Trump Tower Manila wants to trump other branded condos

Trump is more than the name of an ultra rich family in New York City, it has also turned into an icon of branded products.   From neckties, wines, perfume, golf clubs – even a Trump steak made from prime angus beef – there is no denying that the Donald Trump brand is everywhere in the consumer market worldwide.   Donald Trump Sr. in a Forbes article last year revealed – to the surprise of the Forbes reporter – that the value of the name Trump would cost around $200 million.   So when Philippine developer Century Properties Group announced on June 26 its newest luxury residential development would be named under the Trump Brand – as in Trump Tower Manila – it was another coup for the group.   After all, there is no Trump Tower in Hong Kong or even in Tokyo. The Trump Tower in Seoul, Korea, is now more than a decade old.   Trump Tower Manila will be the first in Asia in this decade.   In a phone interview with GMA News Online, Trump Tower Manila project head Robbie Antonio said their luxurious residential projects aim to turn Manila into a “cosmopolitan city.”   “It’s contributing to the mindset that the Philippines is ready to (have) a modern city,” said Antonio.   For the brand value   Trump Tower Manila is a 56-storey residential building in Modern Makati’s Century City along Kalayaan Avenue.   Aside from Trump Tower, Century Properties is also constructing Azure Urban Resort Residences, which encompasses nine buildings on a six-hectare site designed by architectural firm Broadway Malyan.   Endorsed by hotel heiress and socialite Paris Hilton, Azure includes a man-made beach in southern Metro Manila.   The Milano Residences is a 53-storey luxury building also in Century City, with its interior designed by Versace Home.   Versace, Paris Hilton, Trump – for real estate educator Enrico Cruz, these are international icons of luxury that would amaze Filipinos and foreigners alike.   Also for Cruz, who owns Urban Institute of Real Estate, Century Properties is certainly a pioneer in iconic residential developments.   “Brand equity is the key to survival," said Professor Enrique Soriano of the Ateneo de Manila University Graduate School of Business in an e-mail interview with GMA News Online.   “Differentiation and focus on segments are key result areas to sustain market presence,” Soriano noted.   For Century Properties, they chose international brands because of the prestige that comes with the name.   “It’s the brand value,” remarked Jerome Chavez, business manager of Century Properties. “When we talk about brand value, mataas ang value na nadadala niya.” A heftier price   Cruz noted that a branded product doesn’t come cheap. To recoup the royalties spent on endorsement and brand, the product must be sold at a heftier price.   “Sa market analysis nila, it's profitable,” said Cruz.   Antonio said their products may come at a hefty price, but buyers are assured of the standard quality that the brand carries.   “Sure, we’re selling at the highest prices, but behind the building… is the quality of the Trump brand,” Antonio said.   In a separate e-mail interview, Century Properties chair Jose Antonio said the country’s middle class is behind their success story.   “Not only does this segment contribute to the economy through remittances, it has also grown into a market of property end users and investors who are exposed to world-class standards and who seek quality and value for money in the homes that they purchase,” he added.   The ordinary can yearn The range of Century Properties’ units – from P5 million to P60 million – is not affordable to most Filipinos.   “With the price points… we are talking of the socio-economic class AA market representing seven percent of the market,” said Ateneo’s Soriano.   Soriano noted that the market for branded luxury residences is small at 8 percent of the demand for the mid- and high-end market, as compared to the 72 percent demand for socialized and low-cost housing.   Project head Antonio and business manager Chavez both noted that their buyers are expatriates, corporate chief executives, and bankers.   For those Filipinos who can afford such luxury, they will likely buy and sell for profit to well-off foreigners, said engineer and real estate educator Cruz.   Cruz surmised that the ordinary Filipino can only yearn to own a Trump Tower unit.   “Yung mga gaya natin, titingin-tingin na lang. Mangangarap na lang tayo. Hindi natin kayang bilhin yun eh,” said Cruz. — VS, GMA News