MANILA, Philippines–Property giant Ayala Land Inc. has rolled out, under its urban development Alveo brand, a new residential tower in mixed-use hub Vertis North in Quezon City, bringing to the market P7.5 billion worth of new inventory.
Alveo has unveiled the 49-story tower 2 of High Park, which offers 803 residential units targeted for turnover by 2020. This is the first Alveo project that seeks to bring the park experience from the ground to a vertical living experience, Alveo group head for project development Jennylle Tupaz said in a briefing on Thursday.
Residential units in High Park Tower 2 are up for sale at P140,000 per square meter, higher than the P125,000/sqm selling price when Tower 1 of High Park was launched in April last year.
With Tower 1 now 70 percent sold, Tupaz said it was a good time to launch the second tower.
“As we keep on launching new towers, we expect values to go up,” Tupaz said, noting that the Ayala group was still in the early stages of developing the 46-hectare Vertis North, envisioned to be a key central business district in Quezon City.
While Tower 1 will have distinct sky gardens every three floors, Tower 2 will feature a roofdeck skypark and sky lounge that offer spectacular views of the surrounding Quezon City landscape.
For Tower 2, High Park will have studio units sized 32 sqm, one-bedroom units with floor areas of between 61 and 62 sqm, two-bedroom units at 87-105 sqm and three-bedroom units at 123 sqm. Urban villas and penthouse units will also be available for the high-end market. Unit prices for tower 2 range from P4.2 million to P23.2 million.
With the two towers combined, High Park will have a total of 1,402 residential units.
About 65 percent of the buyers of tower 1 consisted of real estate investors, mostly local.
“We see local investors in Quezon City and Northern Luzon, with some foreign investors mostly coming from the US and the Asia-Pacific region,” Tupaz said.
Alveo also targets end users such as families, entrepreneurs and professionals for High Park. As of the end of 2014, High Park captured 78 percent of the upscale Quezon City market, averaging sales of 50 units per month. About 80 percent of Tower 1 buyers are from Metro Manila. About 53 percent are based in Quezon City.–Doris C. Dumlao