Luxury Condo Demand High in Binondo as New Project Hits 80% Take-Up
The Ongpin Tower vertical development in Binondo, Manila, has reached 80% sales.
Real estate company Keen and Worth Property Developers Inc. (KWDPI) sold 80% units of its first vertical development, the 52-storey Ongpin Tower, which will open in 2027.
Chief Operating Officer Kimberly Klaire K. Wong told The Business Manual that the unfilled demand of luxury development in the Binondo, Manila area presented an opportunity for the company.
“We saw that there’s really a space for a luxury development…but the market is prime, and we can see it…We’re turning over next year quite a number of our clients who are already end-users,” she said on the sidelines of the company’s July 8, 2026 event that presented the concept behind the development.
“There are buyers who value this type of development in Binondo,” Wong added. “It’s not that we’re competing with developers who are in BGC or Makati — there’s really just a space for us in Chinatown.”
Performance Trends Amidst Broader Real Estate Market Challenges
The rise of the towers comes at a time when the real estate market in Metro Manila faces underwhelming demand and an oversupply of condominium units.
There are 82,900 residential condominium units across 616 actively selling units in the second quarter of 2026, according to the 1H 2026 Philippine Market Report published by Leechiu Property Consultants, Inc. in July 2026.
Wong would agree with the general consensus of the real estate market in Metro Manila. However, she also qualified that mid-market units being more affected by the slump than luxury condominiums.
Luxury units, which are priced at P68 million and above, only account for 2% of the unsold inventory in Metro Manila, the July 2026 Leechiu study reported.
Integrating Cultural Heritage into Modern Architectural Design Concepts
Miguel Ocampo Tan of MOT Architectural Designs, Jaime Lim of Ironcon Builders & Development Corporation, and Rowland Agullana of CUBE System talked about Binondo’s Filipino-Chinese culture vis-a-vis the project.
Tan, the development’s lead architect, said heritage does not have to be expressed by making exact interpretations of the traditional Chinese architecture that defined Binondo.
“We interpret its principle through a contemporary lens,” he said during the July 8 event at the C Lounge of Conrad Manila, Pasay City.
Agullana, whose firm handled the development’s landscaping, drew inspiration from Binondo’s vibrancy to create a green wall facade on the sides of the tower.
“Binondo is very energetic. It’s very diversified, a lot of culture going on,” he said. “We wanted to have our team of landscape architects make a mirror effect of that energy… into the external facade.”
Keen and Worth, Wong said, plans to root future projects in the character of their specific locations.
Frequently Asked Questions
Ongpin Tower, Keen and Worth Property Developers’ first vertical development in Binondo, Manila, is 80% sold, according to COO Kimberly Klaire K. Wong.
Ongpin Tower is themed around Binondo’s Filipino-Chinese heritage, using the Ongpin Street address as its identity. Lead architect Miguel Ocampo Tan of MOT Architectural Designs interpreted traditional Chinese architectural principles through a contemporary lens rather than replicating historical designs.
The Philippine luxury condominium segment, priced at P68 million and above, accounts for only 2% of Metro Manila’s unsold inventory, per Leechiu Property Consultants’ 1H 2026 report, even as mid-market units face weaker demand amid an oversupply of about 82,900 units.
Keen and Worth Property Developers Inc. plans to root future projects in the character of their specific locations.
CUBE System handled Ongpin Tower’s landscaping, creating a green wall facade inspired by Binondo’s energy and cultural diversity. Ironcon Builders & Development Corporation, led by Jaime Lim, as well as MOT Architectural Designs, also partnered on the 52-storey development’s construction and design.
