AYALA Land Premier (ALP), the luxury property brand of developer Ayala Land Inc., said it would launch one of its biggest projects to date in the next two months, replacing a site where an iconic hotel once sat.
The company said it would be launching in September the first of two Park Central Towers, which the company expects to sell at P20.5 billion. The new project will be located at the former site of Mandarin Oriental Manila, which will be transferred to a portion of Ayala Triangle.
The Park Central South Tower, which will be 69 stories high or about 276 meters, will have 281 private residences with 12 different unit designs and layouts.
ALP Sales Head Mike Jugo said the company was already able to sell some 40 percent of the project worth P8.3 billion comprising 116 units, including the P477-million unit that is the most expensive of all its rooms. These were sold to the so-called most valued clients.
“We intend to sell this to the public in September and the building will be turned over by 2024,” Jugo said.
Demolition of the old Mandarin Hotel began this year and is still ongoing. Jugo said site development for the new building also began at the same time.
Unit sizes ranging from a two-bedroom unit at approximately 138 square meters to a three-level penthouse unit called Anadem Villa One at approximately 1,635 sq m, inclusive of a limited common area, a 281-sq-m pool deck. “Park Central South Tower will sell for an average price of about P300,000 per square meter. Unit prices range from P32 million to P477 million, with an average unit costing close to P80 million,” Jugo said.
No other details were available for the second tower, which will be called Park Central North Tower. Jugo said development will be almost the same as the South tower, but only a little shorter at 57 stories high.
The new towers will rise on a 15,860-sq-m parcel adjacent to Roxas Triangle Towers, also a project of ALP.
Leandro V. Locsin and Partners was the main architect and designer of the project, which also have a 10,000-sq-m mall, in collaboration with a boutique Singaporean architectural firm, Soo Chan Design Associates and Japanese design group Studio Taku Shimizu.
The development is part of Ayala Land’s further investment in the Makati Central Business District.
The new Mandarin Hotel, which will also have an 8,000-sq-m mall at its lowest floors, will open in 2020, while Ayala Tower Two, which will also be located in Ayala Triangle, will open in 2019.
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