iTowers developer shifts focus to residential market
Keikantse Lesemela | Tuesday November 4, 2014 15:19
The company, which is currently building the second tower, adjacent to the first one, believes the development of the second tower would boost its competitive edge in the residential property market.
The company has expressed confidence that this development would satisfy high demand of living space in urban areas. The first tower is a mixed-use scheme, comprised of residential units, conference facilities, retail compounds and office units. However the second tower, which is currently under construction consists of only residential units.
Speaking to Mmegi Business, Tredinick Director, Joe Lalonde said the company was confident with its performance in the market as it offers unique properties in the CBD.
“There is no residential scheme in the area. We are offering unique property business and are sure that the market is favourable as there is no competition in our market,” he said.
Lalonde further said the second tower would consist of 29 floors, with two basement-parking bays, as well as conference facilities and a retail compound. The residential properties are expected to offer studio, one, two and three bedroom flats.
Lalonde said 95 percent of the units have already been sold. The unit price ranges from P1 million to P3 million, depending on the size. “Purchasers will have the option to live and work in their units. This will allow property novices to begin building their property investment portfolio. There is also an option to purchase a fully serviced unit,” explained Lalonde. The iTowers were built in two phases, at a cost of P200 million each.
The first phase of the building is comprised of 1,500 square metres of ground floor retail space, 14 office floors, three floors of penthouses and a rooftop terrace.
Property experts have suggested that people should invest in residential market as the retail market reached the saturation level, while the industrial market is upside on the horizon due to an increase in rental rates, and demand for large industrial sites and distribution centres. Lalonde further revealed that the company was also constructing the 67 units tower in Broadhurst as part of its portfolio development. The company has also developed several retail properties such as Riverwalk and Rail Park Mall.
Construction on the pending projects will be completed in January next year.