ALVEO Land Corp., the upper middle-income unit of Ayala Land Inc., on Tuesday said it expects to sell at least P5 billion from the residential units of probably its last mixed-use development to rise in the Makati Central Business District.
Jennylle Tupaz, Alveo chief operating officer, said the company will launch the residential component of its project, called The Gentry, sometime this month. The Gentry will feature a premium, LEED-certified office tower over a shared podium, with an upscale retail mix on the first three levels.
The office tower may be launched by next year, it said.
Alveo is spending P3 billion for the development of the residential tower that will have 36 floors and 391 units. The company is still finalizing the budget for the retail and office components.
“The Gentry is uniquely positioned among our other projects because of its prestigious location. It is situated within the high-powered Makati Central Business District and is in close proximity to the Ayala Triangle Gardens. It is also directly adjacent to Ayala Avenue and is within Salcedo Village,“ Tupaz added.
She said the project site, which measures 4,557 square meters (sq m), is currently being used as a parking lot, which the company has been operating since 2014. Alveo bought the land from the Bank of the Philippine Islands, also an Ayala-led company.
The approximate gross floor area of the residential component is at 35,639 sq m; the office tower at 30,304 sq m; and the retail segment at 6,876 sq m.
Tupaz said turnover of the residential segment will be by mid-2022, the same time when the shopping mall starts to operate and the office tower topped off.
Units will have an average price of P170,000 per sq m. A studio-type unit with 30 sq m costs about P5 million, a one-bedroom unit of between 54 sq m and 65 sq m will cost P9 million to P11 million; a two-bedroom unit at 95 sq m will be sold at P16 million; and a three-bedroom unit between 124 sq m and 149 sq m will be sold at between P21 million and P25 million.
The Gentry Residences will have 40-percent glass ratio, which will provide natural lighting and ventilation inside the residential units, the company said. Additional features of the residential development include an interior-designed lobby and an amenity level at the ninth floor featuring a 20-meter lap pool and a kiddie pool, kid’s play area and flexible function rooms with outdoor spillover area. Parking for residents, which will have 385 slots, will be located at the podium level.
The Gentry, designed by London’s Benoy Ltd., is Alveo’s 10th project in the country’s business capital.
Tupaz said this may be the last project for now, as the company is still looking for land to purchase.
Alveo has launched a total of 15 towers of residential, office and mixed-use projects across the country.
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Hi! I’m Martin, a Property Investment Consultant at Alveo Land. If you’re interested to invest in condominium units in The Gentry Residences, please feel free to contact me at +63 915 859 6465 or at martinlewisluatholt@gmail.com. Thank you!
Meanwhile, in nearby provinces like Rizal and Batangas, 4M can get you a decent enough 300 sqm bungalow. In fact, if you’re resourceful and you know where to look, there are people selling rights to their fully operational farms for less than 2M. Say it takes another 1M to process all pertinent docs (back taxes, transfer of rights, title, etc) and another 2M to build a house hooked to the grid, for 5M total you get a brand-new house AND a fully working farm.
These condominium blocks are one huge bane of Metro Manila. I wonder how owning a 30 sqm hovel in the sky for 5 million is a good deal. Metro Manila never bothered to expand its development footprint because these high-rise buildings encourage everyone to move in close to “the main office.” As a result, Metro Manila businesses are not pushing outwards by setting up shop in other towns more accessible to the available workforce.
Add to this the fact that many people who rent or own condo units tend to own cars as well. What’s the point? You already live near your workplace, you shouldn’t need a car. But no, you’re upscale, you’re high-end, and you can’t be bothered to ride a jeep or non-AC bus elbow to elbow with sweaty, smelly indios. So that’s another 30 to 40 cars pouring out of these buildings, located as they are right in the middle of the city.
Whoever in government or anywhere else thought this was a good idea? Well, actually, it is a good idea – as a squatter relocation project.
I agree, I call High-rise Tenements, specially by that well-know developer on Welcome Rotunda. They call a 40sqm studio apartment, a two bedroom apartment. When I asked how people live in these, the Agent/Broker said – its Korean Standard. God forbid anybody from Korean reads this.
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