AMA Group sets P1.3B for Alabang condo project

By Zinnia B. Dela Peña, The Philippine Star

Posted at Aug 19 2012 01:25 PM | Updated as of Aug 19 2012 09:33 PM

MANILA, Philippines - Picar Development, a fast-rising property firm owned by Amb. Amable Aguiluz, is spending P1.3 billion for the development of a 32-story residential condominium in Alabang as part of the AMA Group’s aggressive diversification.

In a briefing yesterday, Picar general manager Danilo B. Jugno, said the new project, Chelsea Residences, will bring to the market 696 fresh residential units that are estimated to fetch between P2.2 billion to P2.6 billion in sales proceeds.

Situated on a 1,400-square meter property on Buencamino St., Alabang, Chelsea Residences will offer studio, one to three-bedroom and four penthouse units priced at P1.6 million to P16.2 million each.

Jugno said the two-bedroom penthouse units, with an area averaging 96 to 108 sqm, will sell for P8 to P9 million apiece while the three-bedroom penthouse units, ranging from 187 to 195 sqm, will be priced at P16.2 million.

The company sold a total of 70 units during its soft launch Wednesday at P70,000 per square meter. The going-on rate is now P75,000 following the strong demand for the units.

“Taking the concept of smart modern living to a whole new degree, the Chelsea Residences WiFi-enabled accessibility is one among the many value-added state-of-the-art service that establish the structure as the first residential intelligent building in Alabang,” Jugno said.

He said future residents will enjoy the cutting-edge technology of Cisco systems, state-of-the art facilities and comfortable living spaces.

“Chelsea Residences allows dynamic individuals to benefit from a balanced way of life that’s enriched with Alabang’s potential for industrial growth and recreational fulfillment,” Jugno said.

Chelsea Residences is Picar’s first project in Alabang. The company owns another lot adjacent to Chelsea Residences, which it plans to convert into an office building catering to the business process outsourcing (BPO) industry.

Aguiluz, acknowledged as the pioneer of IT education in the country, is embarking on a P60-billion expansion program over the next 10 years to develop high-rise residential projects, five-star hotels, offices, retail establishments and master-planned communities.