ALI investing P2.7B in dorm towers
Property giant Ayala Land Inc. expects to invest P2.7 billion in developing a chain of dormitory towers for young professionals under the brand “The Flats,” the first of which will open in September in Amorsolo, Makati.
ALI group head for strategic landbank management Anna Ma. Margarita Dy said The Flats would open one new project in a new site each year through 2021.
The P2.7-billion investment will cover 5,120 beds in 1,281 rooms in the pipeline in four sites in Makati and BGC.
The Flats Amorsolo in Makati will offer bed-spacing for P6,250 a month including value-added tax, Dy said.
“We have also incorporated options to rent by room,” Dy said.
Tenants will have to commit to a minimum term of six months. Tenants seeking to rent beds will be randomly assigned but occupants per room will have to be of the same gender.
The second site is The Flats BGC on 5th Avenue, which will open in the first quarter of 2019, Dy said. The next will be in BGC Parkway, which will open in the first quarter of 2020.
The fourth development is a two-tower structure in Circuit Makati, which is expected to open by 2021.
Each flat has an estimated size of 20 to 24 square meters and designed to be occupied by up to four people. It is fully furnished with a bed and mattress, workstation, wardrobe cabinet, toilet and bath and a mini kitchen. A property management team will take care of the administration, safety, and security.
Investing in dormitories catering to young professionals in the central business districts, especially business process outsourcing (BPO) workers, is seen as a new growth area for property investors and developers. —DORIS DUMLAO-ABADILLA
