FILINVEST Group is planning to build more high-end condominium towers in three of the country’s premier central business districts in what the company said is its response to strong demand for luxury homes.
Catherine Ilagan, executive vice president of Filinvest Alabang Inc., told reporters late Friday that aside from its two-tower The Beaufort in Bonifacio Global City (BGC), the group plans to build two high-end condominium projects in Cebu, two to three more in BGC, and one in Makati.
These projects will break ground in a month or two, according to Ilagan.
“Our first high-end tower is the Beaufort. This is the maiden premier development of Filinvest for condominiums. We continue to build in mid-[range]and affordable markets.
But we felt that the high-end market accelerated in the past two to three years. That’s why we’re expanding to this format,” Ilagan said.
The Beaufort, a two-tower high-rise condo in BGC, has completed its construction and turnover, which is expected to bring some P7 billion in revenues for Filinvest.
“The project uptake has been remarkable [for The Beaufort]. The market for this type of property is now ready. This novel venture answers the need of that type of home buyers who put premium on space and aesthetics as well as the convenience that can be had living in a condominium,” Filinvest Development Corp. (FDC) President Josephine Gotianun-Yap said.
The Beaufort is fully-owned and operated by FDC. It is comprised of the East and West towers with a total of 271 units, priced at P10 million per one bedroom unit or P160,000 per square meter.
“The Beaufort has three to four condo units per floor,” Ilagan said.
To date, The Beaufort’s West tower is already 95-percent sold, while the East tower has sold 70-80 percent of total units. The P3.5-billion project was designed by US-based Arquitectonica.
The Filinvest Group operates under Filinvest Development Corp. (FDC), which increased its first half net profits by 9 percent to P2.9 billion, and revenues by 4 percent to P19 billion from P18.1 billion.
FDC is owned and operated by the Gotianun family, which has interests in property (Filinvest Land Inc.), banking (EastWest Banking Corp.), mall, theater and resort hotel (Filarchipelago Hospitality Inc. and Filinvest Hotels Corp.), sugar farming and milling (Pacific Sugar Holdings Corp.) and power generation (FDC Utilities Inc.).