By ALBERT CASTRO | April 23, 2014 [ Malaya.com.ph ]
Ayala Land Premier (ALP), the high-end property management arm of Ayala Land, Inc., sees sales for the initial unit launch of its first project in the former FTI complex to hit P3.5 billion.
The project, dubbed Arbor Lanes, is a five-tower mid-rise condominium, in Arca South, south of the Makati’s Central Business District.
A total of 208 units are being made available to buyers in the project, priced at P170,000 per square meter, for units ranging between one-bedroom to three-bedroom units.
Jose Juan Jugo, ALP president, said unit sizes run from 20 sq.m., to 200 sq.m.
ALP’s Arbor lanes forms part of the residential segment of the Arca South development where two more of Ayala Land’s property development units --- Alveo and Avida --- put up their respective projects in the mixed-use development.
A total of 3,645 residential units are planned to be put up in Arca South with ALP comprising 1,000 units; Alveo at 902 units; and Avida 1,609 units.
Alveo expects to generate P9.2 billion in sales from its Arca South Project while Avida expects a sales of P5 billion.
The residential develoment is expected to be completed in the next five years of the project’s phase one, of which Ayala Land allocated P80 billion as capital expenditures, according to Meean Dy, Ayala Land vice president for strategic landbanking.
Aniceto Bisnar, Jr., vice president for landbanking management, said they the development of Arca South may run between 10-15 years, with notable developments expected to be completed in three years time.
Upon completion of the whole project, Arca South is expected to house 3.6 million sq.m., gross floor area of office and residential units, with 60,000 residents, and another 400,000 office workers.
Two of the planned office buildings are expected to be operational by 2017.
Part of the development is the construction of a 200-room Seda hotel of the company, which is expected to replicate the success of the Seda Bonifacio Global City of 90 percent.
Arca South will also host one of the two “quartinary,” 250-bed hospital of Ayala Land’s Qualimed partnership with Mercado hospital.
Arca South is expecting buyers start of construction in lots Ayala Land has sold to “loyal buyers” when the company was initially planning the development of property.
Ayala Land has also sold a total of 19 lots with P3.8 billion in Arca South, with sizes averaging 300,000-350,000 sq.m.
Ayala Land won the bidding for the 74-hectare Arca South in the privatization effort of the government in 2012, bidding for the property for P24.33 billion and eclipsing the bids of Robinsons Land Corp., and Empire East Land Holdings, Inc.