Tuesday, July 8, 2008
Gold from dump
CREDIT the Zobels from turning a garbage dump and a jeepney-bus terminal into a gold mine.
Cocktales is referring to the former Park Square open terminal and car park that the country’s richest hacienderos and Arab money and expertise are turning into a $3,170 to $4,700-a-square-meter luxury condominium units.
The initial quote for the “cheapest” and smallest unit, a 71-sqm, one-bedroom affair, at the future Raffles Residences is P9.5 million, which translates to a market-leading P133,800 per sqm.
The price escalates to a range-topping P42 million to P84 million for any of the four, 4-bedroom penthouse units, whose floor areas range from 383 to 402 sqm.
At P84 million, the price per square meter of the highest penthouse unit turns out to be a dizzying P208,955 a sqm.
Closer to earth, the three-bedroom units, whose sizes range from 209 to 251 sqm, are quoted, in dollar terms, at $660,000 (about P30 million) to $1.25 million (about P56.8 million).
Those prices are still considerably more expensive than the Fort’s Pacific Plaza Towers whose three-bedroom, but larger 300-sqm units are now being advertised at anywhere from P33 million to P38 million each, with the latter having sweeping Manila Golf Club view.
Despite having only rooftops views of the Ayala Center and San Lorenzo Village, Raffles Residences are priced markedly higher due to its condotel features—the 220 residences will occupy the upper 20 floors of the 32-story Raffles Hotel, but are welcome to pool their units and rent out as part of the ultra-luxe hotel.