Filinvest launches Pasig mid-rise condo

MANILA, Philippines - Gotianun-led Filinvest Land Inc. (FLI) unveiled yesterday its newest mid-rise building (MRB) offering, One Spatial Pasig, estimated to generate P1.5 billion in sales.

Situated on a 1.8-hectare prime property along Amang Rodriguez St. in Pasig City, One Spatial will be the first of a series of MRB projects under the “Spatial” product name at a price lower than FLI’s other MRBs, the property developer said in a disclosure to the Philippine Stock Exchange.

One Spatial will comprise seven buildings with six floors each, offering larger cut units measuring 32 square meters each.   

The units will sell at around P1.8 million or 20 percent to 25 percent less than the company’s projects under the “Oasis” series.

FLI claims to be the country’s largest MRB developer, with around 12 ongoing projects located in Metro Manila, Cebu and Davao City. These are One Oasis Ortigas, Bali Oasis, Bali Oasis 2, Sorrento Oasis, Capri Oasis and One Spatial in Pasig City; Maui Oasis in Sta. Mesa, Manila; Asiana Oasis in Paranaque City; One Oasis Cebu, Amalfi Oasis and Sanremo Oasis in Metro Cebu and One Oasis Davao.

The company said it plans to launch MRB projects in other key urban areas such as Iloilo and Cagayan de Oro soon.

Last year, FLI completed the construction of 13 MRBs, or inner city projects with five to 10-story buildings clustered around a central amenity area.

MRBs offer a much better living environment due to its low- density and wide open space, compared to high-rise condominium buildings (HRBs) crammed with thousands of units.

The cost of a unit in an MRB is lesser than an HRB due to the lower construction cost attributable to the lower height of the building, FLI noted.

In addition, association and other maintenance dues are much lower for MRBs than HRBs.