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The Grove
By Rockwell

2010.01.17 05:45 Project/Rockwell Edades

Lopez-led Rockwell Land Corp. is close to finishing its master-planned 15.5-hectare Rockwell community in Makati City with three more projects, led by the Edades residential tower.

Rockwell Land President Nestor J. Padilla said Edades will rise on an 8,000-square-meter (sq.m..) lot, housing more than 500 units.

Similar to previous projects, the Edades Tower will cater to the affluent few who can afford to shell out P120,000 to P130,000 per sq.m. for their units, which range from a 35-sq.m. studio unit to a 300-sq.m. four-bedroom unit.

Mr. Padilla said most customers remain “end-users” who buy a house where they will live in. Meanwhile, those who see real estate as a good investment keep coming as this is considered as a safer haven for hard-earned money, he said.

“[The investor market] will always park their money in the safe place and they can never get burned in real estate [compared with other investment vehicles like the stock market],” Mr. Padilla said.

The equities market lost nearly half of its value last year as risk aversion gripped investors.

In contrast, the value of land in prime areas like Makati was barely affected.

While sales in the high-end sector experienced a slowdown during the early part of the year, high-end developers like the Ayala Land, Inc.

have reported an improvement in sales in the second quarter.

Edades is a 53-storey high condominium project inspired by Filipino painter Victorio C. Edades, leader of the revolutionary “Thirteen Moderns” who engaged their classical compatriots in heated debate over the nature and function of art.

Considered as the father of Philippine modern art, Mr. Edades was given the prestigious National Artist award in 1976.

Famous works include The Sketch which hangs in the National Museum and The Builders which is part of the collection of the Cultural Center of the Philippines.

The P4-billion Edades Tower follows other Rockwell developments named after Filipino painters. It recently completed the Manansala, named after Vicente Silva Manansala, the cubist painter and illustrator and National Artist for Visual Arts.
Rockwell Land is also set to construct a serviced apartment building on a 4,000-sq.m. lot. Another retail strip will soon rise on a 6,000-sq.m. area.

posted by Global LK Jimmy Lee MorningManila

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