What Makes A Luxury Condominium Luxurious
There’s a rising demand in the luxury property market here in the Philippines and local and international investors are buying in. Local developers are throwing the term “luxury” into their projects left and right to ride the wave of demand. It’s about time to determine what makes a luxury property, luxurious. Luxury properties can be subjective sometimes but below are the minimum requirements to make it to the luxury list cutoff.
Location. Location. Location. That’s the golden rule when it comes to real estate. Luxury properties are always and should be in the most prime locations. Institutions such as schools, hospitals, banks, offices and commercial centers should be proximity to the property. Accessibility from main roads, public transport, pedestrian and bike friendly lanes also provide luxury value to the property. Bonifacio Global City and Makati are considered to be the prime locations for luxury properties right now. Ayala Land has been the major key player in master planning these locations and there’s more to come such as Alviera in Pampanga, Vermosa in Cavite, Nuvali in Sta. Rosa and the highly anticipated Arca South in Taguig City which is destined to be the next BGC.
Swimming pools, gym, mail room and 24-hour security are the standard features of every condominium. High speed elevators straight to your units, 100% backup power and water, hotel level concierge services, fancy motor courts, direct mall access, high-end retail lobbies, state-of-the-art gym, entertainment and game room, spas, stunning balcony views and a duress button inside your bedroom are some examples of special amenities that high-end condominiums have to offer.
The average size for a condominium unit in Metro Manila is 50 square meters. That’s approximately 538.2 square feet. True luxury apartments in the Philippines are made way above the average size. An area of 65 square meters (753.5 square feet) and above with a ceiling height of 2.7 meters is about right for a luxury one bedroom unit. Units with bigger cuts also means lower floor densities. Luxury apartments usually have a maximum of 8-10 units per floor on the standard floors and 1-4 units per floor on the more expensive units such as penthouses and special floors. Fun fact: the biggest condominium unit in Park Central Towers is the Anadem Villa One with a whopping 1,635 square meters (17,598 square feet) floor area.
Upscale condos deliver top-of-the-line finishes such as European grade bathroom and sink features, homogenous or natural stone tiles for bathrooms, kitchen and living areas. Units are also fitted with double glazed and soundproof floor to ceiling windows. Engineered wood are used for bedroom flooring for maximum durability and aesthetics. Most posh condo kitchens are equipped with Italian made stove and range hood plus soft closing cabinets and drawers. When it comes to designing the most expensive units, the developers use the best materials. It is also most likely to be designed by well known architects from around the world.
Posh condos are more likely to be less crowded and are more exclusive. From A-list celebrities to influential politicians to business magnates, these are the people residing in the luxe neighborhood. Forbes Park, One Serendra, Ayala Alabang Village and Two Roxas Triangle are some examples of exclusive communities in Metro Manila. These communities also feature sustainable development such as value for open spaces, organic public markets, proper waste management, water and energy conservation. Living in an Ayala community is something home owners look forward to when moving in their new homes.
Last but not the least, is the price. If most on the list above applies to the property then expect a higher price tag. The good thing about high-end condos is that they have better long term returns and higher value for appreciation than lower tier properties. Luxury condos can be the best homes that money can buy due to the high quality of living. Hong Kong is the most expensive place to live in with real estate prices reaching up to 1,000,000 Philippines Pesos or $ 20,000 per square meter. That is why foreign investors are flocking in the Philippines due to its competitive prices in South East Asia. The average base price here for luxury one bedroom unit here in the Philippines will cost you around 20,000,000 Philippine Pesos. That’s roughly around $ 384,615. Not bad if you’re a foreign investor. Ayala Land Premier is the preferred and most trusted developer when it comes to luxury homes in the Philippines. One Serendra, The Residences at Greenbelt, One/Two Roxas Triangle and the soon to rise, Park Central Towers are the true testaments of luxury living in the Philippines.
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