MANILA, Philippines – Century Properties Inc. expects to sell out its P13.5-billion Acqua Private Residences in two or three years, capitalizing on the growing demand for residential projects from the bulging middle class.
In a briefing yesterday, Century Properties managing director Marco R. Antonio said Acqua Private Residences, which will rise on the 2.4 -hectare former site of Noah’s Ark sugar refinery in Mandaluyong City, is the first waterfront residential development in the country, incorporating the elements of a nature-infused and tropical rainforest environment.
Antonio said sales of the first of six towers of Acqua Private Residences, the second project under the group’s affordable yet high-value brand Century Limitless, have been quite brisk since the group started pre-selling latter part of the year. A total of 2,500 units will be offered for sale to the public at a price ranging from P95,000 to P100,000 per square meter.
He said the company is hoping to sell the first three towers this year and the next three by 2014.
Antonio said the group is estimated to generate around P13.5 billion in sales from Acqua Private Residences, which is located across Rockwell Center and easily accessible via a new bridge that traverses the Pasig River connecting Mandaluyong and Makati.
Construction of the first tower, The Niagara Tower with 42 storeys, will begin this year with the units expected for turnover to owners by the second quarter of 2015.
A private collection of special units called Acqua Prive, which includes townhouse, sky garden, private garden and penthouse suites, caters to discerning clientele looking for choice real estate. Unit sizes range from 27 to 140 square meters with an average price of P95,00 to P10,000 per square meter or almost half the price lower than upscale projects in the area. Residents may choose from a bare unit, or a fully-fitted and fully-furnished unit with two interior design themes.
Other towers that will rise at Acqua are The Sutherland, Detifoss, Iguazu, Victoria, and Yosemite, all named after some of the most beautiful waterfalls in the world. The five other towers will rise up to 50 storeys.