FACTBOX: Philippine property projects on the rise

MANILA (Reuters) - Philippine property firms have seen residential sales from Filipinos based overseas, especially in the United States, slide as the U.S. economy slows.

But companies continue to invest heavily in new housing and tourism projects as local demand takes up the slack.

The following are some of the new upscale residential and hotel projects in the country's main financial centre, Makati City in Manila, and the adjacent Bonifacio Global City business district:

MAKATI FINANCIAL CENTRE

-- Discovery Primea: A 60-storey service apartment and luxury residential condominium project to be built by JTKC Land on Ayala Avenue, at the heart of Makati City. The company owns the Discovery chain of hotels in the Philippines.

-- One Central residential condominium project by Megaworld Corp (MEG.PS). The 50-storey tower will have 749 units selling at an average of around 106,000 pesos ($2,548) per square meter, Megaworld's priciest offering. The company started pre-selling of the project, valued at 5.5 billion pesos, in the first quarter of this year.

-- Greenbelt Chancellor: A 34-storey apartment building by Megaworld in the Greenbelt commercial area. The company has sold 93 percent of the project, which involves 328 units. The project, launched in the first quarter last year, is expected to be completed in late 2010 and is priced at an average of close to 96,000 pesos per sqm.

-- Greenbelt Excelsior: A 34-storey apartment building by Megaworld. The project, with 325 units, is already 54 percent sold and is expected to be completed in late 2011. Average price of the units is close to 98,000 pesos per sqm.

-- KHI Manila Property Inc: A joint venture between Ayala Land Inc (ALI.PS) and Kingdom Hotel Investments of Dubai, plans to spend $153 million in a luxury hotel and private residence complex near the Glorietta commercial area.

The project is composed of a 300-room deluxe hotel to be operated by Fairmont Hotels as well as a boutique hotel and 189 rooms of private residence to be operated by the Raffles group.

-- Gramercy Residences: A 65-storey apartment to be built by Century Properties for 5 billion pesos near a major artery.

-- The Grand Midori Makati of Federal Land Orix Corp: A joint venture between the Metropolitan Bank (MBT.PS) group of George Ty and Japan's Orix Corp. The 4-billion-peso project features two towers with 500 units. Construction will begin in 2009 and end by 2011.

-- Senta by Ayala Land: An upper-income residential condominium project with 442 units in one tower. The project will break ground next year.

($1=41.81 pesos)

(Reporting by Rosemarie Francisco)