Corporate News

Trump sons note sophistication of local market

Posted on June 27, 2012

TWO SONS of American real estate tycoon Donald John Trump yesterday led launch ceremonies for a namesake condominium in Makati City, signaling what they said was global recognition of the local market’s growing sophistication.

Donald John Trump, Jr., executive vice-president at Trump Organization addresses the press before launching ceremonies of a namesake tower in Makati City yesterday. -- Photo By Jonathan L. Cellona

“We are excited in bringing the brand to the Philippines, a country that has done so well as of late and as of recent years...” Donald Trump, Jr. the tycoon’s eldest son and the Trump Organization’s executive vice-president, said in a briefing.

“People have started to understand brand quality construction, and when it came time for us to do a project in the Philippine market, we partnered with the people who can do the best,” he added, referring to the so-called Trump Tower Manila.

The project, which was announced in September last year, is a $150-million, 56-storey residential development. It is owned and developed by a unit of Century Properties Group, Inc. Turnover of units is slated for 2016.

As of May, the company said it had already sold 67% of the tower’s 220 residential units priced at around P200,000 per square meter.

“There is no question that, right now, we live in a brand conscious period in history,” Erick Fredrick Trump, who also holds the position of executive vice-president, said.

“This is very true in the world, and specifically true in Asian markets and in the Philippines,” the younger Trump said.

“People are very aspirational these days. They want to live the most luxurious property... And it makes sense here in the Philippines, which is becoming an international destination and such a incredible city. It really fits our brand perfectly,” he added.

The older brother went on to declare that more projects are underway for the Philippines.

“This will not be our last project in the Philippines and we are looking forward to rolling out more a couple of things,” he said. -- Cliff Harvey C. Venzon