Within only two months after it was launched, The Milano Residences, an internationally-branded luxury condominium in Makati City, Philippines, sold briskly when it reported sales of 54 percent of total units for this year.
Majority of the buyers were Filipino professionals who were based locally and in countries abroad such the United States and those in Europe, Middle East and Asia.
Robbie R. Antonio, Milano Project Head and Managing Director of Century Properties, the real estate developer of The Milano Residences, believes that the robust sales of Milano is an indication that the Philippines is in an opportune position for investment and is an anchor to Century Properties’ reputation as the premier developer of ultra-luxury units in the country.
The Philippine economy has managed to remain stable despite the 2009 global recession. Demand for residential and commercial units was continuous and the luxury markets were benefited particularly by investors and end-users looking for high-quality properties in locations convenient to the Makati Central Business District Area.
In addition to strengthened investor confidence in the country’s real estate market, the Philippines’ GDP also grew rapidly in 2010 by 7.3 percent, the highest GDP growth after thirty years.
The Philippines also experienced an upsurge in foreign remittance inflows, which reached $18.8 billion last year, the largest in history.
For Antonio, the Milano Residences is their company’s contribution to growth of the Philippines and Makati as world-class destinations through raising the standards for luxury living and injecting it with a global mindset.
The Milano Residences is a 52-storey luxury condominium whose amenities and common spaces were designed interiorly by international luxury-lifestyle brand Versace Home.