Ayala Land unit unveils first office condo project in Circuit

Alveo Land, a unit of property giant Ayala Land Inc., is bringing P4.4 billion worth of new office space for sale with the launch of the first office condominium project in the upcoming lifestyle and entertainment Circuit Makati.

Alveo officials yesterday unveiled “West Tower,” the first of the two-tower “Stiles Enterprise Plaza.”  It is a 29-story building with a net sellable area of 27,345 square meters, priced at about P147,000 per square meter.

There will be 283 office units in the new tower, which are scheduled for turnover to buyers by the end of 2019.  The office units will have a floor area of between 79 and 180 sqms. Unit prices range from P10.6 million to P25.8 million.

The 21-hectare Circuit Makati is seen attractive to those looking to buy office space for their own use or for their leasing portfolios.

“Location is a primary consideration for investors, and Circuit Makati is part of the most prestigious business addresses in the country. It lends a sense of distinction for creative professionals, entrepreneurial start-ups, SMEs (small and medium enterprises) and other organizations as it sets them apart from more established corporate institutions within the Makati CBD (central business district),” said Jennylle Tupaz, project development group head at Alveo Land.

This is the fifth office tower being developed by Alveo for sale rather than for lease, following  the earlier launch of two towers of High Street Corporate Plaza, BPI Corporate Center in Cebu and Park Triangle Corporate Plaza.

Based on sales take-up from all these office projects, Tupaz said there was a strong market demand for office property offered for sale, adding that for some companies looking for headquarters, there’s a “certain prestige” if they owned the office unit.

Several buyers are also investors looking for assets to add to their leasing portfolio.  At an estimated monthly rental rate of P850 per sqm, Tupaz said annual rental yield would be about 6 percent.  At the same time, she said it would be a good time to buy office space while property values were still lower in Circuit Makati.

The Stiles will also have retail units on the 10th floor, with eight floors of parking and a designer lobby, highlighted by a business center with multi-purpose meeting rooms and lounges.

The ground level will feature more commercial establishments that would connect to the upcoming Circuit Mall.

As a grade A LEED-certified building, The Stiles commits to the stringent standards of the US Green Building Council.

Given the scarcity of office space in Makati CBD, Alveo expects The Stiles to be a “bright investment option for office seekers for both local and international companies, including potential markets in Singapore, Japan, and Indonesia.”