Wednesday, October 20, 2021
International

PIK set to expand into the Philippines

Philippines

PIK plans for long term expansion in the Philippines, building its landbank in key areas in Metro Manila

PIK, the largest homebuilder in Russia and Europe in terms of market capitalization among public homebuilders and 2020 area of construction, is set to expand into key markets in Asia, starting with the launch of its first real estate project in the Philippines.

PIK said the country was its main choice for expansion in Asia due to its favourable market conditions and its rising demand for quality homes. It cited Manila’s similarities with Moscow in terms of consumer demands and behaviour as well as the urban environment – were the main factors considered by PIK in choosing a city to build in.

PIK plans for long term expansion in the Philippines, building its landbank in key areas in Metro Manila.

PIK subsidiary HDRP Group Corp. said it will introduce innovations to future developments that feature European aesthetic, quality and expertise.

Maiden project One Sierra in Mandaluyong City targets the mid-high-end market.

The project is a low-density residential building with 10 units per floor, totalling 250 units across 30-storeys starting on the fifth floor. This allows for greater privacy and better use of the building’s common amenities.

Buyers can choose from studio, one-bedrooms, two-bedrooms, or small-office/ home-office units, all ranging from 32 to 84 square meters (sq.m.).

Named for its location in Mandaluyong City, One Sierra is strategically located along EDSA highway, accessible to Metro Manila’s central business districts and main commercial areas.

Headquartered in Moscow, PIK has more than 25 years in the industry and has built homes across major cities in Russia, providing high-quality urban homes to nearly 500,000 households.

An active trader in the Moscow Stock Exchange, PIK has a market capitalization of $6.7 billion and has gained $4.3 billion in revenue in 2019 alone. The homebuilder also leads in landbank with 11 million sq.m. as well as area under construction at seven million sq.m.

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