Posted on November 29, 2012 10:36:25 PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Ayala Land, Inc. expects to earn roughly P7 billion from the sale of units at the first building of Garden Towers, the firm’s latest residential project under its luxury Ayala Land Premier brand, company officials said yesterday. “The entire building should generate around P7 billion in sales,” Jose Juan Z. Jugo, Ayala Land Premier head, said at a briefing at Lolo Dad’s Brasserie restaurant in Makati City yesterday.
Ayala Land yesterday launched the first building of Garden Towers, an upscale residential condominium complex to be located on a 9,010-square-meter (sq. m.) lot along Arnaiz Avenue, beside Park Square 1 at the south end of Ayala Center.
In his presentation yesterday, Mr. Jugo noted that Garden Towers’ 51-storey Tower 1 is already 33% sold since selling began last Nov. 18, translating into P2.1 billion in sales to date.
He added that, “conservatively,” he expected units at the first building to be sold out “in 15 to 18 months.”
“Our buyers are really 60% investors and the rest are end-users. We have a variety of buyers, including young families,” Cherryl N. Uy, Ayala Land Premier project manager for residential buildings, said in a separate interview after the briefing.
Mr. Jugo noted last month that P3 billion had been allotted for Garden Towers’ construction. Separately, P9 billion had been poured into the three-tower Park Terraces complex adjacent to Garden Towers.
“Garden Towers will embody vertical garden living at the heart of Ayala Center,” Ms. Uy said, in contrast with its sister development Park Terraces that aims to promote “effortless living” with hotel-like amenities and features.
Upon completion, Garden Towers will feature 340 residential units consisting of one- to three-bedroom configurations, as well as four four-bedroom villas.
The units are sized 69 sq. m.-395 sq. m., with indicative prices between P10.3 million-P143 million per unit, Ayala Land said in a disclosure yesterday.
“Green” features at Garden Towers include 20-sq.-m. pocket sky gardens on every other floor, sunrooms that feature operable floor-to-ceiling glass windows to enable use of natural air and light, as well as an indoor-outdoor garden lobby, Mr. Jugo said.
Turnover for Garden Towers units is slated for the first quarter of 2019, Ms. Uy said.
Amid robust take-up for Tower 1, Ayala Land Premier is already preparing to launch Garden Towers’ second component.
“We will launch the second tower when the first tower is around 80% sold. We will be ready at a given time,” Mr. Jugo said.
“We should be launching maybe four to five projects next year if plans go well,” she added separately in an interview.
“Also last year, we made about P15 billion in revenues. This year, we plan to exceed that figure,” she said.
Aside from Garden Towers, Ayala Land Premier had launched two other projects this year: The Suites, a 298-suite condominium at One Bonifacio High Street in Bonifacio Global City, and Park Point Residences, a 255-unit condominium within Ayala Center Cebu in Cebu City.
Ayala Land was organized in 1988 when parent firm Ayala Corp. decided to spin off its real estate division into an independent subsidiary to enhance management focus on its real estate business.
It went public in 1991.
Shares of Ayala Land added 60 centavos or 2.56% to P24.00 yesterday from P23.45 last Wednesday. -- Franz J. G. de la Fuente