Solidifying gains in upscale market
Sound indicators continue to point to a bustling real estate industry.
Despite the challenges posed by recent economic and political developments here and abroad, there are enough reasons to believe that the industry remains well poised to sustain its strong momentum—from the country’s bullish economy, a growing middle class market, to a robust demand for property and rising real estate prices.
The Bangko Sentral ng Pilipinas in fact recently reported that residential prices rose by 5.7 percent year on year in the fourth quarter of 2017 as the Residential Real Estate Price Index (RREPI) increased to 117.4 from 111.1 for the same quarter a year ago.
“Year-on-year, prices of townhouses and condominium units grew faster at 8.1 percent and 14.2 percent compared to the previous quarter, respectively…For full year 2017, residential property prices, on average, grew by 3.6 percent compared to the previous year,” it added.
The RREPI measures the average change in prices of various types of housing units comprising of single detached/attached house, duplex, townhouse and condominium unit based on data from housing loans granted by universal, commercial and thrift banks.
That increase in real estate prices, based on current demand trends, is reportedly commonplace for those projects that are selling well. In fact, luxury segment prices in the country continued to break records as well, according to data from Colliers International Philippines.
And capital appreciation is said to be far more evident in Makati City, where some of the most exclusive condominium projects are located, including those within the CBD proper and in Rockwell Center, where residential capital values for a three-bedroom unit were said to be among the highest, having reached on the average, P246,556 per sqm as of the fourth quarter of 2017.
Over the last 23 years, the 15.5-ha Rockwell Center has been raising the benchmark in upscale living, leisure and business. Developed by Rockwell Land, this masterplanned community has indeed come a long way, now known for its signature lifestyle most sought and coveted by the country’s well-heeled market.
And today, its most recent project, Proscenium at Rockwell, commands the same respect and reverence from the same discerning market that this upscale developer has long served.
This premier property, designed collaboratively with Architect icon Carlos Ott, has five towers namely Kirov, Sakura, Lorraine, Lincoln and The Proscenium Residences—all exuding artistic sophistication while providing unparalleled amenities and features that will again place the signature Rockwell lifestyle in a class of its own.
A clear proof of that respect and reverence currently enjoyed by the Proscenium is in the numbers.
Data from Rockwell Land showed that prices at the Proscenium increased by 28 percent in the first quarter of the year from the same period in 2017. Compared to the fourth quarter of last year, the price per square meter similarly rose by 15 percent.
“This (increase) is mainly driven by an even increased confidence in the project because you can already see all the towers up. The first four towers were all topped off last year and even the last tower, The Proscenium Residences (fifth tower), is already on the 40th floor. Moreover, the Rockwell community is constantly growing and evolving to deliver beyond ordinary living,” explained Jovie Lim-Dy, VP for residential sales of Rockwell Land.
And the planned turnover of units in the first two towers (Kirov and Sakura) by the end of this year is expected to even further attract the investor market, according to Dy.
“An increase in investors always indicates that Rockwell is the top choice when it comes to capital appreciation, higher rental yields and quality product. Rockwell unit owners and investors have long enjoyed high rental yields and capital appreciation which is why we see a lot of unit owners who have multiple units in Rockwell. This is also the reason why happy Rockwell investors become our brand ambassadors and always refer other clients to invest with us,” Dy explained.
Each of the five towers will have its own distinct charm, offering different unit cuts from studio to four-bedroom apartments that are all spacious and well appointed.
Residents will surely live in the vibrance with The Proscenium’s almost one hectare of amenities including pools, a jogging path, outdoor courts and gyms; the Performing Arts Theater that will be the proud venue of musicals, plays, operas and orchestra performances; an expansive retail center featuring a curated selection of shopping and dining options.
The 59-storey Proscenium Residences alone is well poised to exceed the expectations of the dynamic and contemporary elite with its exceptional amenities that include a fully equipped gym and dance studio, a function room, a business center, and its own helipad, among others.
It thus comes as no surprise that the country’s affluent remains a captured market of Rockwell Land, from its first project that is the West Block to its latest, which is The Proscenium.
“Aside from the Philippines’ robust economy and positive growth outlook, the stellar sales performance can really be attributed to the quality of the project. Buyers are confident that as always, Rockwell will not only deliver what is promised but exceed expectations in changing the Makati skyline. Proscenium will be a project that will set the standard for luxury living and go beyond the discerning market’s expectations,” Dy concluded.