Manila’s Versace-branded Milano Residences targeting Hongkongers

The much publicized Versace-branded Milano Residences luxury residential project in Manila is targeting Hong Kong buyers, the South China Morning Post has reported.

Robbie Antonio, managing director of Century Properties, believes the famous Italian fashion brand will attract Hongkongers to the property, located in Manila’s Makati City finance and shopping district. Antonio said that Century collaborated with interior designers from Versace Homes on the public spaces of the property, the first by the Versace Group in South East Asia.

The 53-floor building will feature 340 residential units ranging from one to three-bedrooms 50 to 300 sq m in size. It is scheduled to be completed in 2015.

The project was recently launched in Singapore, where around 30 flats were sold, and is expected to go on sale in Hong Kong this month for an average price of 140,000 pesos (US$3,204) per sq m. 

Century Properties is the largest privately owned real estate firm in the Philippines. Total investment in the project is over three billion pesos (US$68.7 million).

The Philippine housing market is picking up thanks to a strong economic recovery and a wave of optimism, one property consultant said. Average prices for luxury three-bedroom condominiums in Makati rose 1.5% quarter on quarter to 101,600 pesos per square metre in the third quarter of last year, the second quarterly increase after a 0.9% increase in the second quarter, according to Colliers International.