Steel magnate to build P1.3-B condo tower near PSE in Ortigas

Nobleland Ventures Inc. is converting a parking lot in front of the Philippine Stock Exchange headquarters in Ortigas to a 42-floor condominium tower entailing P1.3 billion in investments. 

Nobleland is the new real estate unit of steel magnate Lim Ka Thong, a contemporary of taipans Henry Sy Sr. and Lucio Tan.

Jonas Sena, general manager of Nobleland, said construction of the Exchange Regency condominium is scheduled to begin in the fourth quarter of the year and will be completed by 2010.

The 783-unit condominium is the first project to be fully undertaken by the company.

The unit sizes range from 25 square meters to 120 square meters, with high ceilings and big windows typical of luxury condominiums although the prices of the units only range from P1.4 million to P6 million.

At least 20 percent of the units have been sold since the company started pre-selling in January, Sena said. 

“The best-selling units so far are the one-bedroom units,” he said.

Sena said they are targeting overseas Filipino workers and those working in Ortigas and are looking for a second home for the project.

The 2,093-square meter parking lot where the Exchange Regency will rise is part of Nobleland’s one-hectare landbank in Ortigas. 

The P1.3-billion investment, Sena said, will come from internal funds.

After the Exchange Regency, the company will be constructing a twin-tower condominium in Ermita.

Sena said Nobleland is allocating P1.5 billion to P2 billion for this 35-storey twin towers.

The company has a landbank of over five hectares spread in Metro Manila, and a total of 100 hectares in the provinces.

Sena said they will also be seeking several horizontal residential developments in high traffic areas in Cavite, Laguna and Pampanga.