The Beaufort is representative of a new generation of luxury units that are smaller in size and make use of advanced technology to provide residents greater convenience and security.

Nowhere near the size of the mid-income residential condominium segment, the high-rise luxury market is thriving with monthly rentals for a three-bedroom unit, some with full views of the golf course at The Beaufort in Bonifacio Global City (BGC) going for as high as P180,000 per month.

Expatriates, returning residents who have lived abroad and high-income households continue to drive this rental market concentrated in BGC and in Makati, according to Maita Herce Siquijor, a licensed realtor who recently sold units at the project carrying the Filinvest Premier brand. She has a wide client base of multinational firms.

With units ranging from P8 million for a one-bedroom up to P30 million for a three-bedroom at the East Tower, The Beaufort’s units and others in this segment account for an estimated 7,000 units only in Metro Manila. The supply of luxury condominiums is limited for now and new projects that have been completed and ready for occupancy capture greater interest from both lessors and investors compared to other ultra high-end developments still in the pre-selling stage.

Siquijor explains that tenants of luxury units actively seek innovations in residential projects that mean more comfort and conveniences for them. For tenants with housing allowances between P100,000 to P200,000, changing residences is worth the effort of moving if it means they will enjoy benefits like having only three neighbors on a floor, amenities like a mini theatre for private screenings  or plush seating areas at the lobby that have the feel of a hotel. These features offered by the 43-story The Beaufort are departures from the usual offerings of ultra-high end condos.

Compared to other listed developers, Filinvest is relatively new to the luxury segment, says Siquijor, and investors are noticing that its units offer them more value which they in turn can use to attract lessors. Completed in 2013, units at The Beaufort have already appreciated in the secondary market perhaps because of this perception.

For lessors closely affiliated with the diplomatic corps, who also seek out high-end units to rent, security is a primary concern. The Filinvest Group addressed this at The Beaufort with a sophisticated building management system that provides real-time monitoring, command and control, automation and report management – all from one platform. Each resident is issued a pre-programmed card that gives him elevator access only from his parking floor to his residential floor, and from the ground floor lobby to the seventh floor where amenities are located.

Source: PhilStar