Russia’s PIK enters Philippines, launches first project

Russia’s largest homebuilder and construction firm PIK is entering the Philippine real estate market as it banks on the country’s growth potential despite the COVID-19 pandemic.

At a virtual press launch on Tuesday, PIK head project manager for International Development Gasan Guseynov said the Philippines was chosen by the company to be its first market outside Russia and Europe because of its “favorable market conditions.”

Guseynov added that the COVID-19 pandemic is unlikely to slow down the trend of urbanization, thus PIK is launching its first project, One Sierra in Mandaluyong City.

He said that PIK’s goal in the Philippines is to increase its land bank in key cities in Metro Manila to build similar projects in the future.

“Our mission has always been to provide beautiful, functional, and durable homes to raise and redefine their quality of life. We are delighted to be bringing exemplary innovations to Metro Manila that meet the current needs brought about by this fast-changing landscape,” he said.

For her part, PIK country manager Mai Yang said that One Sierra is a 30-storey residential condominium tower targeted to be completed in 2024.

Pre-selling for units began in March.

Yang said that One Sierra features Small-Office/Home-Office units (SOHO) to cater to this growing need for work-life balance.

“Due to the pandemic, most professionals have a work-from-home set-up. Our SOHO units answer this need by incorporating the European philosophy of efficient living. Thankfully, our spaces are fittingly designed so that residents can have a comfortable workspace without compromising the rest of their personal space,” she said.

PIK has been creating “European-level” quality homes for over 27 years and is a leader in the Russian real estate market.

To date, the company has built homes for over 500,000 households and has a market capitalization of $8.6 billion.

“We’re proud to be introducing European-living to Manila, and we look forward to building more effortless living spaces for the Philippines,” Guseynov said.—AOL, GMA News