The strong demand for luxury residential units is expected to push the sales of Raffles Residences Makati’s final release of inventory which was made available to the general public on June 1. The 237-unit project, sceduled for completion in July 2012, is located at Arnaiz and Makati Avenues. It is developed by Kingdom Hotel Investments (KHI) and Ayala Land, Inc.
The residential project that bears the iconic Raffles brand is part of a mixed-use development that will also include a Fairmont Hotel and a Raffles Hotel. The integration of two globally-recognized hotel brands and a residential development is the first of its kind in the Philippines.
“It will be a leading development in Manila for years to come,” said Brad Berry, real estate VP of international developer KHI.
The property has an impressive sales record. Upon launch, the project achieved a single-day sales record of $40 million.
In July 2010, the residences sold a penthouse that achieved the highest price per sqm ever paid for a condominium in the history of the Philippines. Berry disclosed: “The development’s sales records demonstrate that the market for a residential project of this caliber is strong. There’s anticipation surrounding the launch of the last release of inventory. I expect to see continued strong demand.”
The development has also seen an evolution in buyer patterns. During the first phase of sales, the smaller one-bedroom units accounted for 70 percent of sales.
As subsequent sales phases were released, the demand for the larger units increased.
Berry noted: “The strong sales of our larger units indicate a high end-user demand. Interestingly, we’ve also seen Filipino buyers with homes in other global capitals showing keen interest in the project. The prestige and quality of the development speaks for itself and international buyers with discerning tastes recognize and appreciate that.”
Construction is now on the 30th and final floor of the building with the exterior cladding and stonework scheduled for completion in August.