MANILA, Philippines - Real estate developer Century Properties said its luxury 53-story condominium Milano Residences is now 54 percent sold after only two months since its formal launch in January.
Designed by global lifestyle luxury brand Versace Home, Milano Residences has seen brisk demand from well-heeled Filipino professionals based both locally and abroad, from as far as the Middle East, United States, Europe and other parts of Asia.
“The robust sales performance exhibited by Milano is a validation that the Philippines is at an opportune position for investment and anchors Century’s standing as the premier developer of ultra-luxury units,” said Robbie R. Antonio, Century Properties managing director and project head of Milano Residences.
Despite the global recession in 2009, the Philippine economy and property market have remained resilient, as evidenced by the continued demand for both residential and commercial spaces. The luxury market likewise benefited from this cause, with many investors and end-users seeking high-quality properties in the most convenient locations, specifically in the Makati CBD area. Prices of luxury condominiums in Makati are 15 percent lower than in Hong Kong or Singapore .
Backing the renewed investor and market confidence is the rapid economic growth of 7.3 percent in 2010, the fastest in three decades, as well as OFW remittances. The country has recently experienced a momentous upsurge in foreign remittance inflows, amounting to $18.8 billion at the end of the year, the highest ever recorded in its history.
“The Milano Residences serves as our contribution to elevating the Philippines and Makati as world-class destinations, raising the standards for luxury living and most importantly, injecting it with a global mindset,” Antonio said.