Property developers building more dorm-type condos

By Arra B. Francia, Reporter
More property developers are developing residential condominiums near educational institutions, as they aim to take advantage of the lack of players in the area.
DMCI Homes, Inc. said it will be launching a P2.8-billion condominium for sale near the St. Scholastica’s College in Malate, Manila in the second half of this year.
“This is a dormitory designed for family and students…Para siyang condominium na ibebenta sa property buyers pero ang features niya ay sa dormitory. We’re developing at a lower price point,” DMCI Homes President Alfredo R. Austria said in a media briefing last Aug. 13. He added that the project will be launched within two to three months.
Mr. Austria said the condominium will stand 30 storeys tall with unit sizes starting at 24 square meters each, priced at P3 million. The executive said the building will feature amenities designed for students residing in the area.
Meanwhile, tycoon George S.K. Ty’s property unit, Federal Land, Inc., also recently launched Quantum Residences along Taft Avenue. The project stands near several schools such as the De La Salle University, De La Salle College of Saint Benilde, St. Scholastica’s College, Philippine Women’s University, and Arellano University.
Quantum Residences will consist of three towers with 35 floors each standing on a single podium. The first five floors are the podium levels, while the remaining 30 will house the residential units. The entire project stands on a 5,960-sq.m. property.
Last July, property giant Ayala Land, Inc. (ALI) also opened its dormitory type property called The Flats at Amorsolo St., Makati City. The 15-storey building features co-living spaces catered towered young urban professionals seeking housing near their place of work.
ALI offers units at The Flats at a minimum six-month lease, with each room having up to four occupants. Occupants may also choose between rooms with lofts and rooms with bunk beds.