Picar Development, the real estate subsidiary of AMA Group of Companies, is planning to invest P1.7bn ($40.5m) for the development of a residential condominium project in Alabang, Muntinlupa City, Philippines.

The 32-storey tower called Chelsea Residences, will have 696 residential units that are estimated to be sold between P2.2bn ($51.9m) to P2.6bn ($61.3m).

Chelsea Residences will be situated on a 1,400m² property on Buencamino St., Alabang, and will offer studio and one to three-bedroom apartments, plus four penthouse units.

The two-bedroom penthouse units will have an area ranging from 96m² to 108m² while the three-bedroom penthouse units will be ranging from 187m² to 195m².

Picar general manager Danilo Jugno said that the company is likely be able to sell all available units in a year’s time.

"We have a client who wants us to build, and they will rent it out," Jugno said.

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"Taking the concept of smart modern living to a whole new degree, the Chelsea Residences WiFi-enabled accessibility is one among the many value-added state-of-the-art services that establish the structure as the first residential intelligent building in Alabang."

Construction of the project is anticipated to commence by 2013 and units will be ready for handover to buyers by 2016.

Picar Development earlier revealed plans to spend over P60bn ($141m) in several real estate projects over a period of ten years.

Picar’s projects include condominiums, hotels, offices, commercial establishments and mixed-use communities.