This article was initially featured on the ABS-CBN News Website on July 23, 2024 authored by Jekki Pascual.
MANILA – Premium real estate firm Shang Properties announced it will build the tallest residential tower in the Philippines, called Shang Summit. The 259-meter condominium will be located in South Triangle, Quezon City.
Shang Properties Executive Vice President Che Diaz said building a luxury residential project, which comprises of two towers, is a sign of their confidence in the growing real estate sector in the country. She said many consumers prefer to invest in homes and condos.
“Patterns of behavior of consumers also varied from pre-pandemic up to now post-pandemic wherein people actually want to be in their homes…. Developers have already adjusted to that in terms of making payment terms more affordable,” she said.
It will first launch the east tower which will have 1,020 units, will have 80 floors including nearly 5,000 sqm of indoor and outdoor amenities. The second tower may be reconfigured depending on the demand of the first tower. But in other projects, they noticed people wanted to buy bigger units.
“We were very much surprised that the larger units were the ones moved first, not to say the other units are not moving. Address the demand for a particular development and trying to address the needs of the market,” said Rose Morales, Shang Properties Senior Director for Group Sales.
Diaz added that they also noticed that people who buy their condos actually will live in their condo, rather than use it for investment.
“Most of our buyers are really end users. That’s why the three-bedroom unit is something we are looking at as [the] fast-moving units that we have. Two-bedroom, studio units, one-bedroom, I think, that’s more for investors.”
Diaz also is optimistic about the growth of the luxury segment amid economic uncertainties. She said they determine their projects based on the location and the needs of an area. It will also plan to launch a new project in Cebu, where they see also growth potential for the high-end market.
“We’re still cautiously optimistic, but we’re feeding the pipeline in terms of projects. We still feel that there is an unserved market there,” she said.
Prices of studio units at Shang Summit with 37.03 to 39.33 sqm range from P10.4 to 11.6 million. A one-bedroom to three-bedroom units will range from around P14.6 to 57.2 million. While the penthouse units with 232.69 to 390.89 sqm will cost around P108.7 to 182.6 million. Prices are subject to change.
