ALI unit starts multitower development in Makati

A unit of property giant Ayala Land Inc. unveiled Tuesday a new mixed-use, multi-tower project along Valero Street in Salcedo Village, Makati, creating at least P5 billion in new residential property inventory to harness rising affluence among urban dwellers.

Alveo Land’s “The Gentry” has residential, office and retail components which pitches the “understated, exclusive affluence of Salcedo Village” at the heart of the Makati central business district (CBD), Alveo chief operating officer Jennylle Tupaz said in a press briefing.

“The Gentry will enable you to own a piece of the Makati CBD.  A prime location boasting of a strong multiuse concept makes it a rare and exciting opportunity for our clients,” said Tupaz.

The residential component, the 42-story The Gentry Residences, will have 391 residential units with a mix of studio units at 30 square meters (sqm), one-bedroom units at 54-65 sqm, two-bedroom units at 95 sqm and three-bedroom units at 124-149 sqm.  These are offered at a starting price of P170,000 per sqm, inclusive of value-added tax.

This suggests that studio units (36 percent of inventory) will be priced at about P5 million while one-bedroom units (28 percent of total) will be sold for P9 million to P11 million and two-bedroom units (26 percent) at about P16 million.  The three-bedroom units (10 percent) will be worth P21 million to P25 million.

The residential component will have a footprint of 35,639 sqm while another 30,304 sqm will be earmarked for office use.  Some 6,876 sqm will be for retailers.

“Having all these three components allows us to take advantage of the centrality of the location,” Tupaz said, likewise citing the strategic location being suitable for a “convergence of lifestyles.”

The project will rise in a property behind Insular Life building which was acquired by Alveo from Bank of the Philippine Islands. Alveo is investing some P3 billion in the residential tower. Units  are scheduled for turnover to buyers by mid-2022.

Alveo is also targeting property investors for the project.  The offer also includes “investor suites” which has a private two-bedroom unit attached to a studio unit that could be leased out or offered to visiting guests. “This provides maximum flexibility between end-use and enterprise,” Tupaz said, noting that such units are designed with a common foyer but do not sacrifice privacy.

This is also the first Alveo project with a generous glass ratio of 40 percent, which means more windows than the typical condominiums in the metropolis.

The project also features an interior-designed lobby and an amenity area on the ninth floor featuring a 20-meter lap pool and a kiddie pool, kid’s play area and flexible function rooms with outdoor spill over area.

The Gentry is Alveo’s 10th project in the country’s business capital. It has a total of 15 towers of residential, office and mixed-use spaces across Makati, investing about P27 billion over 13 years in Makati alone. Doris Dumlao-Abadilla