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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