Otis 888 Residences [res|u/c] Manila

[bevepi]

Robinsons Land Corporation will soon launch another Residential Townhouse concept in Paco, Manila. It will consists of 200 Townhouses with a Mall within the vinicity. This 4 Hectares Land was just acquired the property last month. Tentative launching date this 3rd week of April 2006...

Here is some write-ups of the future development site of the Otis 888 Residences taken from the website of RLC.

Robinsons pays P573M for M-Gas property
An article published in The Business World, March 7, 2006
By: Felipe F. Salvosa II and Jennee Grace U. Rubrico


--------------------------------------------------------------------------------

Robinsons Land Corp. (RLC), the country's third largest property developer, paid P573 million to the government yesterday for a four-hectare property in Paco, Manila , the year's first big-ticket privatization deal.

At least P300 million will go directly to the National Government while P173 million will be deposited to the Treasury, said Finance Undersecretary Gabriel R. Singson, Jr., head of the interagency Privatization Council. Part of the proceeds will also go to Manila Gas Corp. (M-Gas), subsidiary of state-run National Development Co. and the lot's former occupant, as well as for taxes.

The government has been trying to sell the real estate since 1995. "We're very happy with the results," Mr. Singson said.

The Gokongwei-led developer plans to devote a hectare of the Manila Gas lot to a shopping mall and the rest, three hectares, for townhouses. It operates the Robinsons chain of malls and is the largest domestic hotel owner and operator.

In a statement, Robinsons Land said it plans to tap the Filipino-Chinese market for its latest residential project that will stand on the Manila Gas property.

RLC High Rise Buildings Division General Manager Danilo E. Ignacio said the property will be the location for Otis 888 Residences, an upscale townhouse project that will compete with Community Innovations Inc.'s nearby Celadon project.

"We plan to develop a big portion of the premium property into upscale townhouses composed of 3 to 4 bedrooms with price ranging from P6.5 million and up. Our main market will be the Fil-Chinese market residing in the Chinatown Area. Our newest upscale development and design fully reflects the discerning taste of our target clientele," Mr. Ignacio said.

He said that RLC has just completed the overall master plan for the project and that it will start selling the townhouses by next month. He added that with Otis 888 Residences located two kilometers, or less than 10 minutes, away from the Binondo area, the residential project "offers a refreshing alternative for upscale living to Fil-Chinese."

"As Chinatown is getting more congested, Otis 888 Residences will help address the growing needs of Fil-Chinese now looking for additional living space or have plans of investing in nearby residential properties for their growing families," he said.

Otis 888 Residences is located within close proximity to schools, including St. Peters , St. Jude, Chiang Kai Shek, Uno, Malayan High School of Science, St. Stephen, University of Santo Tomas , and San Beda. With Robinsons planning to put up a mall on the development site, Mr. Ignacio said, residents of Otis 888 Residences will be given easy access to basic needs.

He added, however, that plans for the mall are still being finalized as "the company is carefully reviewing the ideal retail mix for the commercial portion of the mixed-used development."

RLC is the real-estate arm of Gokongwei-controlled JG Summit Holdings, Inc., one of the country's largest conglomerates with diverse interest in branded consumers foods, agro-industrial and commodity food products, textile, telecommunications, petrochemicals, air transportation and financial services.

The firm said that its acquisition of the Manila Gas property "aims to add valuable land inventory."

Robinsons Land got the notice of award in December, edging out Ayala Community Innovations in the bidding last October as the latter offered to buy the Manila Gas property for only P86 million.

Robinsons Land's original offer was only P562.6 million. But the Privatization Council required it to improve the bid by P10.8 million because under Commission on Audit rules, the government cannot dispose of an asset at less than 90% of the floor price. The Manila Gas property had an indicative price of P637 million.

The October bidding was only able to dispose Manila Gas' 39,995-square-meter south property. There were no bidders for the 12,271-square-meter north property, also in Paco, and a smaller one in Cebu . The north property was valued at P136.26 million while the Cebu property is worth P9.52 million.

Mr. Singson told reporters the government was open to joint ventures for the other lots. Manila Gas occupied the Paco properties until 2002 when it stopped its liquefied petroleum gas operations.

Robinsons Land also earlier bought the 9.3-hectare Jardine Davies property which is located between Bicutan and Nichols interchange. The company said it will turn the property into a mixed-used development that will be composed of several residential thematic enclaves.

