, and the rest will be made up of foreigners with ties to the Philippines and foreign investors,” said Robbie Antonio.

The scheme will be managed by Century Properties Management Inc, (CPMI), a group subsidiary and the country’s largest property management company.

‘‘The units will likely be occupied by locals and investors can expect a rental return of approximately eight per cent,” he told The Sunday Business Post.

‘‘To have a Versace Home interior designed address presents a rare opportunity and an immense value to both end users and investors, for units are very few in number and are considered highly collectible real estate,” he said.

‘‘The project has been an immense success and we are close to 50 per cent sold since our formal launching on January.” Payments are structured.

Century Properties will accept cash deals to as good as 50 per cent over four-and-a-half years or so and the balance of 50 per cent on handover.

There are restrictions on foreigners buying land in the Philippines, but this restriction does not extended to condominiums. However, as with any property purchase, either at home or abroad, legal advice should be sought from a property investment specialist.

 

Milano Residences Project Details
Interior Design by VERSACE Home

2,542sq.m land area
Loggia Suites with own wading pool
Penthouse Suites also with wading pool
Total of 350 units only
Construction will commence on January 2011
Turnover date: December 2015

Milano Residences Unit Types
SUITES
1 Bedroom Suite – 55sq.m – 74sq.m
2 Bedroom Suite – 77sq.m – 97sq.m
3 Bedroom Suite – 100sq.m – 145sq.m

LOGGIA SUITES
1 Bedroom Loggia – 64sq.m
2 Bedroom Loggia – 95sq.m - 101sq.m
3 Bedroom Loggia – 118sq.m – 132sq.m

TOWNHOUSE SUITES
2 Bedroom TownHouse – 98.5sq.m – 103.9sq.m
SKY TOWNHOUSE SUITES
2 Bedroom Sky TownHouse – 113.2sq.m – 136.9sq.m
3 Bedroom Sky TownHouse – 162.5sq.m

PENTHOUSE SUITES
2Bedroom Lower Penthouse – 103.9sq.m
3 Bedroom Lower Penthouse – 193sq.m – 197sq.m
4 Bedroom Lower Penthouse – 239sq.m – 337sq.m
2 Bedroom Upper Penthouse – 103.9sq.m
3 Bedroom Upper Penthouse – 198.2sq.m
4 Bedroom Upper penthouse – 228sq.m

 

Payment Option (60-40) 

(in USD)

Details: 1BR Suite  Floor Area: 74.70  / with storage/ no parking slot / not furnished

Reservation Fee: 1,823.49

Monthly Amortization: 5,288.51 (in 35 months, zero interest)

Turnover Balance: 124,614.13

Discount: 2.22%

Email: askcenturyforever@yahoo.com

Visit our website for complete details of the project. 

 www.centuryforever.com