MANILA - Russian homebuilder PIK on Tuesday said it would bring quality urban living as well as European aesthetics to the Philippines as it officially launched its first project in Mandaluyong.
Despite the disruptions caused by the COVID-19 pandemic on the Philippine economy, the Russian home builder said it remains optimistic about the country.
The Philippines was chosen for its first international foray due to its "similarity with Moscow", PIK Head project manager for International Developments Gasan Guseynov told reporters in a virtual briefing.
"The Philippines was chosen because of its favorable market conditions and the rising demand for quality homes. Manila being, in many ways, similar to Moscow, represents the perfect choice for us," Guseynov said.
"Each of our properties follows carefully a simple set of features and living solutions designed to our standard. We always think about how to make our buildings more aesthetically pleasing to the eye," he added.
Guseynov highlights the building's architecture with many panoramic windows to give consumers a view, natural light and great circulation. Security and technology are also important that's why the building will have an automated parking lot, he added.
Its 30-story tower One Sierra, expected to be completed in 2024, has 250 condominium units ranging from studio, one bedroom, 2 bedroom, and what it called a "hybrid" small-office/home-office (SOHO) cuts, PIK country head Mai Yang said.
"Due to the pandemic, most professionals have a work-from-home set-up. Our SOHO units answer this need by incorporating the European philosophy of efficient living,” said PIK country head Mai Yang.
DEFYING PANDEMIC UNCERTAINTY
PIK is bullish on the Philippine market despite the uncertainties caused by the COVID-19 pandemic, Guseynov said, because of the rising demand for quality homes which is likely to continue to grow.
"We think that people in 2021 they realized that they still have jobs and offices that are located in the city and the travel time from the provinces to the city is difficult that's why the trend is coming back to more of urbanization, more people coming back in the city," he said.
Without disclosing the actual size of the investment, PIK said it is "committed" to its Philippine business.
"One of our goals is to increase our land bank in key cities in Manila, [so that] we may continue to meet the needs of homebuyers in Manila. in terms of our commitment, we are very serious," Guseynov said.
Several property developers in the Philippines have said the pandemic boosted demand for housing as more Filipinos spend time working from home.
David Leechiu, the founder of Leechiu Property Consultants earlier said real estate is also "the best asset" to hold during the pandemic.
Swedish furniture maker IKEA, set to open the world's biggest branch in Pasay City later this year, is also betting on the country's booming residential market to drive growth.