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Citicore property unit to launch P6.8-B condo in Taytay

CITICORE Holdings Investments, Inc.’s property arm is set to launch a mid-rise development in Taytay, Rizal by the first quarter of next year from which it expects up to P6.8 billion in sales.

The mid-rise development named Modan Lofts Ortigas Hills will be under PH1 World Developers, Inc., a sister company of Megawide Construction Corp., which is the contractor of the project.

“Megawide has always been our trusted partner builder and we’re confident that Ortigas Hills will be engineered using innovative methodologies that meet proper engineering standards,” PH1 President Ma. Gigi G. Alcantara said in a statement.

The development will have three mid-rise condominium towers with 20 floors each and will house over 1,000 total units with around 25 units to 28 units per floor.

“This is our ideal development. We don’t want to make it too dense,” PH1 and Megawide Chairman and Chief Executive Officer Edgar B. Saavedra said during a media briefing on Tuesday.

PH1 expects the sales value of the project, which is targeted to be completed and turned over by 2026, to reach around P6.5 billion to P6.8 billion.

The project is seen to attract young professionals, upgraders, and start-up families. It will introduce an innovation called add-loft technology, which can help create additional space in the units that can be customized and personalized depending on one’s lifestyle.

The project’s one-bedroom unit is at 30 square meters (sq.m.) plus an additional space from a built-in loft. A two-bedroom unit measures 38 sq.m., excluding the space of the loft.

Modan Lofts Ortigas Hills is the third project of PH1 after The Hive Residences in Taytay, Rizal and My Enso Lofts in Timog Ave., Quezon City.

The company already secured 20% sales reservations for the first tower, said Ms. Alcantara.

“Pre-selling is ongoing,” she said. “We already exceeded the first tier. We’re looking at about 20% [pre-sold units] for the first tower, without the launch yet.”

Around P3 billion is allotted as capital expenditure for all the towers, which will be the pilot project of the company’s Modan Lofts brand.

In 2022, the company secured P4 billion in reservation sales, which it expects to reach P6 billion next year through the next launches, according to Mr. Saavedra.

PH1 is a real estate company that aims to disrupt property development conventions through innovation and engineering technology. Formerly known as MySpace Properties, Inc., it rebranded to reflect its aim of becoming a first-world quality property developer. — Justine Irish D. Tabile

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The article was originally published in Business World.

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