RLC Residences looks to launch one more residential project before the yearend, estimated to be worth between P5 billion and P12 billion.
RLC has so far launched P21 billion worth of projects this year.
John Richard Sotelo, RLC Residences senior vice president, said the company is optimistic about the next project after the better- than- expected reception on the P21- billion project launches this year.
“We just launched the second tower of Le Pont in Bridgetowne last July 4. If you combine that with Mira, which we just launched in April, we’ve launched about P21 billion worth of inventory already in the past four months,” said Sotelo at the sidelines of the Economic Journalists Association of the Philippines-San Miguel Corp. Economic Forum 2024.
“The market response has been very good. For Mira, we’ve launched two towers and the first tower is almost sold out. The second tower, we just opened to the public about two weeks ago,” he added.
Sotelo said reception is encouraging despite a high inflation environment.
“It’s still a high interest rate environment. Inflation is still a bit high, but the response (to our projects) has been quite good,” he said.
RLC Residences plans to launch two to three more towers in its Sierra Valley property in Cainta, Rizal.
“We’ve already launched four towers there and we’re thinking of launching maybe two to three more because demand has been very good. If we launch another one after that, we’ll see. It depends on how the market goes,” Sotelo said.
Depending on the performance of the second tower of Le Pont, Sotelo said RLC Residences may also launch the third tower since the luxury market is doing much better than the other segments.
He said RLC Residences is looking to launch another mid-range project when Mira is finished.
Sotelo said about half of RLC Residences’ condominium buyers are foreign-based consisting of overseas Filipinos as well as other nationalities while a majority are end-users as against investors.
“Growth from locally-based buyers is also significant… There are those who are moving out of their big houses because the kids have all graduated, gotten married, and they don’t see the need for a huge house anymore. For the smaller sized units, sales are a little bit more tilted towards investors, but overall project-wise, it’s still towards people who want to live there,” said Sotelo.
