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Developer Ayala Land allots P3B for its priciest condominium yet

Posted on July 28, 2011 10:00:06 PM
[ BusinessWorld Online ]

AYALA LAND, Inc. plans to spend P3 billion to construct the last building for its three-tower, high-rise residential project in Makati City, said to be the firm’s most expensive development.
The infusion will bankroll the development of the 49-storey, 370-unit tower in the condominium complex dubbed Park Terraces in the Ayala Center.

The latest project is the “most expensive in a per square-meter (sq. m.) basis,” Nerissa N. Josef, senior division manager of the landbanking group of Ayala Land, told reporters in a briefing.

“[Buyers] see this as an alternative investment vehicle and not just as a home,” Catleya L. Moya, project development manager for residential buildings of the developer’s high-end brand Ayala Land Premier, said in the briefing.

Ms. Moya said Ayala Land Premier will sell the units starting on Sunday with price ranging from P6 million-P7 million for the studio units and P55 million for the penthouse.

Ms. Moya said selling price on average is P169,000 per sq. m. including taxes, eclipsing the P163,000-per-sq.-m. price tag for units in Tower 2.

The 49-storey first tower in Park Terraces was launched in January last year, almost selling out all units in one weekend as opposed to a three-year target.

The 58-storey Tower 2 is almost sold out, according to the officials.

Turnover to buyers in Tower 3 will start in the first quarter of 2017, following the first quarter 2015 turnover of Tower 1 and 2016 target for Tower 2.

The officials said Park Terraces is part of the P20-billion redevelopment of Ayala Center, which is expected to be completed in 2012.

Shares in Ayala Land rose by 0.48% or eight centavos to close at P16.58 each yesterday. -- Neil Jerome C. Morales
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