By Leslie D. Venzon
MANILA, April 21 (PNA) — Property giant Ayala Land Inc. (ALI) is investing Php16 billion over the next six years for a mixed-use development in Bonifacio Global City, encouraged by strong demand growth on the back of robust expansion of the country’s economy.
“For the high-end (projects), the demand is really robust locally. We are seeing a lot of foreign investments coming in let’s say from Singapore, Japan and Indonesia where in their own economies, the interest rates are low so they are looking for opportunities with higher yields. And Philippines is one of the fastest growing economies in the region,” said Anton Sanchez, Division Manager for Project Development for ALI’s subsidiary, Alveo Land Corp.
Sanchez said the Philippines has relatively cheap asset value compared to its neighboring countries but is among the highest in terms of rental yields.
He said Alveo Land will launch this weekend the Php4-billion residential component of Park Residences, a 2.3-hectare mixed-use development project.
Park Triangle Residences will have 616 units of Studios, one-bedroom, two-bedroom and three-bedrooms ranging in size from 36 square meters to 232 sqm and priced from Php6.5 billion to Php44 million per unit.
The residential project will be turned over beginning first quarter of 2021.
“We hope we will be able to launch successfully. Based on track record of Alveo Land, we consistently sell Php3 billion at launch, that’s also we are trying to target,” Sanchez said, noting they hope to sell out all the units in a year.
Further, Sanchez said the company will invest an additional Php12 billion for the development of the retail, leisure and office projects over the next six years.
The five-storey Ayala Malls Park Triangle will be located directly under the residential tower, and will offer over 23,000 sqm. of gross leasable area.
The project is targeted to open by second quarter of 2018.
On the other hand, Park Triangle Corporate Center will have office spaces for lease to business process outsourcing (BPO) and traditional locators.
Construction of the three office towers project will start third quarter of 2017; target opening is second quarter of 2018. (PNA)