MANILA, Philippines - The rise of the Asia Pacific region as the new seat of financial wealth and business expansion is clearly illustrated in the sales performance of Raffles Residences Makati, a 236-unit residential project at the corner of Makati and Arnaiz Avenues at the heart of the country’s most influential financial district.
Positioned at the top of the Manila luxury market segment, the residential condominium project is now over 70 percent sold out. The development shares amenities with the 308-room Fairmont Hotel, which will occupy the first eight floors of the building, and the 30-suite Raffles Hotel on the ninth and tenth floors. Raffles Residences will complete the 30 storey building beginning on the eleventh floor.
The project, which has been quickly acquired by affluent Filipinos living locally and abroad, is being sold in phases. On its first day of sale, the entire allocation of Raffles Residences Makati’s Phase 1 inventory was bought. “The first branded residential offering in Manila originally attracted buyers who understood the value of a luxury product anchored on the strength of an international hotel brand,” explained Brad Berry, Vice-President of Real Estate of Kingdom Hotels Investments, developers of Raffles Hotel and Residences, Makati.
Despite the worldwide recession in 2009, the second phase sold as planned. With business confidence on the rise, the third phase moved briskly in 2010. Buyers consisted mostly of end users keen on living the exquisite lifestyle that Raffles offers, Berry observes.
The final phase is set to be offered soon. With construction having already reached the 26th floor, the project will continue to attract affluent purchasers who can now see tangible evidence of the project’s unique value.
Raffles Residences Manila, which is a joint venture between Kingdom Hotels Inc. and Ayala Land, Inc., is sold on the strength of the iconic Raffles brand, quality of construction, and its unparalleled location in Makati according to Berry. “In Singapore, Beijing, Paris and elsewhere in the world, the brand stands for luxury, elegance and residential charm. Raffles has been named among the world’s top 10 hotel brands,” he notes. “Each Raffles hotel has become a landmark in its respective city. Unsurprisingly, our Manila buyers know of or have experienced the Raffles lifestyle.”
The Raffles Residences unit owners, for instance, can have their cars parked by valets on standby 24 hours a day and be whisked by private elevator to the 11th floor lobby to register in the electronic guest book upon arrival. At their unit, they can be met by a personal butler waiting to unpack their luggage. “Throughout one’s time in residence, the personal butler will be a gracious presence,” discloses the Raffles Residences brochure.
Through the Raffles rental program, buyers will not only get an unsurpassed lifestyle opportunity but also an option to receive rental revenue while not in Makati. While many homeowners have purchased units for their sole personal use, others intend to rent their unit on a long or short term basis with the support of the Raffles global marketing team.
Demand for luxury real estate with uncompromising quality remains strong, according to Berry, whose company focuses on luxury hotel and residential projects in emerging markets around the world. “There is an obvious appetite for a high quality development coupled with unsurpassed service levels as proven by the strong sales of the Raffles Residences to date. “