Corporate News

Ayala luxury condo unit sold for P477M

Posted on July 27, 2016

A UNIT of Ayala Land, Inc. (ALI) is looking to generate P20.5 billion in sales from its new “ultra-luxury” condominium development located at the site of the old Mandarin Oriental hotel in Makati City.

Ayala Land Premier’s Park Central Towers will rise in the location of the old Mandarin Oriental in Makati City.
Ayala Land Premier’s (ALP) Park Central Towers boasts of the most expensive residential condominium units in the country, with prices ranging from P32 million to P477 million for the three-level penthouse.

In a press briefing on Tuesday, ALP Sales Head Mike Z. Jugo said the developer has sold P8.3 billion worth of units at the Park Central Towers at an average price of P300,000 per square meter (sq.m.) making the two-tower condominium its most expensive product to date.

This includes the P477-million Anadem Villa One, which is said to be the highest value primary condo unit sold in the Philippines. At approximately 1,635 sq.m., the three-level penthouse has a limited common area and 281-sq.m. pool deck.

“It is pretty hard to mention the superlatives, because we do not have a reference but currently it is the highest-end product that we are selling,” Mr. Jugo said.

Located at the corner of Paseo de Roxas and Makati Avenue, Park Central Towers was labeled “ultra-luxury” due to the value of the land area dedicated to the project, larger unit sizes, and other finishes unique to the development, Mr. Jugo said.

“First, [the tower] is offering hectares, that is real luxury given the prices of land at the center of Makati is quite high. Second, our units here are bigger than our typical two-bedroom units. Third, there are some finishes that we will be placed in these apartments that were not found at our traditional luxury units,” Mr. Jugo said.

The company has already sold 41%, or 116 units, of the south tower’s 281 private residences to ALI’s loyal clients. The public launch will happen in September.

“Most of these clients are purchasing for entries [in Makati]. I think it addresses some of the requirements in the high-end market now. You know if you want to live in Makati, you want to have a personal space,” Mr. Jugo added.

He declined to provide the total cost of the project, only commenting that it “is more premium than their other traditional products.”

The 69-storey South Tower offers 12 different unit designs and layouts. The average cost of a unit is close to P80 million.

Park Central Towers will have 57 residences with a private pool and 111 units with double-volume-high ceilings and a private elevator lobby.

“The building will typically only five units per floor. Since most units have their own dedicated private elevators, well-heeled residents will likely not see each other in the elevator lobbies or lifts,” Jose Juan Jugo, ALP managing director, was quoted as saying in a statement.

Turnover of units at Park Central’s South Tower will begin in 2024.

Mr. Jugo said the second tower will be launched depending on when the first tower will be sold out. -- Mac Norhen E. Bornales