New Alveo tower in Circuit

A unit of property giant Ayala Land Inc. Tuesday unveiled a new high-rise residential tower in Circuit Makati, which is being groomed as an urban lifestyle playground, bringing P3.9 billion worth of inventory targeting young urban professionals.

In a press, Alveo Land chief operating officer Jennylle Tupaz introduced the 38-storey “Callisto” tower 1, the third residential tower under Ayala Land’s middle-income property brand to rise in the 21-hectare Circuit Makati, former site of the Sta. Ana horse racetrack.

The first tower of Callisto will offer a total of 430 residential units which will be turned over to buyers beginning July 2022.

Callisto’s first tower will have a mix of studio, one-bedroom, two-bedroom, three-bedroom and special three-bedroom units selling for P135,000 to P140,000 per square meter. Typical units start at around P4.3 million for studio units, P8.4 million for one-bedroom units, P12.3 million for two-bedroom units and P17.1 million for special investor suites.

Tupaz described the upcoming tower as “very elegant and stately-looking,” living up to its name which was derived from the Greek word “kalliste” which means most beautiful.  She said the address would be ideal for young professionals seeking homes in Makati.

Alveo typically caters to households with a combined monthly income of P200,000 to P250,000 but the studio units in Callisto are seen affordable to households with a combined monthly income of P150,000.  Buyers are required to shell out at least 10 percent of selling price as equity.

The bulk of Callisto’s residential units are studio (with footprint of 28-32 sqms) and one-bedroom units (56-65 sqms) accounting for a combined 76 percent.  The remainder are two- and three-bedroom units.

From the time Alveo launched Solstice, the first residential project in Circuit Makati, which commanded a pre-selling price of P115,000/sqm at end-2013, Tupaz said selling price had substantially appreciated.

“With the warm reception of the market, Alveo Land’s Circuit Makati projects have already appreciated by 21.7 percent for residential and 2 percent for office in just three years,” Tupaz said.

Construction of the two Solstice Towers, as well as office-for-sale project The Stiles Enterprise Plaza, is in full swing.  The first Solstice tower is now 95 percent sold out while the second is 67 percent taken up.  Residential units in both towers are scheduled for turnover by 2019.

“Alveo is slated to continue its big play in Circuit Makati, as we are set to launch about one tower a year for the next 20 years,” said Tupaz.

Once the district becomes fully developed, Circuit Makati will have Circuit Corporate Center, Circuit Mall, Seda Hotel, and the Circuit Performing Arts Theater.

The P20-billion Circuit Makati is one of six major nodes that form part of Ayala Land’s P125 billion redevelopment plan for Makati.