PIK, Europe and Russia’s biggest home builder, sees demand for city dwellings will return after an initial flight to the provinces in 2020 due to the pandemic.
“The trends are coming back to more of an urbanization, more people coming into the city,” said Gasan Guseynov, PIK head project manager for International Development, at a press briefing on Tuesday.
Guseynov said Manila and Moscow – where the company is based – had the same experience during the first year of the pandemic when a lot of people have thought about moving to provinces and demand for real estate outside the city increased.
“(But) in 2021, (people) have realized they still have jobs and offices that are located in the city and travel from the provinces to the city is quite difficult,” said Guseynov.
He said PIK chose to launch its maiden project One Sierra in Mandaluyong City at this time as the company sees demand for quality homes is rising in Manila and will continue to grow.
“We want to be there to provide supply for this demand for quality homes,” Guseynov said.
He added: “Our plan of launching our first international project stayed on track. Although from the outside, you think the pandemic affects the business, and just the general confidence in the economy but when you look at the actual results to national trends, the demand is rising. That’s why we were quite confident when we launched this project.”
From One Sierra which is groomed as its flagship project, PIK is evaluating current investments with plans to increase land bank in key cities.
Pre-selling of units started Mach and turnover of is scheduled by the third quarter of 2024.
Units start at 31 square meters (sq.m.) for studio to 84 sq.m. with price of P7 million to P16 million.
The project was designed with John Mc Aslan + Partners, a London-based architectural firm, bringing in modern aesthetics and green-building technologies.
