Local investors tap Chinese partner for property development project
A group of Filipino-Chinese investors has forged a partnership with Beijing-based residential condominium and office/commercial complex developer Sunshine 100 Group for the construction of high-rise condominium to serve the country’s growing medical tourism and retirement sector.
Dr. Alfonso Siy, chairman of Sunshine 100 Pioneer Development Corporation, said the local partners will be represented by Federal Pioneer Development Corporation (FPDC) while the Sunshine 100 Group will be represented by its local unit, Sunshine 100 Holdings Philippines Inc.,
“We are both committed to invest in the Philippine property market. This project is merely the beginning of a long-term partnership between us and Sunshine 100,” said Siy, who heads the group of local investors under FPDC.
FPDC is owned by local prominent figures in the Filipino-Chinese business community led by Dr. Alfonso Siy of the Fortune Net Group of Companies, Ramon Ongkeco, Benito Ong, Yuchun Lim, Benigno Lao, and Architect Edward T.K. Choi.
Sunshine 100 Pioneer has an existing agreement with the Philippine Retirement Authority to make its projects also available for the booming retirement sector.
The group has two projects: The Sunshine 100 City Plaza-Pioneer in Mandaluyong City that would be developed ahead of its proposed residential condominium development near the Mall of Asia in Pasay City.
This means that Sunshine 100 City Plaza would be its first project outside of Mainland China, where it has developed over 20 high-rise projects translating to over 70 million square meters of residential and commercial space.
Sunshine 100 City Plaza involves the development of a one-hectare property at the corner of Sheridan and Pioneer Streets in Mandaluyong City.
It will be a four 28-storey residential towers with commercial component (Madison Square Commercial Center) will be constructed on the prime lot. The said project is designed by HEO Architects headed by Architect Edward T.K. Choi.
The project will be developed in phases with Phase One set to begin construction by the 1st quarter of 2010 and completed in two and a half to three years. Succeeding phases of development will begin upon completion of each of the four towers.
He said the project, which is positioned to cater to the middle-income segment of the market, will be offering studio, 1-bedroom bi-level units, 2-bedroom and 3-bedroom units to prospective buyers. The units are priced as low as P1.6 million for a 24.5-square meter studio unit, and as much as P5.5 million for a 75-square meter 3-bedroom unit. Prospective buyers can avail of in house, bank or Pag-IBIG financing.
Pan Lei, who represents Sunshine 100 in the Philippines, said the private enterprise saw opportunities to invest in the local residential and commercial developments.
Sources: Manila Bulletin
By BERNIE CAHILES-MAGKILAT September 28, 2009, 7:07pm