Property Giant Ayala Land Inc. is investing P60 billion within the next 25 years to develop a “First World” cultural district in Bonifacio Global City dubbed as “High Street South,” which is being master-planned by its urban residential brand Alveo Land.
The first of the 18 planned residential towers in the upcoming cultural hub, The Maridien, has sold so rapidly since the launch in November that the second tower might be unveiled by the third quarter of this year, Alveo officials said in a briefing Tuesday.
The Ayala group is investing P3.5 billion for The Maridien alone, which will have 508 residential units to be turned over to buyers by early 2017. Of the total units available, 222, or 44 percent, have been sold for a total sales value of P2.1 billion.
“The sales response for High Street South showcases the kind of excitement and anticipation that the market has for a project of this scale,” Alveo Land president Robert Lao said in a statement.
The studio units of The Maridien, which will have a size of 38-40 square meters, sell for P4.4 million to P5 million. The one-bedroom units sized at 49-59 sqm sell for P5.9 million to P8.3 million while the two-bedroom units sized at 80-112 sqm sell for P10.3-P13.5 million. The 113-sqm three-bedroom units are priced at P15.2-P16.3 million and the urban villas (103-224 sqm) at P12.4-P26.1 million. The limited penthouse units (85-153 sqm) are selling for P10.5-P18.8 million.
“Ayala Land is reinventing the BGC landscape by pouring in approximately P60 billion worth of investments across a 25-year pipeline to the development of a pioneering district development ideal, that is High Street South,” Lao said.
Jennylle Tupaz, head of project development for Alveo Land, said part of Alveo’s thrust this year would be to raise the bar on how urban districts should be built and the eight-hectare “High Street South” would be part of efforts to “redefine the landscape in BGC.”
Anton Sanchez, Alveo project development manager, said the eight-hectare, three-block “High Street South” would be a mixed-use district featuring residential, commercial, leisure and retail destinations. Up to 18 residential towers with a gross floor area of 735,000 sqm will rise over the next 25 years surrounded on the ground floor by flagship stores and quaint boutiques.
Sanchez said the property developer scoured “First World” cultural districts across the globe to create a hotbed for culture, one with all the modern conveniences inherent in city living, a vibrant street life and a multifaceted community.