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Monday, May 20, 2024

Gokongwei building Westin condo, hotel

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Robinsons Land Corp., the property unit of the Gokongwei Group, on Monday launched its most luxurious residential development—the P6-billion The Residences at the Westin Manila Sonata Place—on a four-hectare area in the Ortigas central business district.

Robinsons Land general manager for residential development Henry Yap said during the project launching The Residences at Westin Manila would offer 344 rooms selling at an average price of P180,000 to P200,000 per square meter. The company will also develop a 304-room-Westin Hotel within the same area.

Unit sizes range from 47 square meters for one-bedroom unit worth P9 million and  250 square meters for penthouse units worth P50 million.

The 50-storey The Residences at Westin Manila will be the first themed-residential development of the Westin Group in Southeast Asia.

Robinsons Land’s move to team up with Starworld Hotels and Resorts, the company behind the Westin hotel chain, was in line with the company’s move to upgrade the level of luxury in its premier residential brand.

“Our commitment to serve and offer the best quality residential developments to match the discerning tastes of our client remains strong,” Robinsons Land president and chief operating officer Frederick Go said.

“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 Corp,” Go added.

Yap is optimistic the company would be able to sell more than half of the residential units by the end of 2017.

Robinsons Land expects to generate about P6 billion in total sales from the project.

The company is targeting investors as well as end-users, especially entrepreneurs, executives, expatriates and returning overseas Filipinos, for the development.

Aside from the residential project, Robinsons Land will build a 304 room-Westin Hotel. The hotel is scheduled for completion by 2019 while the residential tower will be ready for turnover to unit buyers by 2021.

Robinsons Land in recent years has been selective in the launching of condominium projects because of increased competition, especially in the middle-income market.

The property firm has been focused on building its recurring income business by developing more malls, hotels and office projects.

Share price of Robinsons Land on Monday fell 1.4 percent to P30.55.


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