MANILA — Ortigas Land expects to generate PHP16 billion in sales from its new high-end luxury residential tower in Ortigas Center amid steady demand brought about by strong economic growth.
Ortigas Land president and chief executive officer Jaime Ysmael said Residences at the Galleon is the first of a series of residential projects the company will be launching this year.
“Still the overall economic growth of the Philippine market (is driving demand). The primary buyers are still locals effectively looking for an outlet for their savings or money given their increased affluence. The overseas market is also growing…,” he said in an interview on Tuesday.
Ysmael said the story of the Philippine real estate market over the last 10 years has been consistent growth fueled a lot by economic growth.
“The (coronavirus disease 2019) Covid-19 is something that will just disappear eventually. I think it’s just a matter of time. Aside from that, the US-China issue doesn’t really affect the Philippines much. In fact, even this Covid-19, although it will affect us a little bit but not as heavy as compared to the other countries in the region which depend a lot on trade or import or export especially with China,” he added.
Meanwhile, Residences at the Galleon is part of the second phase of The Galleon, a two-tower development offering residential, office and retail spaces.
The project consists of 51 floors with 43 residential floors, one amenity floor, five floors of podium parking, two floors of podium retail and 43 retail units.
It is targeted for turnover by fourth quarter of 2028.
“This one, we expected (it) to be a strong market so maybe in three years’ time, it should be almost sold out if ever,” Ysmael added. (iam/sovereignph.com/PNA)