SINGAPORE — Philippine real estate firm Century Properties Inc., which is developing fashion-branded luxury residences with Missoni and Versace, said it has other similar projects in the pipeline for Manila.
"We have signed but not announced a few other [deals]," Robbie Antonio, a managing director at Century Properties, said in an interview. He declined to identify the brands concerned. "When we do announce [in Fall 2012], we will have the most fashion branded projects under one developer in the world."
Antonio's claim, for which no official benchmarks are available, might initially seem outlandish. According to figures from the World Bank, GDP per capita in the Southeast Asian nation, adjusted for purchasing power parity, was $2,140 in 2010. This is significantly lower than numbers for neighbors like Singapore or Hong Kong. According to Antonio, luxury condominiums in Manila, the capital, cost less than a quarter as much as similar properties in those two wealthy Asian cities.
Still, Century Properties has persuaded several prominent names to make their Asian interior design debuts in Manila. The company is behind the Trump Tower Manila and a Paris Hilton-branded beach club in the heart of the city.
A year ago, the real estate developer announced a partnership with Missoni Home on Acqua Livingstone, one of six tower blocks in a Century Properties estate. The 642-unit Acqua Livingstone marks the first time the fashion house has worked on a residential building, having previously focused its interior design efforts on hotels in Scotland and Kuwait. Prices at Acqua Livingstone begin at $82,000 per unit. The condominium has seen a sell-through rate of about 67 percent, Antonio said.
In 2010, the company also commissioned Versace to work on the interiors of Milano Residences, a 53-story apartment block that is Versace's second residential project. Antonio said that Donatella Versace would be overseeing the Milano Residences' designs. Anotonio said over 80 percent of the 340 units, which begin at about $110,000, have been sold.
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