MANILA, Philippines - Alveo Land Corp., a subsidiary of property giant Ayala Land Inc., is set to build the first office condominium project in its 21-hectare Circuit Makati development, the fifth office tower for sale in its portfolio.
In a briefing, Alveo Land project development group head Jennylle S. Tupaz said strong market demand for office-for-sale in the country prompted the property firm to immediately start construction of The Stiles Enterprise Plaza.
“There is a very good market that prefers to buy than lease. It gives them a sense of prestige,” she said.
The Stiles Enterprise Plaza will be a Grade A, LEED-certified office tower with units for sale, the first of its kind in Makati’s newest hub for lifestyle and entertainment.
It will consist of two towers, with the initial West Tower offering 283 units.
Tupaz said Alveo expects to generate P4.4 billion in sales from the West Tower alone which is slated for turn over by the fourth quarter of 2019.
The 29-story West Tower will cover 2,460 square meters of space, with office unit sizes ranging from 79 square meters to 180 square meters.
Initial selling price for each unit is placed at P147,000 per square meter.
Tupaz said the company is still in the planning stages for the second tower, the East Tower, that would complete The Stiles Enterprise Plaza.
She said The Stiles offers a good return on investment for office seekers for both local and international companies, including potential markets in Singapore, Japan, and Indonesia.
“Location is a primary consideration for investors, and Circuit Makati is part of the most prestigious business addresses in the country. It lends a sense of distinction for creative professionals, entrepreneurial start-ups, SMEs and other organizations as it sets them apart from more established corporate institutions within the Makati CBD,” Tupaz said.
She added that with Circuit Makati becoming the new lifestyle entertainment hub of the financial capital, a fitting office tower would have to impress with the same modernity in function, design and construction.
As a redevelopment of the old Sta. Ana Racetrack, Circuit Makati will be the cutting-edge lifestyle and entertainment district envisioned to serve as a catalyst for next wave urban renewal in the Philippines’ leading business and lifestyle capital.
Circuit Makati is set to be the future premier location for celebrating cultural and civic gatherings, world-class entertainment and events, and stylish retail experiences. It will bring together Ayala Land’s various product lines for commercial spaces, leasable offices, leisure accommodations, with its upscale residential addresses and saleable office products spearheaded by Alveo Land. All of this will be integrated within a 21-hectare property that will soon be characterized by a truly large-scale, mixed-use community that will allow live-work-play in equal measures.