Russia’s PIK maps Philippine expansion
RUSSIAN home builder PIK Group is planning to acquire land in Metro Manila after it announced the launch of its first real estate project in the Philippines.
“One of our goals is to increase our landbank in key cities in Manila so we may continue to meet the needs of Filipino homebuyers,” PIK Head Project Manager for International Development Gasan Guseynov said at a press briefing last week.
He said that the company is looking at land banking in Quezon City, Mandaluyong City, and the City of Manila.
“In terms of commitment, we are very serious and we are looking for new sites,” Mr. Guseynov said.
PIK’s first Philippine project is a residential high-rise development One Sierra in Mandaluyong City. The building will have 10 units for each floor, for a total of 250 units.
Units at the 30-storey tower range from 32 to 84 square meters, which are being sold at between P7 million to just over P16 million.
Working with its local subsidiary HDRP Group Corp., the Russian company plans to complete the project by 2024 for a September turnover.
The company remains optimistic about the Philippine real estate market amid the pandemic.
“The demand for quality homes is rising, in Manila, in [the] Philippines. We think that it is going to continue to grow and we want to be there to provide supply for this demand,” Mr. Guseynov said. — Jenina P. Ibañez
