First Global BYO Corp. (or BYO Corp.), the developer of the soon-to-rise condominium Fort Palm Spring in Fort Bonifacio Global City, is introducing a unique system that gives young professionals and their families, who are just starting to live on their own, a chance to experience high-rise living.
Called the Build-Your-Own system (or BYO), it’s a buyer-to-builder way of owning a condo for 40 percent less than the usual price. Whereas in other condominiums, buyers are levied with costs from middlemen and other overheads that can add up to the unit’s price, here, they become the owner and developer of the project. Therefore, the regular cost of the unit, which would normally be around, say, P95,000 per sq m, can go as low as P52,900 per sq m through the BYO system.
And because the buyer becomes part of the development team, he is assured at all times that the building gets completed on budget and on time. It’s a privilege that not many condo buyers are afforded.
According to assistant general manager Myrna Besabe, the BYO system, although it largely remains an unexplored territory in the Philippine real estate industry, has been proven to be an effective and more practical way of purchasing condo units in other countries.
“It’s very effective. It’s already been proven to work well in Singapore, Hong Kong, Australia, and the United States,” says Besabe. “And that’s what our company, First Global BYO Corp. is bringing with our Fort Palm Spring project.”
Selling like hotcakes The response of the public has been very promising, if not surprising for BYO Corp.
“The response of our customers has exceeded our expectations.” she says. “This has encouraged us to start working on our next three projects in the Bonifacio Global City.”
Because BYO Corp. has a proven track record as a world-class project manager of multimillion-dollar commercial and residential developments-such as the Waterside Office Park in Australia and Ultrasharp Residences in China—the construction starts whether all the units are sold or not.
“The other feature of this development, whose total project value is P1.2 billion, is that we have the resources to construct the building, without having to pre-sell a single unit. Whether we sell one unit or not, we’re going to start building on Feb. 18 and finish in two years. We won’t leave the building unfinished,” she shares. “ We want to put our money where our mouth is and become real partners with our customers.”
Besabe is also confident that all units will be sold in a short period of time.
“We promise to finish the building in two years. Right now, almost 35 percent of the units have been sold. I am confident that all units will be sold out in six months,” she says. She fondly says that the other reason why she’s confident is that BYO Corp. is a name that people can easily trust as the BYO system has already been tested and perfected around the world.
An architectural masterpiece
To ensure customers that what they’re getting is only the best, the company has tapped a team of seasoned professionals with impressive track records in the construction industry.
“The team includes SM Mall of Asia architect Robert Carag Ong, one of the top 10 architects in the country,” she says. “We also have CE Constructions Corp. as the builder, Amcon & Co Inc as construction project manager, and O.E. Origenes & Associates as the structural engineer. Together, we have a combined 150 years’ worth of experience and track record in the construction industry.”
With the expertise of this formidable team, the 28-story Fort Palm Spring is being touted as the next architectural masterpiece of Manila. With its cutting-edge design, charming sky gardens, and landscaping reminiscent of the world-famous resort town of Palm Springs in the United States, it will be a showpiece in the best location in Fort Bonifacio, near the shopping malls, exclusive private schools, the new St Luke’s Medical Center, gourmet restaurants, and cafés.
Fort Palm Spring offers 211 homes with a choice of one-bedroom, two-bedroom, two-bedroom lofts and three-bedroom lofts in standard or model-unit finish. Every unit comes with these modern conveniences: automatic sprinkler system, smoke alarms, intercom system, built-in exhaust, piped-in gas direct to kitchen, provisions for cable television phone lines and high-speed Internet and provisions for hot and cold water supply. Prices start at just P1.9 million.
“Fort Palm Spring will also have its very own spa, fitness gym, landscaped gardens, and indoor and outdoor swimming pools,” adds Besabe. “This will be for the exclusive use of our residents and their guests. We dedicated over 1,000 sq m of space for the amenities at Fort Palm Spring to ensure the absolute comfort and well-being of our residents. We even had the building design approved by a feng shui expert!”
Pioneers in the industry
For the company’s pioneering efforts to make high-rise living more affordable, The Philippine Federation of Home and Land Developer’s Association awarded BYO Corp. the “Chairman’s Award for Excellence” during its recent annual general meeting.
BYO Corp. has also chosen Banco de Oro as its trustee bank, which will safeguard the money invested by customers in Fort Palm Spring and ensure that it goes directly toward the construction of their units.
“It’s also our way of telling our customers that this is a wise and safe investment,” she adds.
To create awareness, BYO Corp. has built a multi-million peso model unit at MC Home Depot in the Bonifacio Global City and a sales office at the Fort Bonifacio Stop Over.
“Our target market includes young professionals and young couples who are starting a family, as well as investors, migrant workers and foreign expatriates” she says. ”And our aim is to make high-rise living more affordable so that more people can realize their dreams of owning a home.”
Now who’s ready to pack their bags and move into Fort Palm Spring ?