Property giant Ayala Land Inc. has unveiled a vertical garden-inspired residential development in Ayala Center in Makati, an upscale condominium project seen to bring P7 billion worth of additional inventory into the property market.
The 54-storey first tower of Garden Towers, the latest offering of ALI’s high-end brand, Ayala Land Premier (ALP), is selling briskly with a third of the 340 available residential units already taken up on the day it was introduced to the market, said ALP head Jose Juan Jugo.
Based on estimates, Jugo said ALP might be able to sell all units in the development’s first tower in 15 to 18 months. “If the market does not change, it could be faster,” he said in a briefing.
ALI is investing some P3 billion to construct tower 1, which will be turned over to buyers in the first quarter of 2019. The units are being sold for P10.3 million for the smallest one-bedroom units to P142.9 million for the limited penthouse units called “sky villas.” The selling price per square meter is about P175,000.
Once a critical mass of units is sold, typically about 80 percent, ALI will be ready to launch the second and last Garden Towers. “We’re planning the second tower already,” Jugo said.
Jugo said the project was a symbol of ALI’s commitment to incorporating greens in its integrated mixed-use hubs across the country. The two-tower development features pockets of greenery or “sky gardens” that will be laid every two floors.
“Garden Towers boasts of intuitively designed one- to four-bedroom units. Some of these units have sunrooms that are flexible indoor and outdoor spaces with floor to ceiling glass, and two rows of operable glass windows that allow future residents to maximize natural air and light,” said Jugo.