By Arra B. Francia, Reporter
TORRE LORENZO Development Corp. (TLDC) turned over its P2.37-billion residential condominium across the University of Santo Tomas (UST) in Manila on Thursday, with more than 80% of the units sold.
“We are building upgraded residences for students, we want to make sure that is very similar to their homes, that’s why we have university condos near schools,” TLDC President and Chief Executive Officer Tomas P. Lorenzo told reporters on the sidelines of the turnover ceremony in España Boulevard, Manila.
Located seven minutes away from UST, Torre Central’s units range from 16.55 to 37 square meters, with the most affordable ones priced at between P2.7 million to P3 million.
TLDC said it has sold 86% of the 475 units in the building, with the remaining 14% kept as part of the company’s policy to lease out the units by itself to boost recurring income.
Amenities at Torre Central include study rooms, meeting rooms, a fitness gym, and swimming pool.
Entrance to the building features RFID (radio-frequency identification) technology, which immediately sends notifications to parents of student residents when they leave and come back to the premises.
The company is targeting the high-end market for the project, not just university students, but also young professionals and overseas Filipino buyers.
“We’re hitting a certain market, the budget is P15,000 to P20,000 per month. We’ve been doing this since 2001, so we know there’s a market. You’re getting hotel quality. The management is hotel level,” Mr. Lorenzo said.
Torre Central is the TLDC’s fourth completed residential condominium, following its buildings near the De La Salle University along Taft Avenue and near the University of Perpetual Help in Las Piñas.
The company has three more similar projects in the pipeline, as it is now building the third Torre Lorenzo along Taft Avenue, near the University of the Philippines Manila, and near the Ateneo de Manila University in Katipunan, Quezon City.
Apart from student residences, TLDC is also ramping up its portfolio in the hospitality sector with the construction of four hotels set to be completed in the next five years.
The company targets to generate P2.4 billion in reservation sales this year, 38% higher than what the P1.8 billion it generated in 2017. TLDC currently has a P6.2-billion inventory for student residences.