The Velaris Residences is an upcoming 504-unit luxury condo in Bridgetowne, near Metro Manila in the Philippines. (Pictures by: Hongkong Land/Robinsons Land)
SINGAPORE (EDGEPROP) - International property developer Hongkong Land and Philippine real estate development firm Robinsons Land have unveiled a new residential development in the Philippines called The Velaris Residences. This luxury project is in Bridgetowne, a 31ha mixed township and business park district between Pasig City and Quezon City.
The Velaris Residences is developed by RHK Land Corp, a joint venture of Hongkong Land and Robinsons Land. Bridgetowne is the first integrated township project by Robinsons Land, itself the real estate arm of Filipino conglomerate JG Summit.
The upcoming luxury condo comprises a 45-storey residential tower with 504 units. The condo will offer one- to three-bedroom units of 495 to 1,678 sq ft, as well as one- and two-bedroom terrace suite units of 780 to 1,318 sq ft. Four duplex four-bedroom penthouse suites, from 3,190 to 3,480 sq ft, are also available.
The two-, three- and penthouse units will have the convenience of a private lift lobby, while a central lobby provides access to the one-bedroom units. The condo will also have four carpark floors composed of three podium floors and a basement level.
The developers say that The Velaris Residences adopts a modern contemporary design. For example, the interior design features earthy tones, utilising a mix of browns, greys, and cream tones, elevated through accent features such as Hong Kong-style metallic bronze and rose gold accents.
Future residents will also enjoy a full suite of amenities and facilities such as a cards and wine room, a multilevel landscape garden, and a SkyClub. Cognisant of hybrid ways of working, the condo will also feature a workspace with soundproof office pods and modern designed personal workstations.
Fitness and wellness facilities include an Olympic-length infinity pool and a Japanese-style onsen and lounge. Residents can even enjoy a golf simulator studio that uses camera-based technology to let them practise their swing.
The developers also plan to roll out a dedicated mobile application that would allow residents to pay condo dues, submit maintainable requests, communicate with the administration office, or reserve smart lockers to receive deliveries.
The Velaris Residences is the first joint project between Hongkong Land and Robinsons Land. According to the developers’ joint press release, the Philippine residential real estate market is a prime growth opportunity among the Southeast Asian markets.
The country offers a fast-growing economy, resilience to external shocks and a price advantage compared to other residential markets in the Southeast Asian region. “These factors have created a buying opportunity for investors looking for property with a strong upside potential,” the developers say.
According to a research report by Colliers, Metro Manila last year enjoyed higher rental yields of 3.9–5.7% compared to Singapore, which saw yields of 3–3.3%. Over the same period, Bangkok recorded rental yields of 4.4–5.2%, Ho Chi Minh City had rental yields of 3.7–4.8%, and Kuala Lumpur saw rental yields of 2.3–5.4%.
Real estate consultancy firm Santos Knight Frank also expects a strong demand for residential properties, especially condo rentals, in Metro Manila in the coming months, due to the re-opening of international borders, higher vaccination rates in the Philippines, and a return to the office for employees.
The Philippines also benefits from an infrastructure roll-out by the government that includes new road, railroad, airport, and subway programmes. These new infrastructural projects have enhanced transport connectivity around Metro Manila and encouraged the development of new high-growth centres.
The Velaris Residences specifically benefits from the C5 road corridor that connects the cities of Quezon, Pasig, Makati, and Taguig. Research from Colliers sets the five-year compound annual growth rate (CAGR) of property developments along this economic road corridor at 16.9%, nearly double Metro Manila’s expected CAGR growth of 9.2%.
The Velaris Residences is part of a three-tower residential plan by RHK Land. The first tower, Cirrus, is a 40-storey condominium with 1,371 units launched in 2019.
The developers will hold an international sales event in Singapore to showcase The Velaris Residences over the May 21 and 22 weekend at St Regis Singapore.