An artist’s rendition of a unit at The Flats Amorsolo
Property giant Ayala Land Inc. (ALI) is building a chain of affordable flats for rent to young professionals in need of living space close to their place of work, beginning with five buildings in Makati and BGC.
The first five dormitory buildings to be built by ALI under the brand “The Flats” will offer 1,521 units. As each room can accommodate up to four people, this portfolio will make available over 6,000 beds for rent.
“We’ve seen interest from a lot of office workers to actually live closer to their work. This is in response to the need we’re seeing now,” ALI president Bernard Vincent Dy said.
“We feel this is important to complete the CBD (central business district) experience,” ALI senior vice president and head of the strategic landbank management group Meean Dy said.
Two of the five “The Flats” are now under construction, one in Amorsolo St., Makati and another in BGC.
These dorms are seen to open up living space to office workers at P5,500 to P6,000 per person per month.
The 14-story Amorsolo building is scheduled to open by the second quarter of 2018. This will have 196 rooms offering 728 beds, Meean Dy said.
Each flat has an estimated size of 20 to 24 square meters.
“There’s a lot of interest from corporations. They rent by the floors for their employees,” she said.
The first dormitory building in BGC is being built by Fort Bonifacio Development Corp., which is likewise led by ALI. This 16-story building will offer 375 units offering a total of 1,500 beds.
Two more of such dorm buildings are being planned in Makati close to the Circuit Makati area. Each tower will have 300 rooms, both of which are targeted for completion by 2020. Assuming an occupancy of four people in each unit, the two Circuit Makati dorm buildings can accommodate 2,400 people.
The fifth dorm building will likewise be built in BGC close to the University Parkway area, where the International School and other educational institutions are located, Dy said. This will have 350 units which can accommodate 1,400 occupants, based on the typical layout.
Dy said ALI was looking to build similar dorm buildings in its various estates where such living space is needed, adding that this would be for the “social good.”
Outside Metro Manila, Dy said ALI would look at bringing “The Flats” to Cebu as well.
Investing in dormitories catering to young professionals in CBDs, especially business process outsourcing workers, is seen as a new growth area for property investors and developers. Across the metropolis, there is a growing pool of office workers – especially young people who had just entered the workforce – who need halfway homes but can not afford yet to purchase their first residence.
Earlier, another conglomerate SM Investments Corp. completed its acquisition of a 61.2 percent stake in Philippines Urban Living Solutions Inc., the company that operates a growing chain of dormitory buildings under the “MyTown” brand.