ALI’s ‘knockout’ new look for Legazpi VillageBy Tessa R. Salazar
Philippine Daily Inquirer
With booming urban sprawls and condominium units getting more affordable, a wider base of practical buyers are giving up the suburbs in favor of purchasing units near their places of work. With this development, central business districts and their peripheral areas are challenged to spiff up their areas in order to keep up.
Legazpi Village in Makati City is certainly one area that doesn’t want to be left behind. Ayala Land Inc. (ALI) has decided to spruce up the place a bit. How? By putting up a new residential building called Kroma.
David Leechiu, Jones Lang LaSalle Leechiu country head, observed that though Makati has become obviously congested, “this is being solved with more infrastructure projects in the pipeline such as walkways, bus transits and the opening up of more parks. Legazpi Village has been left behind, but now there is an effort for old buildings to give way to new ones.”
Leechiu added that “Macea [Makati Commercial Estate Association]-Ayala needs to invest more in making Legazpi Village more pedestrian-friendly and open up more areas for parks and trees, and replicate what they did in Greenbelt-Glorietta to the rest of Legazpi Village and Makati.”
Proponents of the reemergence of Legazpi Village cited Trendwatching, which predicted the rise of “citysumers” as a new market brought about by the rising number of city dwellers, escalating power and wealth of cities and the spread of urban culture. Ayala is seen to support the effort, starting with Alveo’s new tower Kroma that would rise in Legazpi Village.
Being just a short walk away from the heart of the Makati CBD, the village plays host to various dining options, lifestyle spots and commercial hubs ideal for residents.
Lui Matti, CBRE Philippines executive director for asset services, said, “Personally, I agree that the area could do well with a refresh. Adding a new level of sophistication would definitely do the area good.”
Claro dG. Cordero Jr., head of research, consultancy and valuation of Jones Lang La Salle Leechiu, said Legazpi Village (along with Salcedo Village) has really been intended as the residential zone to complement the developments in Makati CBD.
“So it is actually welcome news that there are efforts to put that into realization. Other emerging urban developments are doing this ‘live-work-play’ synergy (with good mix of office/commercial, retail and residential developments) and has become their main selling points: Bonifacio Global City, SM Bay City area, Filinvest Corporate City in Alabang, Eastwood City in Quezon City, to name a few,” Cordero said.
Alveo Land, an Ayala Land subsidiary, has introduced its Kroma Tower to cater to the needs of the citysumers.
Aris Gonzales, Alveo Land division manager for project development, said “facets that gave rise to such a trend have also increased demand for a prime address that complements this kind of lifestyle, especially for burgeoning cities like Makati.”
Short URL: http://business.inquirer.net/?p=58853