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Ayala upscale unit preserves ‘limited edition’ projects

By Richmond S. Mercurio (The Philippine Star) | Updated October 13, 2014 - 12:00am

MANILA, Philippines - Despite the strong take-up for its newly-launched ultra-luxury residential developments in Bonifacio Global City (BGC) and Makati, Ayala Land Premier is not keen on bombarding the market with projects that cater only to high end clients.

Ayala Land Premier officials said investments in ultra-luxury residential developments should be studied and timed properly to preserve the projects’ uniqueness and “limited edition” feel even as market interest at present is strong.

Citing the Roxas Triangle Towers in Makati as an example, Ayala Land Premier group head Jose Juan Z. Jugo said: “This type of project really comes few and far in between even with the robust market, we don’t feel that there’s enough space for another kind of building like this.”

Ayala Land Premier, together with its partners in Roxas Land Corp., is currently developing Two Roxas Triangle, the second and final tower of the Roxas Triangle Towers, in Makati.

Roxas Land is a joint venture between Ayala Land, Hongkong Land, and the Bank of the Philippine Islands.

Two Roxas Triangle will be a 52-floor tower composed of 182 residential units.

“We really feel that once Two Roxas Triangle is sold out and is fully developed, it will take some time before the market is once again ready for such type of product even with a strong market because this type of product is ultra-luxury so development is really far in between,” Jugo said.

It took almost 13 years for Ayala Land Premier to do a follow-up on what is considered as one of the most exclusive residential enclaves in Makati to date. One Roxas Triangle, the first tower of the Roxas Triangle Towers, was completed in 2001.

Aside from Two Roxas Triangle, Ayala Land Premier is also developing the 50-storey East Gallery Place in Bonifacio High Street. East Gallery Place is composed of 407 units with sizes ranging from 76 to 648 square meters.

Ayala Land Premiere said that 70 percent of the units of each project have already been taken up to date. The units, being ultra-luxurious, cost an average of P200,000 per square meter and may even go as high as P300,000 per sqm.

“The good thing is 30 percent is still there. So if people want an ultra luxury condominium in the Philippines, this is a chance because once this is done, I really doubt that we can develop something this special,” Jugo said.

Expected turnover date of the units for both projects is expected to start within the first half of 2019.

Ayala Land Premier is a unit of property giant Ayala Land Inc.

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