Prices of condo units in NCR now start at P200,000

Prices of residential condominium projects in Metro Manila now start at P200,000 per square meter of floor area, and one developer expects this to trend to continue based on cost movement over the past five years.

PH1 World Developers Inc., the real estate arm of Megawide Construction Corp., reported a 35-percent increase in selling prices of its high-rise condo project in Quezon City in the past two years.

Spike Ching, assistant vice president for project development and head of the horizontal projects at PH1 World, said the selling prices of My Enso Lofts condo units in Quezon City are now in the range of P220,000 to P230,000 per square meter, up from P170,000 in 2020 during the project launch.  The 19.60-square-meter studio units are now sold for at least P4 million, he said.

PH1 World president Gigi Alcantara said 70 percent of 1,204 units at My Enso Lofts were already sold.  The units are known for high ceiling which allows the developer to add an extra 7.40-sq. m. loft, to expand the usable space of a 19.60-meter studio unit to 27 sq. m. 

The company expects the completion of My Enso Lofts, a 45-story residential development on a 3,000-square-meter lot at the corner of Timog Ave. and Sgt. Esguerra St. in Quezon City and Modan Lofts on a 16-hectare site in Taytay, Rizal by 2026. 

Megawide chairman and CEO Edgar Saavedra said the rise in prices of condo projects in Metro Manila and surrounding provinces said provides investors with opportunities. 

He said prices of ready-for-occupancy units at mid-rise projects climbed 50 percent to 70 percent or even doubled in three years, while those of high-rise projects achieved similar growth in five years.

Saavedra is optimistic that the selling prices of units at the 16-hectare Modan Lofts Ortigas Hills in Taytay, Rizal would continue to rise.   Prices at Modan Lofts now hover at P130,000 per square meter.

He encouraged investors to take advantage of low selling prices during project launches.  He said a P3-million unit could quickly become P4.5 million in three years.

Despite the rising prices, Alcantara noted a strong demand for vertical projects.  She said the price of units at The Hive Residences in Taytay, Rizal jumped from P55,000 per square meter when the project was launched in 2015 to P108,000 today, translating into an increase of 97 percent in  capital appreciation.

PH1 World incorporates new technologies and design that give up to 38-percent more usable space in the form of lofts at no extra cost.  Its towers are also equipped with up to eight elevators per building, which reduce queues among homeowners during busy hours.

PH1 World, established in 2014 as MySpace, is the company behind The Hive Residences in Taytay, Rizal with 978 residential units; My Enso Lofts along Timog Ave. in Quezon City with 1,204 residential units and 21 retail units; One Lancaster Park, a 15-tower mid-rise project in Imus, Cavite in joint venture with Profriends Inc. which when completed would have 10,166 residential units; the 16-hectare Modan Lofts Ortigas Hills in Taytay, Rizal with add-loft technology; and Northscapes San Jose del Monte, its first horizontal project with 343 residential units.

It plans to build nine new residential projects in Luzon, including two high-rise condominium towers in Metro Manila. The company recently secured a P3-billion loan from BDO Unibank Inc.  to finance its projects.