The premier residential brand of Robinsons Land Corporation (RLC) is looking at selling half the inventory of its Westin-branded luxury residences in Ortigas by next year, driven by the growing affluence of Filipinos.
On Monday, Robinsons Luxuria unveiled a mixed-used residential project in partnership with Starwood Hotels
and Resorts – the company behind the prestigious Westin hotels – which will feature The Residences at The Westin Manila Sonata Place and the Westin Manila Sonata Place Hotel which will be located at the Sonata complex in Ortigas.
RLC Business Unit General Manager for Robinsons Luxuria, Residence & Communities Henry Yap told reporters the projected sales from the upcoming residences would amount to around P6 billion. “We’re looking at that. For the residences about P6 billion,” Yap said.
“Sonata Place is in an advantageous position to cater to the expanding high-end residential market in the Philippines, comprised of highly successful and discerning entrepreneurs, professionals and executives as well as the growing population of expatriates, returning overseas Filipinos and global travelers,” the company said in a statement.
The mixed-used Westin-branded development will also feature retail units at the ground floor of the project.
“The second floor would be basically function rooms and then you can also have function rooms at both at the hotel side and the residences side,” Yap said.
In another interview on Monday, RLC Vice President for Sales and Marketing-Residential Division May Lopez told reporters the firm intends to sell more than half of the Westin residences unit by the end of 2017.
“We intend to have significant sales by December 2017,” Lopez said.
Lopez noted the project targets to attract more of the end-user market, with RLC expecting 70 percent of the buyers to be end-users and 30 percent investors.
Yap noted that the growing affluence among Filipinos is resulting in a more upscale lifestyle.
“As more and more Filipinos get more upscale, normally, their first choice would be a branded hotel. And Westin is now part of Mariott, the biggest chain of hotels in the world,” Yap said.
According to KMC Savills Inc. managing director Michael McCullough, there is still a high demand for luxury residential condoniums in the country.
“We have excess liquidity in the market and there are very few places that investors can go to right now. Interest rates are pretty low. They can get yields from around three to four percent by renting out their unit plus some capital appreciation,” McCullough said in a phone interview.
“You got to look at the upper 10 percent or upper 20 percent. They have excess liquidity and they can invest in residential condominiums,” McCullough added.
Lopez noted the both the hotel and residences will be managed by Westin.
“The branding has a lot of value but more than that because the synergy is with this brand. Whatever expectation you have for a hotel, you can bring it to the residences,” Lopez said.
RLC President and CEO Frederick Go says he is optimistic about the partnership with Starwoods, and that “working with their numerous consultants and experts in various fields to achieve the important standards of the Westin brand.”
“We are positive that our strong partnership will set new benchmarks for luxurious residences in the Philippines. This project will be at the forefront of our portfolio, being the most luxurious hotel and residential project to date of Robinsons Land Corporation,” Go noted.