MANILA, Sept. 29 (PNA) — Property giant Ayala Land Inc. (ALI) expects PhP 10.7 billion in sales from its new flagship office tower, considered the most expensive office spaces in Makati Central Business District (CBD) to date, upon sell out of 341 units possibly this year.
Jennylle Tupaz, head of Project Development Group for ALI’s subsidiary Alveo Land, expressed optimism about the sales prospects after the company sold out over 60 percent of its total launch inventory for the office project in a record-breaking event last Sept. 27 amounting to PhP 5.8 billion in sales.
“With its much-coveted location on Ayala Avenue, Alveo Financial Tower, has become a rare investment opportunity for high-powered businesses and organizations wanting to be part of the country’s premier financial center,” she said.
Alveo Financial Tower, which boasts of being the only consolidated office for sale option on Ayala Avenue, will form a major component of City Gate, Ayala Land’s PhP 20-billion master-planned mixed-use development.
City Gate will have a 2.2-hectare core area containing 81,000 square meters of gross leasable office space and 14,000 square meters of premium retail space, as well as featuring upscale residential developments, green open spaces and a 312-suite hotel.
Tupaz said ALI will spend PhP 6 billion for the premium office project which will have 48 floors, plus a roof deck that will total to 63,739 square meters of gross floor area.
The construction work on the 363-unit Alveo Financial Tower starts in the last quarter of 2015. The 22 units will be retained for Alveo Land.
Tupaz said a typical office space in Alveo Financial Tower sells at an average of PhP 240,000 per square meter or PhP 27.8 million for an average unit size of 116 square meters.
The tower is slated for turnover in 2020. (PNA)