Property giant Ayala Land Inc. is bringing to the property market up to P28.5 billion worth of new residential inventory in the Makati central business district with the ongoing rollout of five upscale condominium towers strategically situated within Ayala Center.
The additional high-end condominium inventory comprises a total of about 1,900 residential units from the three residential towers of Park Terraces and two towers of the soon-to-be launched Garden Towers.
ALI executive vice president Bobby Dy estimated the sales value of the units from five residential towers at P28.5 billion. He added that ALI has started recognizing revenues given the progress in construction of earlier launched Park Terraces project, which was now 84-percent sold.
The first residential tower of Park Terraces, which was launched in 2010, will be ready for turnover to residents in 2015. Its Point Tower will be ready by 2016 and the third tower, by 2017.
The first of the two towers of Garden Towers will be launched in the third week of November and targeted for turnover by 2019. Construction cost for the tower is estimated at P3 billion while estimated revenues were placed at P6.5 billion, Dy said in a briefing last week.
“Living in a highly urbanized place like Makati, many people are looking for a place of refuge,” Dy said, adding that for this development, gardens would be incorporated in every other floor. “It has never been done here (in the Philippines). It’s something unique and elevates urban living to a new level.”
Garden Towers’ first building will have 54 stories offering one, two and three-bedroom units. About half of the development will comprise two-bedroom units with an average size of 140 square meters. About 40 percent will comprise 70-sqm one-bedroom units while the balance of 10 percent devoted to three- and four-bedroom units.
Dy said the one-bedroom units will sell for P10-14 million, two-bedroom units for P20-25 million and three-bedroom units for P29 million and above.
“We’ve got some very, very special units priced at P140 million,” Dy said, referring to the limited penthouse units.
Overall, Garden Towers is selling high-rise residential units at P175,000 a square meter.
With all these residential towers, which will be easily accessible from the redeveloped Glorietta, ALI aims to “further ensure the transformation of the Ayala Center into Makati’s cosmopolitan lifestyle hotspot with a captive market.”