By Doris Dumlao
Philippine Daily Inquirer
July 28, 2009
THE GOKONGWEIS ROBINSONS LAND CORP. (RLC) yesterday launched an upscale mid-rise condominium development in Pasig, targeting young families seeking an exclusive residential enclave near the Ortigas central business district.
RLC’s new pocket development, Vimana Verde Residences, occupies a 5,255-square meter property along St. Martin St. near Valle Verde 1.
It will have three seven-story residential buildings with 80 condominium units to be sold for P5.1 million (72-square meter two-bedroom unit, including parking) to P11 million (three-bedroom two-story penthouse suites.)
The project site is near some of Metro Manila’s top schools such as La Salle Green Hills, Poveda, St. Paul’s Pasig and Lourdes. It also has easy access to the Ortigas central business district.
The project also offers cost-savings to home buyers, because the units will have bare fit-outs and can therefore be customized according to the owners’ style and preference.
The bare finish style is a key innovation that allows buyers to save about P10,000 per square meter on fit-outs that they will likely tear down anyway, RLC president Frederic Go said.
Based on recent studies by RLC, about 70-80 percent of buyers of finished condominium units prefer to bring along their personal interior decorators, so they just tear down most of what come along the unit when they are delivered.
As such, RLC is incorporating only the basic utilities to be able to price the units at Vimana lower than a completely finished unit.
The target market includes people in their late 20s to 40s with a combined monthly household income of P150,000 to P300,000, or those in the AB income segments, who can afford a monthly amortization of P50,000 to P100,000.
A minimum down payment of 20 percent is required but this can be amortized for two years. Long-term financing can be tapped for the remaining 80-percent payment.
