Upscale property developer Alphaland Corp. is set to complete two multibillion-peso projects on Ayala Avenue—a grade A “green” office building and an urban leisure complex.
“While there has certainly been exciting growth in the country’s other business and residential districts, the numbers show that Makati is still undisputed when it comes to real estate,” Alphaland president Mario Oreta said in a statement. “The city offers many high-value properties for business, residence and leisure that other cities have yet to match in terms of supply and demand.”
Alphaland Tower, a P3-billion 34-story office building, will have a total gross floor area of 48,000 square meters and a net saleable area of 39,000 square meters. It will be completed this December, becoming operational by January next year, said Joanna Ongpin Duarte Alphaland vice president for marketing.
The second project is “The City Club,” which will occupy the top three floors of the six-story podium of Alphaland Makati Place, which will rise on a one-hectare property at the corner of Ayala Avenue Ext. and Malugay Street.
The Makati Place project, which will cost over P8 billion to build, will consist of three high-end residential towers (one of them is for serviced apartments). Beneath the podium is a shopping center. The club and the shopping center will be completed this year.
Once fully leased out, Alphaland Tower is estimated to contribute nearly P500 million in recurring rental income each year, said Apa Ongpin, Alphaland project head for Marina Bay.
Because it is currently a seller’s market, given the lack of grade A office space in Makati relative to the size of the Philippine economy, Ongpin said the company would take time to pick out tenants.
The residential and hotel/serviced apartment component of The Makati Place, which will comprise three towers, will be finished by 2014. About 537 residential units each come with a City Club share worth P1 million, said Michelle Ongpin, Alphaland assistant to the chair and senior vice president for corporate communication.
The residential units, which will be fully fitted, are now selling for between P8 million and P19 million. The smallest is a one-bedroom unit with 60 square meters while the largest will have 153 square meters and two bedrooms.