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Rockwell Eyes P4.5-b Sales From The Vantage

A SUBSIDIARY of Lopez-led Rockwell Land Corp. serving the broader market said it expects to generate P4.5 billion in revenues from its maiden high-rise project in Kapitolyo, Pasig City.
 
Rockwell Primaries launched the first of two towers of The Vantage, which will be located at the corner of United Street and West Capitol Drive, Rachel M. Quinto, the company’s senior business development manager, said in an interview.

“Prior to our launch, we gathered interest. We tried to feel the market.

We gathered a hundred [letters of intent] and we’re converting those interests,” Ms. Quinto said.

Take-up of The Vantage is expected to be briskier than demand for units at 53 Benitez, Rockwell Primaries’ mid-rise project in Quezon City, she said. The project is almost 90% sold since its launch in July 2013.

Unlike 53 Benitez which offers more two- and three-bedroom units sold at higher total contract prices (TCP), roughly two-thirds of The Vantage’s inventory of 448 units are studio and one-bedroom affairs ranging from 29 square meters to 43 square meters for P3.6 million to P5 million.

That price range, Ms. Quinto said, targets families, young professionals and executives.

“The Vantage is more affordable in terms of TCP and it’s a bit generous in size,” she said.

Delivery of the first tower is scheduled for September 2020, with construction set to commence middle of next year.

The Vantage is part of three residential projects that Rockwell Land intends to launch this year that will generate some P22.5 billion in revenues, company President Nestor J. Padilla said in May.

The other projects are the fifth and final tower of the Proscenium, a mixed-use project rising on a 3.6-hectare lot owned previously by Colgate-Palmolive Philippines, and a 6.5-hectare premium property in Sucat that will be turned into an exclusive condominium village touted to be Rockwell Primaries’ biggest project to date.

Known as an upscale property developer, Rockwell Land has been diversifying its property portfolio in recent years with ventures into the broader segment of the residential market and the expansion of its commercial projects that will generate recurring revenues. -- Krista Angela M. Montealegre
 
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