DAVAO CITY, Philippines
(by Doris C. Dumlao of PDI/ANN )
→ Two sons of American tycoon Donald Trump flew in from New York yesterday for the groundbreaking of Trump Tower Manila, a luxury tower to be developed by Century Properties Group and the first of what is hinted to be a series of property projects involving the Trump brand in the Philippines.
“This will not be our last project in the Philippines. We’re looking forward to rolling out a couple of things,” Donald Trump Jr. said in a press briefing. He hinted that talks have started with the Antonio family-led Century group for follow-up projects.
Trump Tower Manila is a US$150-million, 56-storey residential development project of Century with the brand name and mark under license from the Trump. It will rise in Century City, the Century group’s 3.4-hectare flagship development along Kalayaan Avenue in Makati City in Metro Manila.
Century founder and chairman Jose Antonio said this project was very relevant in assisting the positioning of greater Metro Manila as a “cosmopolitan” city. He noted that cosmopolitan cities elsewhere in the region like Hong Kong, Shanghai and Singapore had captured a lot of investments and having a quality development and a strong brand should groom Metro Manila into a better position.
“Quality will always be remembered long after the price has been forgotten,” he said.
The residential units in Trump Tower Manila is selling at an average 200,000 pesos ($4,700) a square metre. Based on the size range of between 57 and 400 square metres, the smallest unit is priced at 11.4 million pesos (269,000) and the biggest at 80 million pesos ($1.8 million). The units will be turned over to buyers by 2016.
Robbie Antonio, Century managing director, said 70 per cent of the 222-unit residential development had already been sold since the project was launched in September 2011.
“The fact that a Trump-branded development is rising in the Philippines is a testament to the increased confidence of the international sector in our country’s potential to become a world-class destination. As a standard bearer of excellence in residential living, Trump Tower Manila also positions the Philippines as the ideal place of residence for global citizens,” the younger Antonio said.
“We are overwhelmed with the tremendous success of this project in such a short time. Trump Tower Manila has already received accolades even prior to breaking ground, which is an incredible accomplishment further showcasing the strength of the local market and its increasing demand in the ownership of luxury real estate,” Eric Trump said.
He added that the design of Trump Tower Manila was such that the Trumps “wanted to have the best building not only in the Philippines but in Asia and the world.”
source: ASIA NEWS NETWORK