Filipino-Chinese Investors Forge Partnership with Sunshine 100 Group to Develop Condominium Project in Manila

Strategic Insights -

Philippine property market is gaining momentum with the announcement of a four-tower high-rise condominium project, Sunshine 100 City Plaza-Pioneer, to be developed by a group of Filipino-Chinese investors in partnership with Beijing-based Sunshine 100 Group. The project, which will be the first of its kind for Sunshine 100 outside of Mainland China, will cater to the middle-income segment of the market and offer studio, one-bedroom bi-level units, two-bedroom, and three-bedroom units at prices starting from P1.6 million (US$33,613) for a 24.5-square meter studio unit.

Key Takeaways:

  • The project, Sunshine 100 City Plaza-Pioneer, is a four-tower high-rise condominium project to be developed by a group of Filipino-Chinese investors in partnership with Beijing-based Sunshine 100 Group in Mandaluyong City.
  • The project will cater to the middle-income segment of the market and offer studio, one-bedroom bi-level units, two-bedroom, and three-bedroom units at prices starting from P1.6 million (US$33,613) for a 24.5-square meter studio unit.
  • The developer, Federal Pioneer Development Corporation (FPDC), is owned by prominent figures in the Filipino-Chinese business community, including Dr. Alfonso Siy, chairman of Sunshine 100 Pioneer Development Corporation.
  • The project will be developed in phases, with Phase One set to begin construction by the first quarter of 2010 and completed in two-and-a-half to three years.
  • The project will offer in-house, bank, or Pag-IBIG financing options to prospective buyers.
  • The Sunshine 100 Group has developed over 20 high-rise projects in Mainland China, translating to over 70 million square meters of residential and commercial space.
  • The $33,613 price point for a 24.5-square meter studio unit is competitive in the Philippine property market.
  • The project will also feature a commercial component, the Madison Square Commercial Center, which will cater to the needs of the local market.
  • The partnership between Sunshine 100 Group and Federal Pioneer Development Corporation signals a long-term commitment to investing in the Philippine property market.

Statistics:

  • Total floor area of the project: 70 million square meters (developed by Sunshine 100 Group in China).
  • Number of towers: 4, each with 28 storeys.
  • Price range for studio units: P1.6 million (US$33,613) to P5.5 million for three-bedroom units.
  • Total land area: 1 hectare ( prime lot in Mandaluyong City).
  • Expected completion date for Phase One: two-and-a-half to three years after construction begins.

Sources:

  • Manila Bulletin, September 29, 2009
  • Philippine News Agency (PNA), September 29, 2009