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P60-b Fort project bared

by Jenniffer B. Austria
[ manilastandardtoday.com ] January 18, 2012

Ayala Land Inc., the country’s largest property company, is investing P60 billion to develop a 7.6-hectare mixed-use development within Bonifacio Global City, called High Street South.

Jennylle Tupaz, project development head of Ayala Land unit Alveo Land, said in a press briefing the mother company would spend P60 billion over a period of 25 years to build 12 to 18 towers that include residential condominiums, office buildings, hotels and shopping malls.

Tupaz said Ayala Land High Street South would become a cultural urban district within the Bonifacio Global City. It will offer contemporary retail concept, pedestrian-oriented boutique stores, cultural infrastructure and leisure-oriented commerce.

Alveo Land launched the first residential tower, called Maridien, to jump-start the development of the project.

Maridien is a 33-story condominium that will offer 511 units costing P4.4 million for a studio unit to P26.1 million for urban villas.

Tupaz said the company expects to generate P5.1 billion in sales from the residential tower against a capital investment of P3.5 billion.

Tupaz said the company had sold 222 units, or 44 percent of the total units available for sale, to generate P2.15 billion in proceeds.

“This is the Alveo Land’s residential project to breach the P2-billion mark during the first day of offering,” Tupaz said.

The tower is slated for turnover by the first quarter of 2017.

Tupaz said Alveo Land was preparing to launch the second residential tower by the third quarter of 2012 due to strong sales generated by the first residential project in High Street South.

Tupaz said Alveo Land would remain aggressive with project launchings, as it plans to unveil one project per month.

Alveo Land in 2011 launched a record-breaking nine projects involving 2,700 units. The company expanded in the areas of Tagaytay, Cebu, Quezon City, Pampanga and Sta. Rosa, Laguna.

“Growth been fast for the company because mandate has been to ramp up operations,” Tupaz said.
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