NEARLY THREE-quarters of the high-end 236-unit Raffles Residences in Makati have been sold, reportedly signaling the continued robustness of the luxury market.
The first three phases of the residential portion have been offered for sale while the final phase will be marketed “soon,” Real Estate of Kingdom Hotels Investments said in a statement.
“Positioned at the top of the Manila luxury market segment, the residential condominium project is now over 70% sold out,” the firm said.
“The first branded residential offering in Manila originally attracted buyers who understood the value of a luxury product anchored on the strength of an international hotel brand,” it added.
The firm is behind the development of Raffles Residences in partnership with Ayala Land, Inc. This will complement two hotels on the lower floors of the 30-storey building: the 30-suite Raffles Hotel on the ninth and tenth floors and the 308-unit Fairmont Hotel, which occupies the first eight floors of the building.
The first phase of the residential offering was claimed to have been “quickly acquired” by affluent Filipinos living here and abroad, with the entire inventory sold out on the first day, the firm said without elaborating on the number of units.
The second phase was also sold “despite the worldwide recession in 2009.” Sales for the third phase “moved briskly” last year.
“And with construction having already reached the 26th floor, the project will continue to attract affluent purchasers who can now see tangible evidence of the project’s unique value,” Real Estate of Kingdom Hotels Investments said.
“There is an obvious appetite for a high-quality development coupled with unsurpassed service levels as proven by the strong sales of the Raffles Residences to date,” the firm said.