MANILA, Philippines - Condominium developers want a piece of the pie that caters to the ultra-rich market segment these days.
The lucrative promise of a nine to 10 percent profit margin of leasing out these high end condos and at least an average 2.4 percent quarterly increase in capital values have drawn local developers left and right, according to a study by CBRE Philippines.
With all claiming that theirs is the high end or the luxury condo to acquire, buyers are wary which could be the real deal.
Is it the amenities or the fine finishes? How about the location or a good word or two from the privileged few? Likewise, what gives a condo that distinctive luxury status that draws in the high-flying A market?
For Filinvest Alabang executive vice president Catherine A. Ilagan, the upscale buyer is very specific and discriminating, yet has a practical way of defining levels of satisfaction.
“The number of units to a floor is a key consideration,” she said. This low density per floor is evident in Filinvest Premiere projects, the Beaufort in Bonifacio Global City, Taguig, for one, and again, in Botanika Nature Residences, Filinvest’s first under the highest category Exclusive Collection, located in Filinvest City, Alabang.
“The Beaufort only has three to four units to a floor. This gives them the much-needed privacy and freedom to be,” Ilagan pointed out.
Most often than not, the address is one of the main deciding factors. The quiet and secure surroundings are plus factors that the affluent condo buyers are looking for.
The Beaufort, for instance, is located in what is perhaps the quietest residential enclave of BGC that boasts of the coveted panoramic views of the Manila Golf course, amid the posh retail district along 5th Avenue and a good number of genteel restaurants, the world-class St. Luke’s Hospital, all located within the CBD.
“The standards for condos have gone up high, in as much as the quality of condominium developments. Both of which are results of stiff competition among developers, which, in turn, positively benefits the market. Now, more and more balikbayans consider going back here and staying for good, now that businesses are faring well, with the availability of superior quality living spaces that complement their preferred lifestyle,” Ilagan said.
“Peace of mind is also a factor,” she added. This is why at The Beaufort, prime security features refined by international security consulting firm Control Risks, have been put in place for The Beaufort unit owners, which includes high-security key card access and AV phone entry system, among others. These are supported by 100-percent backup power in all units and common area, allowing peace of mind 24/7, even with today’s fast-paced, lock-up-and-go lifestyle.
“One has to make sure that the affluent buyer has enough room for customizing their living spaces. A floor-to-ceiling window, pet-friendly hallways, a generous range of top-notch amenities are just a few of their many personal preferences, and to a certain extent, non-negotiables,” she said.
The Beaufort is located at the corner of 5th Avenue and 23rd Street in Bonifacio Global City, Taguig City. Showsuites are open for viewing. For more information, call (02) 850-0888, (0917) 877-0888 or log on to www.thebeaufort.com.ph.