AMA to invest US$1.4 billion in Philippines property projects

Jul 12, 2012 | Comments 0

The three-towered Stratford Residences.

PROPERTY REPORT ASIA 

Group companies, AMA will invest P60 billion (US$1.4 billion) in Filipino property developments, including flagship project Picar Place in Makati.

Over the next ten years, the AMA will finance the construction of various property developments throughout the Philippines.

Investments consist of ten to fifteen real estate projects on 63-hectares of Picar’s landbank.
Setting the standards, high, AMA group’s property unit Picar Development Inc., a recent entity to real estate, plan to construct the country’s tallest skyscraper and Philippines’ first “telepolis” (completely Wifi-enabled township) in Cavite, in a bid to make their mark on the market.

Picar’s flagship development will rise on a 1.5-hectare property on Kalayaan Avenue, Makati. The P11 million (US$262,280) Picar Place project will be home to The Stratford Residences, consisting of three-towers, each boasting 74 floors and comprising of 1,124 residential units. The units will be marketed by the end of 2015, possibly early in the following year, Jungo claimed in a briefing.

“The Stratford Residences is a new-generation, three-tower skyscraper in Makati City that revolutionises the idea of urban living with smart and superior luxury qualities,” said Picar general manager, Danilo Jugno.
Prices at the Stratford Residences range from an average of P3.2 million (US$76,300) to P20 million (US$476,905): starting with studios at 24-27 sqm, ascending to three-bedroom units with floor areas ranging from 164-183 sqm, and culminating in 200-480 sqm units in the penthouse loft.

In Stratford alone, Picar is expected to invest P3.7 billion (US$88.2 million).
Catering to the middle to upper-income market, the Makati hub will also house the 26-storey and 350 roomed Movenpick Hotel, in the second tower of Stratford.

High-end bar and fine dining’s largest establishment, Buddha Bar-Manila chain, will be the first completed project at Picar Place – costing P500 million (US$11.9 million).

Elsewhere, in Alabang, Picar has projected capital into Chelsea: a mid-range residential and commercial condominium development. The 32-storey condominium will rise on a 1,408 sqm piece of land.

Further a field, Picar has made its imprint in the south of Metro Manila through Ara Vista Village – a 50-hectare residential-commercial development in General Trias, Cavite. The Wifi-enabled township and school will consist of 2,000 residential homes. Comprising of a 100sqm area lot, the properties are selling at between P2.3 million (US$54,801) and P5 million (US$119,133).

Charlie Castillo, Picar’s marketing chief, said Aria Vista is expected to be sold out by 2014, reported Inquirer Business.

“Picar has always been guided by a virtue to shape lives through mixed-use and integrated living and leisure concepts where people with dynamic lifestyles can live in comfort,” Picar chairman, Amable Aguiluz, said in a statement.

International sales are a key part of Picar’s strategy, said Jugno.

The property firm plans to further develop and expand in Calamba, Quezon City, Davao, Cebu, and Caticlan.

For more details on Picar Development projects, you may e-mail reby_ramirez@yahoo.com or contact her at 0922.883.9308 / 0916.4044.555 / 0919.699.3572 / 4044-534.

For latest update on real estate development and its RA 9646, the Real Estate Service Act of 2009, visit www.ra9646.com.