Alveo launches its most expensive project yet

The Ayala group’s Alveo Land has launched its most expensive residential project to date—a P9-billion 35-story low-density condominium tower fronting the parks of Legazpi Village at the Makati central business district.

Parkford Suites Legazpi—which will rise on the corner of Gamboa and Salcedo Streets across Washington Sycip Park and Legazpi Active Park—offers 163 units with two- and three-bedroom configurations priced at around P370,000 a square unit.

This is more expensive than the usual price point of P200,000 to P250,000 a square meter for Alveo’s residential offerings given the premium location.

The new project brings to Makati’s robust property market a little over P9 billion worth of fresh residential condominium inventory, about P2 billion of which has been taken up since Alveo started preselling units three weeks ago, Alveo’s chief operating officer Rufino Gutierrez said in a press briefing on Thursday.

There are so far two types of buyers of Parkford units—corporate entities that are investing in residential units either for lease or for the use of their top executives, or individuals who are either entrepreneurs or top executives.

The residential units are expected to be turned over to buyers by 2026.

Units have an average area size of 151 sqm, larger than usual residential spaces in the city. Average selling price per unit is P55 million.

The smallest units are two-bedroom residences priced at around P46 million with a living space of between 125 and 142 sqm. The three-bedroom units are priced at P66 million with a size range of 180 to 181 sqm.

Special units include three park-facing penthouse units on the topmost floor priced at around P80 million. But the most expensive unit in the building is one 328-sqm unit at the amenity area on the 12th floor, which is worth around P140 million.