MANILA, Philippines - One of the biggest names in horizontal property development in the Southern Tagalog region is entering the highly competitive Metro Manila scene, beginning with a P1.5-billion two-tower condominium project, its first vertical development.
Calmar Land Development Corp., founded in 1989, has so far developed 350 hectares of land into 24 residential subdivisions occupied by more than 10,000 property owners in Quezon, Laguna and Batangas.
But Calmar Land president Reynaldo Calayan Jr. said that the company is adapting to the ever-changing landscape of the real estate industry, such that from residential subdivisions to township communities and house-and-lot packages to mixed-use condominiums, Calmar Land has expanded both in terms of locations and range of product offerings to suit the evolving requirements of the Filipino market.
Calayan said they believe that there is no glut in terms of condominium supply in Metro Manila and that for the company, the metropolis provides a much bigger market for them.
Cidades Park, a two-tower medium rise condo development, will be built in a 5,000-square meter property at the corner of Samat and Lopez-Rizal streets, in Mandaluyong City, a block away from Shaw Boulevard.
The 11-story condominium, sitting atop one of Mandaluyong’s highest point, will be mixed use, with seven floors of residential units and the first three floors dedicated to the lobbies and commercial spaces for retail and service conveniences. There will be a maximum of only 14 units per floor at both towers for a total of 210 units to assure privacy and exclusivity.
Company managing director Marybel Calayan said that there will be no studio units. A one bedroom unit will be around 51 sq m, a two-bedroom unit 76 to 80 sq m, and a three-bedroom unit 118 sq m, at a price of P88,000 per sq m, thereby catering to the upper middle segment of the market. Special garden units will range from 61 to 175 sq m.
Cidades will start construction in mid-2013 and turnover is scheduled in 2015.
She said that their foray into Metro Manila vertical development will allow Calmar Land to move from being a regional player to becoming a national player.
Company officials also revealed that this early, they are now looking at other locations in Metro Manila for their future projects.