After the successful launch of its first project in the Philippines earlier this year, Russian developer PIK is already eyeing expansion. Plans are currently tentative, but the homebuilder has identified a few locations across Metro Manila for its next project.
PIK launched One Sierra in March. The 30-storey condominium is located in Mandaluyong City and boasts what the developer is calling European-standard quality of living. Among the development’s most notable features is a low-density layout which boasts no more than 10 units to a floor.
There has been no mention of how well pre-selling has gone at One Sierra, but PIK saw enough to double down on the Metro Manila real estate market. The firm noted it was looking at land in Quezon City, Mandaluyong City and the Bay Area for its next development, although these plans remain fluid.
“One of our goals is to increase our landbank in key cities in Manila so we may continue to meet the needs of Filipino homebuyers. In terms of commitment, we are very serious and we are looking for new sites. The demand for quality homes is rising, in Manila, in [the] Philippines. We think that it is going to continue to grow and we want to be there to provide supply for this demand,” PIK Head Project Manager for International Development Gasan Guseynov told BusinessWorld.
The homebuilder operates in the Philippines through its local subsidiary, HRDP Group. This actually makes PIK unique at a time when many overseas developers are entering the country through joint venture partnerships.
One reason for the move to go it alone is due to similarities the developer sees between Metro Manila and its homebase of Moscow. According to PIK, both cities are similar in terms of consumer demand, behavior and urban environment.
PIK was founded in 1994 and is currently the largest homebuilder in Russia and Europe by total housing area of built. One Sierra was the first overseas project to be launched by the company.