Brisk sales of luxury residential units indicate better times ahead

CEBU, Philippines - The Asia Pacific region is definitely the new seat of financial wealth and business expansion as 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 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 said.

The final phase is set to be offered soon since construction has already reached the 26th floor. 

Raffles Residences Manila is a joint venture between Kingdom Hotels Inc. and Ayala Land, Inc. It 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 noted. “Each Raffles hotel has become a landmark in its respective city. Unsurprisingly, our Manila buyers know of or have experienced the Raffles lifestyle.” — QSB