Watch out for some details in my site..

[Dvorak]

san exact location nito?

[bevepi]

Along otis, the former manila gas corp. ill check d actual site 2mrw maybe will take a picture of site..

[bevepi]

Just to tease everyone...



more advance info coming soon...

[thomasian]

Yes Benj, I've seen the site and I noticed that it has a big frontage (covered by the Manila-Gas fence) along Otis/Paz M. Guazon Ave. I never thought it was triangle shaped. Thanks.

[bevepi]

Hi Bro? Kamusta? Its been quite some time..when tyo uli meet?

anyway well I guess it was shaped that way. I decided to hold some info on this project not to pre empt the RLC grand launching this April, but we are quite happy and excited with this project, because this is the 1st Townhouse project of RLC to be launch in Manila. Competitors and Investors are also eager to see the concept, we have a good numbers of inquiries from the chinese market since they have made a teaser on the chinese newspaper. BTW punta k uli office for the contract.

[thomasian]

^ I guess sa summer ko na lang aasikasuhin yung pagiging REA ko ng Robinsons Land. Busy pa kasi sa school eh.

BTW, I do think competitors have substantial information about this project as they always have spies running around.

I really liked the concept of adding "888" in the name to attract the tsinoys and the Chinese. It sounds very lucky to them.

[bevepi]

Ok Thomasian.

yup, it is feng shui based actually to really attract the Chinese markets and not only that, sizes and cuts are also feng shui based. Lot sizes are 138, 168 & 188.

[driftwood]

Sounds interesting. Kailan ang launching / preselling nito? Saan makakakuha ng info?

[thomasian]

Info? Kay bevepi. Alam niya 'yan.
Seems like it will be a Chinatown, yung kayang design asian-inspired din?

[bevepi]

Tentative launching is April 20, that the start of the pre-selling initial offering is 36 units muna, then maybe they will be increasing the price. but right now we accept priority reservation. you can email me so that i could give you an advance info of this project. we anticipate a unit sell-out for the 1st month, ganda kasi ng concept with a mall.

email me bevepi@walla.com

[Edmundtanso]

omg....looks like a row of low costs housing

[tyronne]

Originally Posted by Edmundtanso

omg....looks like a row of low costs housing

hahaha! pero in fairness, i like the retail component of the project--it looks good. yung residential part... ummm... they're so close together kasi eh. well, we'll see when it gets built. we might be wrong.

[midsunset92]

Originally Posted by bevepi

Tentative launching is April 20, that the start of the pre-selling initial offering is 36 units muna, then maybe they will be increasing the price. but right now we accept priority reservation. you can email me so that i could give you an advance info of this project. we anticipate a unit sell-out for the 1st month, ganda kasi ng concept with a mall.

email me bevepi@walla.com

do you have preselling price scheme for the units already?

[bevepi]

Excepts from the General Manager of RLC:

"We plan to develop a big portion of the premium property into upscale townhouses composed of 3 to 4 bedrooms with price ranging from P6.5 million and up. Our main market will be the Fil-Chinese market residing in the Chinatown Area. Our newest upscale development and design fully reflects the discerning taste of our target clientele," Mr. Ignacio said.

Hi Ed,

I guess if this looks like a low cost housing, maybe we will not target the Chinese market, who are very meticulous in choosing a place to reside and maybe if you could mention a LOW COST housing project worth P6.5M each unit, promise I will never ever post in the thread again

[bevepi]

Price ranges:

138 sq mtrs. - 2bedroom - P 6.5M

168 sq mtrs. - 3bedroom - P 7.5M

188 sq mtrs. - 3bedroom - P 8.5M

[thomasian]

IMO, the posted "Proposed Masterplan" above could be for reference purposes only and should not be taken as the final design if the project.
I think negative comments like that should only come after we see the final designs.

[Mosaic]

nice gated community.

[JChip]

Their pricing is a bit steep.

@Bevepi,

Would you happen to know the lot sizes?

It's nice to see that place develop. It's even close to the new Malayan Science High School. I think this place will see more projects soon.

Does anyone have details on Ayala Land's competing project - The Celadon Place?

[bustero]

What percentage of the lot is townhouses? There's a high rise component to this I understand. Can't be just 200 units on 4 hectares. Ortigas is doing 80 units on 1 hectar for similar sized units (200 sq.m.).