ABOITIZLAND, Inc. is partnering with Point Blue for the development of microstudio rental units in Metro Manila.
In a statement, the real estate arm of the Aboitiz Group said it signed a 50/50 joint venture with Point Blue to build microstudio rental apartments within walking distance of central business districts in Metro Manila.
“For 25 years, AboitizLand has been creating better ways to live through innovative concepts translated to thriving residential, commercial, and industrial communities. This strategic joint venture partnership allows us to offer the same elevated way of living for young urban professionals in Metro Manila,” Rafael de Mesa, AboitizLand first vice president of operations, was quoted as saying.
Point Blue is described as a company that designs, develops and manages apartment units, sized between 10-15 square meters (sq.m.). Rental rates for these microstudios range from P12,000 to P15,000 a month.
“Point Blue is an innovative company that created the microstudio category in the Philippines. They have proven that you can deliver beautifully designed living spaces at affordable prices and convenient locations, delivering the best possible residential experience at a price that is accessible to Manila’s young and dynamic workforce,” Mr. de Mesa said.
The microstudios are furnished with a bed, storage space, a desk and chair, roller blinds, air-conditioner, microwave and free high-speed Internet. There is also a private shower, water heater and bidet.
Point Blue buildings are located within a 15-minute walk to central business districts in Makati City and Bonifacio Global City. It currently has 302 units in three locations. The company expects to have three more buildings before the end of the year.
“We are very excited to be partners with AboitizLand, a company backed by a strong reputation and decades of experience. We share their commitment of creating better ways to live by providing an elevated living experience for our urban professionals who are the backbone of our vibrant economy,” JR Yujuico, Point Blue chief executive officer, said.
Mr. Yujuico hopes the partnership will allow the company to ramp up its expansion in Metro Manila.
“This partnership will enable Point Blue to rapidly expand our footprint in Metro Manila and beyond. We expect to scale up to twenty buildings in the next two years. We have seen incredible demand for our product and look forward to giving more people better housing options in the coming years,” Mr. Yujuico said.