Moscow-based PIK is putting up a high-rise residential building on the southbound side of EDSA in Mandaluyong as part of plans to introduce its expertise in real estate development in Asia.
The 30-storey project will house just 10 units for every floor starting on the fifth level to promote privacy and exclusivity. It will also feature amenities common to condominium living, including swimming pool and deck area, gym and wellness area, and a function room.
The residential, named One Sierra, will also showcase Russia’s expertise on security solutions. Elevators can only be accessed with exclusive key cards, CCTV cameras are installed on blind spots and the parking area is operated with an automated system.
Units range from studio-type rooms to two bedroom spaces that range from 32 square meters to 84 sqm. Select units are built with a balcony for a view of the metro.
PIK country head for the Philippines Mai Yang said a studio-type unit in One Sierra costs about P7 million, while a two-bedroom unit shoots up to P16 million.
Yang said One Sierra is scheduled to be completed by 2024, and owners can occupy their units by the third quarter of that year.
She explained Mandaluyong was chosen as the location for PIK’s first project in the Philippines as it is near the financial districts and infrastructure buildups in Metro Manila.
Gasan Guseynov, head project manager for international development at PIK, said the firm went on with its plan to expand in Asia during the pandemic to stay ahead of competitors.
“We think people realized they still have jobs and offices that are located in the city. The travel time from the provinces to the city is quite difficult, that’s why I think the trends are coming back more on urbanization and more people coming into the city,” he said.
Founded in 1994, PIK is one of the largest homebuilders in Russia and has constructed houses for about 500,000 families in Moscow. As a listed firm, it trades in the Moscow Exchange and maintains a market capital of $8.6 billion.