Robinsons eyes P3-B from Ortigas condo project

ABS-CBN News

Posted at Aug 31 2010 04:33 PM | Updated as of Sep 01 2010 02:05 AM

MANILA, Philippines - Gokongwei-led Robinsons Land Corp. is expecting to generate up to P3 billion revenues from the sale of its newly launched condominium project, The Sapphire.

Robinsons Land vice president for business development Mybelle Aragon-GoBio said the two-tower residential condominium will offer a total of 960 units.

The project will be built on a 2,500-square meter property located along Garnett and Sapphire streets in Ortigas.

Prices range between P2.8 millon for a one-bedroom unit and P4.5 million for a three-bedroom unit. A penthouse unit costs P9 million.

Construction of the first tower is expected to be completed by 2015.

GoBio said The Sapphire, which is under the Robinsons Residences brand, will target start-up families and urban professionals with cosmopolitan lifestyle.

The Sapphire is the latest residential condominium project of Robinsons Land in Ortigas. Other high-rise residential projects of the company in the area include The Sonata, a one-hectare development located in the former Medical City Hospital, and The East of Galleria located in front of the Asian Development Bank.

Robinsons Land is the real estate arm of conglomerate JG Summit Holdings Inc.

During the first 6 months of its fiscal year ending March 31, 2010, the company posted a net income of P1.8 billion, up 10% year-on-year, as real estate and hotel revenues went up by 7% percent to P5.3 billion from P4.95 billion.

Aside from aggressively expanding its residential portfolio, Robinsons Land is also intensifying its presence nationwide with the development of new malls in New Manila, Quezon City; Puerto Princesa, Palawan; Pangasinan; and Cebu province.