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Alveo Land investing billions to develop mixed-use Bonifacio Global City property

Posted on April 21, 2015 10:26:00 PM [ BusinessWorld Online ]

ALVEO Land Corp., the upscale subsidiary of property giant Ayala Land, Inc., yesterday said it is investing P16 billion to develop a 2.3-hectare mixed-use development in Bonifacio Global City (BGC) over the next six years.

Park Triangle, which is located at the crossroads of 32nd Street and 11th Avenue, will house three office towers, a residential condominium, and an Ayala mall, Alveo Division Manager for Project Development Antonio S. Sanchez III told a media briefing yesterday at the Alveo Headquarters in BGC.

Under the office segment, there will be the two-tower Park Triangle Corporate Plaza, whose North Tower will have 51,655 square meters (sq.m.) of gross floor area (GFA), while details for the South Tower have yet to be firmed up.

The third office condominium, the Park Triangle Corporate Center, has a GFA of 47,691 sq.m.

In addition, Alveo will also pour P4 billion in Park Triangle Residences, which is expected to generate P8 billion in potential revenue from a selling price of P175,000 per sq.m.

The 49-storey condominium will house 616 residential units, varying from studio type and those with up to three bedrooms, with size ranging from 36 sq.m. to 232 sq.m.

Price starts from P6.5 million and can go as high as P44 million per unit, and turnover will start in the first quarter of 2021.

“Park Triangle Residences will be the only property in BGC to have direct access to an Ayala mall. We want this to be a prominent address in BGC’s new center of gravity,” Mr. Sanchez said.

Ayala Malls Park Triangle, on the other hand, will be located right below the residential tower and will have more than 23,000 sq.m. of gross leasable area. It will be anchored on Kidzania Manila, the local site for the globally known role-playing center for children.

The mall is targeted to open in the second quarter of 2018.

“Being located in the fastest growing CBD (central business district) in the Philippines, Park Triangle will grow as an integrated lifestyle hub -- a master-planned destination complete with office, retail and recreation components,” Alveo said in a statement yesterday.

“A residential development in this corporate and lifestyle area would come almost like a natural investment for urban professionals and families alike who are aspiring for a life of ultimate urban convenience at a very prominent address.”

For the first half of 2015, Alveo will launch six projects worth P25 billion. These are The Stiles Enterprise Plaza in Circuit Makati; High Park Tower 2 in Vertis North, Quezon City; The Veranda East Tower in Arca South and Park Triangle Residences -- both in Bonifacio Global City, Taguig City; as well as lots for sale in Nuvali in Laguna and Alviera in Pampanga.

Established in 2002, Alveo’s portfolio is now composed of 36 projects in Makati, Taguig, Pasig, Quezon, Manila, Cebu, Davao, Pampanga, Cavite, Laguna, and Tagaytay. -- Daphne J. Magturo

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