By Revin Mikhael D. Ochave, Reporter
REAL ESTATE developer RLC Residences is banking on increased demand in the premium market segment to drive sales of the second tower of its Le Pont Residences high-rise development in Pasig City.
“Tower 1 is almost 90% sold. We expect Tower 2 to have roughly the same sales velocity — that’s about 18 months. It speaks really well of the continued strength of the premium market,” RLC Residences Senior Vice-President Chad Sotelo said during a media event in Pasig City on Wednesday last week.
The second tower will have 644 units across 51 floors, with sizes ranging from a one-bedroom unit (45-46 square meters (sq.m.)), an executive one-bedroom unit (63 sq.m.), a two-bedroom unit (82.5-115 sq.m.), a three-bedroom unit (151 sq.m.), a four-bedroom unit (220 sq.m.), and a penthouse (269.5-431 sq.m.).
In January last year, RLC launched the first tower of Le Pont Residences, which offers one- to three-bedroom units and bi-level penthouse options.
Mr. Sotelo said the first tower of Le Pont Residences is outpacing the government’s ten-year tenor of 6.5%.
“In just 1 year and 6 months since launching the first tower, the net value has already appreciated by 8%, with current unit prices at P310,000 per sq.m. compared with the initial launch price of P286,000 per sq.m.,” Mr. Sotelo said.
“We are also proud to share that Le Pont Residences is actually the fastest-selling property in the area since we launched the first building last year,” he added.
All units feature smart home deliverables for additional safety and convenience, along with appliances such as an air conditioning unit, refrigerator, range hood, cooktop, and washer and dryer. The penthouse units will also have a dishwasher.
Le Pont Residences will have facilities that are exclusively available to residents. These include a clubhouse, infinity and wading pools, a fitness center, a pet park, a game simulator, and work lounges.
On the top floor, the property will have Altitude 51, which will offer exclusive function villas and a sky lounge for private events and celebrations.
Le Pont Residences is located within the 31-hectare Bridgetowne Estate in Pasig City. It recently secured its preliminary EDGE certification from the International Finance Corp., making it the first and only EDGE-certified sustainable condominium within the estate.
The building has water- and energy-saving features such as a rainwater harvesting system and eco-friendly fixtures in units and common areas to reduce its ecological footprint and provide cost savings to homeowners. It will also offer e-parking spaces for electric vehicles in select parking slots.
“We are truly proud of how Le Pont Residences can bridge our future homeowners to the best life that they envision for themselves and their families. We can’t wait for them to experience what it’s like to live in a home and community where they can achieve their life goals while making great memories with their loved ones,” Mr. Sotelo said.
POGO BANRLC Residences does not see any impact on its business following the recent government ban on Philippine Offshore Gaming Operators (POGOs), according to Mr. Sotelo.
“If I speak of total RLC Residences, we have very minimal Chinese buyers. Starting this year, we don’t have any Chinese buyers,” he said.
“We don’t anticipate any impact from the decision of the government,” he added.
President Ferdinand R. Marcos, Jr. previously announced a total ban on all POGOs, citing their ties to illicit activities such as financial scams, money laundering, prostitution, and human trafficking.
According to Mr. Sotelo, RLC does not have inventory in Manila Bay Area, where POGO employees and residents are mostly concentrated.
RLC has a presence in Manila Bay Area through its two-tower residential project called The Radiance Manila Bay.
“We also don’t have any inventory in the Manila Bay Area. We only have one project there, Radiance. It’s almost sold out and we hardly have any Chinese buyers as well,” he said.
He also said that upcoming project launches for RLC Residences in the remaining months of the year would depend on market conditions.
“We’ll assess how the market responds in the next couple of months. If market conditions continue to be good or continue to strengthen, we may choose to launch something else,” Mr. Sotelo said.
“If not, then we’ll move it to next year. We’re always in an assessment,” he added.
RLC Residences had four launches this year so far. These include the two towers of the MIRA condo complex in Quezon City, the second tower of the Le Pont Residences condo project in Pasig, and the fifth building of the Sierra Valley Gardens condo development in Cainta, Rizal.
Mr. Sotelo said that RLC Residences does not see any new risks to its operations aside from high inflation, interest rates, and geopolitical tensions.
“If things change, hopefully the market responds in a way that we consider to be positive. We don’t see any new or major risks beyond what we already have,” he said.