By: Doris Dumlao-Abadilla, Philippine Daily Inquirer, 23 Sept 2019
AboitizLand has made its debut in Metro Manila’s property market, choosing the residential apartment-for rent business as its vehicle with a fresh deal to buy 50 percent of microstudio apartment developer Point Blue.
Point Blue designs, develops and manages apartment units that range from 10 to 15 square meters in size, and are rented out for P12,000 to P15,000 monthly all-in.
Its residential space is designed for people seeking affordable housing but are willing to pay a bit more for privacy compared to dormitory or co-living developments. Each unit is designed for only up to two occupants.
Founded by entrepreneur JR Yujuico who is also its CEO, Point Blue operates 302 microstudios in three locations. Three more buildings are seen to be made available before the end of 2019.
Based on this business model, Point Blue generates recurring earnings from renting out residential space but is also able to ride on rising land values with the gentrification of areas at the outskirts of major central business districts in the metropolis. Its residential buildings are within a 15-minute walking distance from the major CBDs of Makati and BGC.
The partnership of AboitizLand and Point Blue is seen to drive growth in this new category in the real estate sector.
“For 25 years, AboitizLand has been creating better ways to live through innovative concepts translated to thriving residential, commercial, and industrial communities. This strategic joint venture partnership allows us to offer the same elevated way of living for young urban professionals in Metro Manila,” said Rafael de Mesa, AboitizLand first vice president for operations.
“Point Blue is an innovative company that created the microstudio category in the Philippines. They have proven that you can deliver beautifully designed living spaces at affordable prices and convenient locations,” De Mesa added.
The microstudios are leased ready for move-in and all units are equipped with a bed, ample storage space, a desk and chair, roller blinds, air-conditioner, microwave and free high-speed internet.
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