ALI to spend P3 billion for Ayala Center project
Listed builder Ayala Land Inc. (ALI) is spending about P3 billion to complete the remaining tower of its upscale Park Terraces residential condominium enclave situated at the Ayala Center in Makati City.
In a briefing with reporters on Thursday, Park Terraces project head Leya Moya said the newest project of high-end unit Ayala Land Premier (ALP) will be formally launched on Sunday.
ALI officials are expecting demand to remain strong for last of three tower Park Terraces project, despite the relatively steep selling price. Officials said Park Terraces will be offering the "most expensive" units under the ALP brand at P169,000 per square meter (sq.m.)
Moya said the company has set a seven-months period to fully sell units in the remaining tower, but she said demand could exceed expectations based on their previous experience.
The first tower of Park Terraces sold a total of P4.3 billion in January 2010 within a single week, prompting the launch of the second tower in October.
"It only proves that there is real demand for premium living spaces," Moya said.
The remaining tower of Park Terraces will stand a 48 stories and will offer 370 rooms in one-bedroom, two-bedroom and three bedroom cuts as well as 500 sqm penthouse units. Turnover to buyers is scheduled by 2017.
Park Terraces is ALP's latest flagship project as part of ALI's P20-billion redevelopment plan for Ayala Center.
By: Miguel R. Camus
29 July 2011