Ayala Land to develop mixed-use condo project

CEBU, Philippines - Ayala Land Inc.’s (ALI) luxury residential brand Ayala Land Premier together with Cebu Holdings Inc., (CHI) will pioneer the development of a mixed-use condominium concept in Cebu. A 38-story posh residential condominium will rise on top of Ayala Center Cebu’s expansion building which is now being constructed. Called the Park Point Residences, the development will boost Cebu’s position as real, economic, tourism, cultural powerhouse in Southern Philippines.

“This distinctive lifestyle destination is regionally recognized for housing different premier shopping and dining options to serve the gustatory desires of both locals and tourists. Given its function, it basically completes and balances the urban experience in Cebu’s urban hub,” said Antonino Aquino, president of ALI and chairman of CHI, during the introduction of the companies’ newest development project.

Both companies will be spending P7.5 billion on this particular project, which is expected to be completed in the next three years. Turnover of units is targeted on the third quarter of 2016.

Park Point Residences is the second joint project of Ayala Land Premier, following the success of sales of the first high-end condominium also located within the Cebu Business Park (CBP), called “1016”.

Aquino said despite the active development and offering of condominium units in Cebu, the high-end segment of the market is a little bit left behind.

Although the demand is there and growing, supply for high density residential developments like Park Point Residences, is not yet being met.

With this project, Cebu joins with posh residential destinations like those addresses in Bonifacio Global City, Greenbelt Residences in Makati, in Metro Manila.

“This is our newest addition to Ayala Premier’s exclusive collection of residential development,” added Aquino during the press introduction of the project held recently.

The 38-story residential development, which offers 255 one to three bedroom units, presents new living concept that will market the beginning of sophisticatedly modern and integrated living within the premier shopping, dining, and entertainment destination itself. It is the first of its kind in ALP’s residential portfolio in the region, and it is the first living space that will rise on top of the mall’s soon-to-be-developed wing, which will house a new Rustan’s department store and the expanded Rustan’s Supermarket.

“Given its location, future residents will experience sophistication and convenience at the same time, as Park Point Residences will offer private access to soon-to-rise destinations in Ayala Center Cebu. While the idea of living a sophisticated lifestyle is not new to Cebuanos, the newest residential development will further the experience through replicating globally designed lifestyles in major cities worldwide, as Park Point Residences will be set right at the heart of an exciting urban enclave,” said Jose Juan Jugo, head of Ayala Land Premier.

 Prices of condominium units at Park Point Residences will range from P8 million to P15 million.  (FREEMAN)