PROPERTY DEVELOPERS continue to raise the bar for lifestyle, with only imagination and the Filipino consumer’s needs as the limits.
Now, Century Properties is developing a riverfront lifestyle, after its Azure with a beachfront in Metro South and its designer residence called Milano.
Acqua Private Residences, says Century Properties managing director and project head Marco Antonio, “is more than an oasis. We’ve combined the elements of a residential prestige address and a unique riverfront lifestyle never been seen in the Philippines.”
Acqua is being built along the banks of the Pasig River, between Mandaluyong and Makati—readily accessible to the Makati and Ortigas Central Business districts.
The six-tower residential development will have a tropical rainforest, open spaces, a retail promenade along the river, and country club amenities and flexible payment terms.
Antonio says Century Properties distinguishes itself from other cookie-cutter projects. “There are many developments, but you simply have one tower with one project name, and it doesn’t look so different,” he says.
“Before we start, the first thing we ask is, what does the market want? For Acqua, first, the people said they wanted the convenience of living in a city, surrounded by retail. Second, they wanted to be enclosed by nature. As more high-rises come up, a lot of people need a connection to nature. We didn’t want something artificial.”
Antonio says that in the past two years, the family has been spending holidays in such landmarks as Victoria Falls in Zimbabwe and Iguaza Falls at the convergence of Brazil, Argentina and Paraguay.
“Nature’s blueprint is the best design,” he says. “It’s so awe-inspiring, and such a symbol of strength, prestige and power.”
The travels became an inspiration for the theme development. “Cities like Sao Paolo have 60,000 buildings, yet they bring nature through parks,” Antonio says. “Within each building are vertical indoor gardens. Although Makati is overbuilt, we want to give people a taste of what can be done. We want to mimic a tropical landscape.”
Designed by the Broadway Malyan firm, the triangular-shaped property has six residential towers that form a slope as a metaphor for the mountain range. These towers have been named after the world’s largest waterfalls.
The signature look is a pixilated waterfall on the building’s façade, and lagoon falls that evoke water trickling from the mountain. The towers have rooftop tropical gardens, pocket gardens on every floor, midway sky gardens, and big terraces for private units.
The central amenity is the Pebble, dubbed the country club by the water, which contains a 25-meter glass lap pool—half the size of an Olympic pool. The four-level building offers state-of-the-art facilities for sports, fitness and wellness, and a lagoon.
From this amenity flows a triumvirate of waterfalls that can be enjoyed by the public.
“We combine the best of all worlds,” Antonio says. “You can meditate by the stream or go to your favorite bar or restaurant in the city. We bring a lot of nature in city conveniences.”
Market prices
“People buy club shares that cost hundreds of thousands to millions. What we offer is—aside from the four walls—a country club lifestyle,” adds Antonio.
A one-bedroom, 30-sq m unit costs P2.5 million. Antonio adds that Century Properties introduced the concept of combining two units to form a two-bedroom unit. The pricier units, such as the three-bedroom duplex or penthouse, cost P20 million.
Buyers have been drawn to the payment terms.
There’s no down payment. For a one-bedroom unit, you pay P18,000 a month throughout the construction of the tower. The first tower, the 42-story Niagara, will take four years or 48 months to construct. By that time (2015), the buyer would have paid 35-40 percent for the unit.
The balance can be paid in cash, or financed through 20- to 30-year bank loans or Pag-Ibig. “It’s like paying for your rent while you’re living in your unit,” Antonio says.
Prices have been dictated by the market. “The market is declaring, ‘This is all we can afford. What can you give me?’ We want to give them a space that’s enough for their needs,” Antonio says.
Buyers have the option of pre-furnished units with interior design themes to choose from.
“We’ve actually created a furnishing plan tailor-fit to the condo size,” Antonio says. “It’s around 10 percent of the unit price or P8,000 per sq m for furnishing a 30-sq m unit. You spend P240,000, which includes furniture and appliances. We’ve been able to bring economies of big development down to consumer value. We don’t make money out of this. It’s a service to the consumer.”
Environment-sensitive
On the environment issues, such as the smell from Pasig River, Antonio replies, “We are reeducating the market by bringing people there. The towers are at the end of the property, away from the river. The Pasig Rehabilitation Commission has mandated all lot owners by the river to allocate a 10-meter setback and not build on it. Its vision is to create a promenade. We were the first developer to improve on the concept. We wanted to give the al fresco dining experience and casual shopping.”
Antonio lauds Gina Lopez’s Pasig River program. “She has a bold eight-year plan. In the past two years, the estuaries have been cleaned.”
On flooding concerns, Century Properties commissioned a flood mitigation analysis on this 2.4-hectare property. The findings showed the area is not prone to flooding. Nonetheless, measures have been taken to prevent the inundation of water in times of calamities. The site elevation has been raised to 1.5 meters (above the minimum requirement of 1.2 meters) from the high water mark in the river.
On top of that, the buildings will also be raised 1.5 meters. Antonio adds a water-detention tank will store rainwater during strong typhoons. Otherwise it catches rain water and recycles it for the landscape. The parking is aboveground, hence the residences start on the sixth floor, 60 feet from the ground level.
Antonio is confident about the market despite the influx of developments. “We don’t build for its own sake. We make sure it is a need product as opposed to a want product. Do people need their first home? Do people need a place in the city? Do they need affordable stylish living?”
A proof of the project’s success is that Century Properties employees have been already buying units. “It is attractive for the investor and the end user. Many people say, ‘I can finally own a centrally located, beautiful one-of-a-kind concept real estate in Makati for an affordable price.’”