MANILA, Philippines – Century Properties Group (CPG) is building the first residential tower in the world to be designed by Italian fashion house Missoni – the 52-story Acqua Livingstone, which will rise within a P15-billion master-planned community in Mandaluyong City across Rockwell.
In a briefing, CPG managing director Marco Antonio said Acqua Livingstone is the fourth of six towers to rise on the 2.4-hectare Acqua Private Residences, envisioned as the first waterfront address in the country.
Antonio said the company is spending a total of P7 billion to construct all six towers, of which P1.5 billion will go to Acqua Livingstone.
CPG is estimated to generate a total of P15 billion in sales for the entire project, 11.1 percent higher than its original estimate of P13.5 billion. Of the P15 billion, P3.5 billion will come from the 645-unit Acqua Livingstone, which will feature interiors splashed with Missoni’s signature prints and flashy hues and showcase the regenerating Pasig River into its waterfront design.
“Missoni Home is known for creating its own style that reflects a celebration of life. Our brand is an experience of happiness, excitement, beauty, creativity, style and elegance,” said Vittorio Missoni, marketing director of Missoni S.p.A.
CPG’s collaboration with Missoni Home, the housewares branch of the global Italian fashion brand, is the local upscale property developer’s second pairing with a major luxury label after Versace (through the 53-story luxury Milano Residences in Makati).
“This is a testament to Missoni’s strong belief in the prospects of the Philippines as a premiere development platform. This pushes the boundaries of Philippine real estate and makes esteemed brands like Missoni Home accessible as a lifestyle experience,” Antonio said.
Antonio said the starting price for the units at the Missoni project will be around P145,000 per square meter. Unit sizes range from 27 square meters to 140 sqm and come in one to three bedrooms.
Buyers of the first three Acqua towers – the 42-story Niagara, the 45-story Sutherland and the 47-story Dettifoss – are now enjoying a 30 to 60 percent growth in price appreciation from only P90,000/sqm. All three buildings are 96 percent sold with a total of 1,815 units worth around P7 billion disposed off.
Headed by husband and wife team Ottavio and Rosita, Missoni has worked with the Rezidor Hotel Group in 2005 to put up a chain of lifestyle hotels called Hotel Missoni. Two hotels in Scotland and Kuwait have opened, with another three slated to open in Turkey, Omanan and Brazil by 2014.
Fashion-real estate collaborations have become an in thing in recent years, with fashion brands like Gucci and Armani signing up to co-brand residences and hotels across the globe.
Amid a buoyant property market, CPG is looking at sales of around P20 billion this year compared with P18.4 billion in 2011. Around 50 to 70 percent of the company’s sales come from the international markets.
CPG has ramped up its capital spending this year to as much as P8.3 billion from only P2.6 billion a year earlier to further strengthen its position in the highly-competitive market.
CPG is the developer of the posh Essensa East Forbes in Fort Bonifacio and Pacific Star Building. Its portfolio also includes the country’s first fully-fitted and fully-furnished condominium South of Market (SOMA) in Fort Bonifacio, SOHO Central in the Greenfield District of Mandaluyong City, Pacific Place in Ortigas and a collection of French-inspired condominiums in Makati City called Le Triomphe, Le Domaine and Le Metropole.