By Jonas O. Maniquis Updated July 17, 2009 12:00 AM
MANILA, Philippines - The local real estate market has experienced some softening as a result of the recent global economic crisis, but the sector is now at a stage where it should start picking up.
Philippine real estate icon Francisco Licuanan also said that now is the time to buy property while there are more products in the market and the interest rates on loans are low. “There is also an expectation of a price appreciation,” he said.
Licuanan, chairman and CEO of Geo Estate Development Corp., noted that the middle income group, which is the company’s market for its maiden project, is less volatile than the higher income group because the former is less driven by speculation.
And it is in this middle income market that Geo Estate intends to focus in the near future. “Being a smaller organization, we want to focus on the largest market where we can make a difference,” Licuanan, who led Ayala Land for nearly two decades since its inception in 1988, added.
The president of Geo Estate is Miriam Katigbak, who for nearly 20 years, served as the head of the Ayala Malls group and more recently, as head of Ayala Land’s signature projects.
This early, Geo Estate is already looking forward to launching its next project, a residential subdivision in Cavite.
Geo Estate embarked on its maiden project in 2007 via a huge parcel of land in Makati sold by the property’s owner RCBC. Geo Estate designed The Beacon, an P8-billion project, to be a superior value real estate product for the modern urban dweller. It is being constructed at a one-hectare property at the corner of Don Chino Roces and Arnaiz Avenue.
The Beacon is a three-tower residential condominium development infused with luxurious amenities and a resort ambience. Once all the three phases of its development are complete, company officials said it will redefine condominium living by offering its residents an exclusive residential resort lifestyle in Makati City,
In planning The Beacon, Geo Estate said it kept the needs and wants of condominium owners in mind and incorporated unique facilities and services into its design. A resort-style pool with lap lanes, expansive gardens, a well-equipped gym, massage rooms, a mini-theater and a Sky Lounge serve to melt away the tensions of city life.
Structural works on the 44-storey Roces Tower has now reached the 42nd floor. Phase 2 of the project, which includes Arnaiz Tower, has already began selling.
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