ALI reports record sales of Alveo tower

Property giant Ayala Land Inc. saw strong demand for its 48-floor Alveo Financial Tower along Ayala Avenue, Makati City, signaling continued appetite for prime office space.

Ayala Land unit Alveo Land on Tuesday said it had sold more than 60 percent of the total launch inventory at Alveo Financial Tower during a one-day “priority” sales event—described by the company as a record. The project will be turned over to buyers by 2020.

This translates to about P5.8 billion in sales take-up, mainly on the back of local buying, Jennylle Tupaz, project development group head for Alveo Land, said.

Ayala lured buyers even at an average price of P240,000 per square meter, or P27.8 million for an average 116-square meter unit.  Tupaz said part of its attraction is an address on Ayala Avenue and the limited supply in the area.

“It tells you that Makati continues to be a premier CBD [central business district],” Tupaz said. She said 80 percent of the buyers during the priority selling event were locals, indicating strong demand coming from Filipino investors.

Alveo Financial Tower is the only consolidated office for sale option on Ayala Avenue Because of this, investment returns are expected to be as high as 6 percent  (based on the current lease rates in the Makati CBD), Ayala Land said.

Alveo Financial Tower is being developed in the Jaka Tower site, which ALI acquired. The building sits on a 2,400-sqm lot. The office tower will house 363 office units and a variety of amenities and facilities that enhance corporate activity. It will have 48 floors with up to 63,739 sqm of floor area.

Alveo Financial Tower will be a major component of City Gate, Ayala Land’s P20-billion masterplanned mixed-use development strategically located at the northern tip of Ayala Avenue.