Keyland launches condominium project in Makati business district
KEYLAND CORP. is developing a high-rise residential project, featuring units managed by The Ascott Ltd., in the Makati central business district.
In a briefing in Makati City on Monday, Keyland President Jose Ma. G. Montinola said the company is investing P1.2 billion in 110 Benavidez, a 31-story building that will feature 209 units.
Of the total, 142 will be serviced apartments, while the rest will be allotted for private residences. Units will be fully furnished with separate living and dining areas as well as a fully equipped kitchen. Prices start at P220,000 per square meter (sq.m.), with a 30sqm studio going for P7.5 million. A 58-sq.m. one-bedroom unit is priced around P12.5 million, while a 88-sq.m. two-bedroom unit is around P15 million.
110 Benavidez will also feature a rooftop infinity pool, fitness center, and hotel-style lobby.
The location of 110 Benavidez in the Makati central business district makes it attractive for investors, Mr. Montinola said.
He added the Ascott’s management of the property will further ensure that owners that their units will not depreciate over time. The Ascott will be managing both serviced apartments and private residences, as part of its partnership deal with Keyland.
“After 15 years, it will still look like it’s new, because that’s the standards that we have set. By having a very good facilities manager, your assets even appreciate,” Mr. Montinola said.
Keyland is targeting to complete 110 Benavidez by 2022, with projected sales pegged at P2 billion.
The soft launch of 110 Benavidez in February has already attracted buyers. “Our buyers are mostly families, we also have inquiries from corporations... Filipinos based abroad, that’s the market, those who are willing to invest,” Mr. Montinola said.
Return of investment is projected at around 6% to 8%, according to the company’s estimates. Since buyers are not expected to make a permanent home out of the units in 110 Benavidez, Ascott will be marketing the residences to attract tenants.
“You buy it, you put it in the pool of Ascott, you can’t always use it. During the 15-year lease contract, Ascott will have exclusive rights to market it. But in return as an investor, you get a certain yield,” Mr. Montinola said.
In terms of where Keyland stands against bigger players like Ayala Land, Keyland Chairman Rex C. Drilon II said the company’s aim is always to give customers the best value for their money, and deliver quality projects.
“The intention of Keyland is really to create its own niche... There’s value in investing in a core market, since Keyland is still in a startup mode. The vision is to be one of the key players in the industry, probably the best value for the money,” Mr. Drilon said.
110 Benavidez is Keyland’s fourth residential project in Metro Manila, following projects in Makati, Alabang and Las Piñas.
Keyland is looking to expand with two more projects located in Salcedo Village and Legazpi Village in Makati City.
Asked if the developer has plans to expand outside Metro Manila, Mr. Montinola said they are currently focused on projects in the metropolis but are “always looking for opportunities.”