Trump Name to Grace $150M Residential High-Rise in Manila
New upscale condo skyscraper is on track for the Philippines. High-end housing in Manila is becoming a coveted market for both investors and homebuyers.
By Barbra Murray, Contributing Writer
Manila, Philippines—A new upscale condominium skyscraper is on track to grace skyline of the capital of the Philippines now that Century Properties Group has revealed its plan to develop Trump Tower Manila. The Philippines-based real estate company will shell out $150 million to build the 820-foot tall ultra-luxurious high-rise, which will be one of the tallest residential structures in the country.
“Manila has always been an exciting place for fashion and design, but the momentum has really taken hold in the last couple of years through the pursuits we have had,” Robbie Antonio, managing director with Century Properties and project manager for Trump Tower Manila, tells MHN. “Filipinos have always had a natural affinity for luxury—we are aspirational as people, and global brands recognize this opportunity to establish themselves locally.”
Trump Tower Manila’s connection with Donald Trump extends to the brand name only. The famous billionaire is neither an investor nor a stakeholder. Century Properties is the project’s sole developer and owner, and the company will bring the residential building to fruition through its subsidiary, Century City Development Corp.
Trump Tower Manila will make its debut at Century City, Century Properties’ 366,000-square-foot mixed-use destination in the heart of the financial center. The long list of amenities of which building residents can avail themselves includes a street-level fine-dining restaurant, as well as a private library, video room and state-of-the art fitness facility with a yoga studio.
Developers in the United States are hardly engaging in the frenzied condominium-building craze that reached a peak in 2007 before crashing down with the collapse of the housing market. These days, in the multifamily sector, the investment community cannot seem to get enough of the apartment market, which has more than regained its luster.
It’s a different story in the Philippines, however. High-end housing in Manila is becoming an increasingly coveted market for both investors and homebuyers. “There are several factors that contribute to the success of the upscale market,” Antonio says. “But what we have experienced first-hand is that our largest client base for the majority of our developments are Filipino expatriates who generate billions of dollars in revenues and investments for the country, and foreigners who look at Manila as a good venue for investment. In my opinion, that is what has made the Philippines a profitable arena for high-end projects. ”
Construction of Trump Tower Manila is scheduled to reach completion in 2016.
