A leading international property developer Hongkong Land and Philippine real estate development company Robinsons Land have unveiled a new residential project in the Philippines named the Velaris Residences. The luxury development is located situated in Bridgetowne which is a mixed township and business park located between Pasig City and Quezon City.
The Reserve Residences launch price bid of $1.03 billion is based on the maximum GFA, the price is equivalent to a land rate of $989.4 psf ppr.
The Velaris Residences is being built through RHK Land Corp, a joint venture between Hongkong Land and Robinsons Land. Bridgetowne was the very first township that is integrated developed by Robinsons Land, itself the real estate division from Filipino company JG Summit.
The luxury condo that is coming up will comprise an apartment building with 45 floors and 504 units. The condo will have one-to-three-bedroom apartments with sizes ranging from 495 to 1,678 sq feet, in addition to onetwo bedroom terrace suite units that range from 780 sq ft to 1,318 sq feet. Four penthouse suites that are duplex, with four bedrooms that range between 3,190 and 3,480 sq feet, are also available.
The two, threepenthouse and four-bedroom units will come with an exclusive lift lobby and a central lobby will provide access to one-bedroom units. Additionally, the condo is expected to include four carpark floors made up of three floors of podiums and an underground level.
The developers claim they believe that the Velaris Residences incorporates a modern style that is contemporary. The interiors are designed with earthy tones that incorporate a blend of greys, browns and cream tones. These tones are enhanced by accents like Hong Kong-style metallic copper and rose gold accents.
Future residents can also avail an array of facilities and amenities, like a card and wine bar, a multilevel landscaping garden, and a SkyClub. Recognizing the hybrid methods to work, this apartment will also include a work space equipped with soundproof office pods as well as modern-day personal workstations.
Wellness and fitness Facilities include an Olympic-size pool, as well as a Japanese-style onsen and lounge. Residents can also take advantage of the golf simulator that makes use of cameras to let players practice their swing.
The developers are also planning to launch a mobile application that allows homeowners to make payments on condo fees or submit maintenanceable requests, contact the office of administration and reserve lockers with smart sensors for deliveries.
Philippine investment opportunity
The Velaris Residences is the first joint project of Hongkong Land and Robinsons Land. In the developers in a joint press announcement the Philippine residential real property market is a major growth opportunity in all Southeast Asian markets.
The country has a rapid-growing economy, the ability to withstand external shocks and also a price advantage when compared with other markets for residential properties that are located in the Southeast Asian region. “These factors provide a great opportunity for investors seeking property that has a high potential for upside,” the developers say.
According to research conducted from Colliers, Metro Manila last year had greater rent yields 3.9-5.7% compared to Singapore with yields of 3-3.3%. The same time frame, Bangkok recorded rental yields of 4.4-5.2%, Ho Chi Minh City saw rent yields of 3.7-4.8%, and Kuala Lumpur was able to record rent yields of 2.3-5.4%.
Real estate consulting business Santos Knight Frank also expects an increase in market for residence properties including condo rentals located in Metro Manila in the coming months, due to return of international borders, the increase in vaccine rates across the Philippines as well as an increase in office hours for employees.
The Philippines also benefit from an infrastructure expansion by the government, which includes new roads, railroads airport, subway and railway programs. The new infrastructure projects are enhancing the transport network within Metro Manila and encouraged the growth of new high-growth centers.
The Velaris Residences benefit of its location along the C5 road corridor, which links the towns of Quezon, Pasig, Makati and Taguig. The research conducted by Colliers estimates 5-year average compound annual rate (CAGR) for property developments along the economic corridor as 16.9%, nearly double Metro Manila’s CAGR forecast that is 9.2%.
Velaris Residences Velaris Residences are part of a three-tower residential scheme created by RHK Land. First, Cirrus, is a 40-storey condo with 1,371 units, which was unveiled in the year 2019.
The developers will host an international sale celebration in Singapore to show off The Velaris Residences during the April 21-22 weekends in the St Regis Singapore.