Ayala Land’s Alveo returns to BGC

MANILA  -Property giant Ayala Land Inc.’s upscale brand Alveo Land returned to Bonifacio Global City after eight years as it achieved a record P6 billion in sales during the launch of the 59-floor residential tower Park East Place.

Officials of Alveo said on Wednesday the strong reception defied expectations given concerns early this year of a slowdown in the real estate sector.

“There are things we are seeing in the market that have improved. Interest rates have stabilized, the economy has opened up. We are more optimistic,” Alveo president Mike Jugo told reporters during a press briefing on Wednesday.

About 28 percent of the tower’s total inventory of 523 units was sold over two days. Park East Place, Alveo’s 20th project in BGC, is expected to bring in total sales of P20 billion and will be turned over to buyers in 2030.

Jugo said projects such as Park East Place successfully lured buyers due to its location at the corner of the busy 32nd Street and 9th Avenue in BGC, one of the prime business districts in Metro Manila.

“It’s a good sign and reaffirmation of interest in BGC,” Jugo said.

Anton Sanchez, Alveo general manager, said domestic demand accounted for 80 percent of early sales while foreigners and overseas Filipino workers accounted for the remaining 20 percent.

Park East Place will have one-bedroom (61 square meters), two-bedroom (94-98 sqm) and three-bedroom (131 sqm) units with prices ranging from P26 million to P56 million.

There will be no studio units on offer to maintain less unit density per floor, said Rufino Gutierrez, chief operating officer at Alveo.

Park East Place will have 53 residential floors having a maximum of 10 units to a floor.

Alveo, whose last project in BGC was launched in 2015, is the developer of project such as Two Serendra, High Street South, and Park Triangle.