40-story Robinsons tower to rise in Greenhills
May 20, 2014  • http://business.inquirer.net/170810/40-story-robinsons-tower-to-rise-in-greenhills

MANILA, Philippines—Robinsons Land Corp. of the Gokongwei group is breaking into the Greenhills property market by building a new 40-story residential and hotel tower, which it envisions to be the benchmark for “affordable affluence.”

Located on Annapolis Street in Greenhills, San Juan, RLC’s “Chimes Greenhills” tower will contain 372 residential units under the Robinsons Communities brand with an estimated sales value of P1.6 billion.

The units will be turned over to homebuyers by 2019, or around the same time that RLC’s business hotel brand Summit Hotel will open around 100 hotel rooms in the same tower.

The project will bring to the property market an additional 15,000 square meters of residential space, with the average selling price starting at P108,000 per square meter—lower than the going rate of around P150,000 per square meter (sqm) in the area that serves as a gateway to the Greenhills commercial complex.

“The current prices would be prohibitive for one who wishes to live in Greenhills. Chimes is the most affordable development in that kind of neighborhood. Our unit offerings are sized differently from other developments there,” said Mybelle Aragon-GoBio, RLC senior vice president.

As an initial offering, a 21.7-sqm Chimes Greenhills studio unit costs as low as P2.1 million, allowing for a monthly amortization of P11,000. A two-bedroom 48.9 sqm condo unit costs P5.1 million.

The “affordable affluence” referred to by RLC covers the middle and upper middle income segment with an estimated monthly household income of P80,000 to P100,000.

Apart from the “fantastic” location, GoBio said the project would stand out with its “revitalizing amenities” that would be at par with higher priced and upscale developments in the area.

The hotel and residential components will have separate lobbies and amenities. The 11th to 15th floors will have the Summit Hotel rooms while the residential units will be on the 17th to 40th floors.

Ferdinand Adriano, head of sales at Robinsons Communities, said this residential project with “compact yet functional design” was positioned for businessmen and third-generation residents of nearby exclusive villages in Greenhills.

There will be 136 studio units, 102 one-bedroom units, 130 two-bedroom and the largest will be four three-bedroom units each measuring 125 square meters.

“Other Greenhills developers are tapping the A class. We are addressing a market untapped in the area—the upper middle and middle income groups. Our major competitors provide larger units while some have no studios. We have focused on efficient planning, allowing us to offer right-sized units at affordable prices,” said Teddy Bernas, senior director for business development at Robinsons Communities.

The hotel component offered by Summit Hotel is seen to “lend further prestige” to the residential building,” Aragon-GoBio said.

“We’ve had a successful model of such with the high-end residential condominium Galleria Regency which is atop the Crowne Plaza Hotel.”

The condominium will have such amenities as a game room and private theater. Residents can keep fit in the swimming pool and fitness gym. Children may also enjoy the kiddie pool and play pod. Social gatherings can be held at the Sky Lounge or Sky Garden on the top deck which overlooks the Makati skyline.

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