Economic downturn dampens high-end real estate market

The economic downturn has affected even the normally exempt high-end to luxury real estate market.

Ayala Land Inc. (ALI) senior vice president and head of residential buildings angie de Villa-Lacson said the high end market remains flat.

Adapting to the changing trend, ALI is pursuing a more high-profile marketing strategy for its luxury high-rise residential condominium building, One Roxas Triangle.

According to Lacson, about 70 percent of One Roxas Triangle has actually been sold with 67 percent occupancy.

The target market of One Roxas Triangle, Lacson said, are established individuals who are the chairperson of their own corporations.

With a price tag of ranging from P33 million to P39 million, One Roxas Triangle exudes the ultimate in luxury, privacy and security.

All units being sold are three-bedroom residences with their own bathroom, three allotted parking slots, and all boasting impressive views.

They range from 286 square meters for the BellAir Tower, 308 sq.m. for the Forbes Tower, 309 sq.m. for the Manila Bay Towers and 330 sq.m. for the Laguna Tower.

As a concession to the economic downturn, ALI is offering an interest-rate, five year amortization scheme.

Furthermore, for those who want to buy a unit as an investment, Lacson said, ALI offers a lease arrangement where the unit can be rented out for about P200,000 a month.

The buyer would, thus, be able to defray part of his amortization, Lacson said.

ALI’s mid-market high-rise development such as the Columns, on the other hand, is enjoying brisk sales because of a more affordable price tag ranging from P2.5 million to P6 million.

Most of the units, though, Lacson said, are studios to one-bedroom residences ranging from 30 sq.m. to 60 sq.m.

There is also a significant interest, Lacson said, for ALI’s other high-end condominium, the Residences which will rise along Pasay Road. Units in that project will cost from P8 million to P10 million.