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Garden Towers Ayala Center Makati: Ayala Land increases investment in Ayala Center
Garden Towers Ayala Center Makati
LIVING DIMENSIONS
Garden Towers presents a sublime statement on living naturally at the heart of Ayala Center. Master planned as a 9,010 sqm two-tower residential address, Garden Towers elevates a ground-level garden experience to high above the city: beginning with a seamless integration into Palm Promenade, Glorietta's landscaped concourse; an astonishing green lobby core welcoming residents home; and, throughout the towers, lush areas for convergence at two-floor intervals until the highest residential floor.
Residents are greatly advantaged by a strategic location at the corner of East Street and Ayala Center's main road, Palm Drive. The city's vibrant pulse is syncopated by life's natural rhythms. Aloft the mixed-use lifestyle superhub anchoring a dynamic city.
VERTICAL GARDEN LIVING AT THE HEART OF AYALA CENTER
City and nature fluidly converge into new lifestyles at Garden Towers.
AYALA CENTER – PRIME, COMPLETE, INTEGRATED
Multi faceted ayala Center offers a wide selection of dining and shopping options
Underground and aboveground connection to Ayala Center; everything you need is conveniently at hand
Constantly evolving – an ideal investment
Everything that the busy lifestyle requires is within reach
City life with parks and green spaces
Access to alfresco dining and shopping
A priceless jewel
GARDEN LIVING
Seamless integration with Palm Promenade
Exclusive sky gardens on select floors
Green wall at the drop-off
Relaxing transition from urban to green
LIVING CONVENIENCE
Proximity to the workplace and easy access to lifestyle needs, simplifies the approach to integrated living
Efficient and practical layout of fixtures, cabinets, and appliances
No compromise on fundamentals – security, ceiling heights, ventilation and comfort
Garden Towers Ayala Center Makati: Ayala Land increases investment in Ayala Center
PROPERTY giant Ayala Land Inc. (ALI) is increasing its investment on the redevelopment of its "crown jewel," the Ayala Center, in Makati City as the builder now expects to spend P28.5 billion for the soon-to-open Phase 1 of the project from the original P20 billion.
ALI officials said in a briefing on Monday the increased spending includes the addition of a new 54-story upscale residential condominium project to be called Garden Towers. This will initially offer 340 units and an underground parking network.
Key components of the redevelopment such as the new Glorietta, The Fairmont and Raffles hotel and offices catering to the business process outsourcing (BPO) sector are on track to open before the end of 2012. Garden Towers, however, will be launched within the year.
"This represents probably the largest investment that we have done in a specific area," ALI President Antonino Aquino said during the briefing.
"As we pursue our growth strategy with the development of other business districts in Metro Manila and across the country, we will continue to enhance Makati so it maintains its place as the premier destination in the Philippines," he said.
Spending in the Ayala Center redevelopment will account for almost half of the P60 billion that ALI plans to invest in six Makati districts over five years. The five other areas are the former Santa Ana Race Track, Makati North, Makati South, Ayala Triangle and the Makati Central Business District.
Additions to the redevelopment plan of Ayala Center also reflect the company's bullish stance on its various real-estate divisions.
Garden Towers, for instance, comes on the back of the strong market reception for the nearby Park Terraces, a three-tower, 1,128-unit project, which is already 84-percent sold. Units at the Park Terraces were sold for an average of P148,000 per square meter (sq m) when first launched in 2010. At present, units go for P175,000/sq m, ALI said.
In the case of Garden Towers, the company will launch mainly one- and two-bedroom units, which start at P10 million and P20 million, respectively, or about P175,000/sq m. It will also sell three- and four-bedroom units and select penthouse units, which could cost up to P140 million.
"We feel the residential sector will be strong over the next couple of years," Bernard Dy, ALI executive vice president, said in the same briefing. Garden Towers will be ready for turnover in 2019, the company said.
The BPO-driven office building segment will also play a key role in Ayala Center. ALI is preparing to "turnover" to clients two office buildings with a gross floor area of 50,000 sq m in the next few months with both projects "pretty much committed" to tenants, Dy said.
He said the first structure will be 85 percent taken up by Automatic Data Processing, a human resources-related BPO company, while ALI is in ongoing negotiations for the second tower.
The redevelopment will be anchored by the new Glorietta, which will be completed in December with a gross floor area of 54,000 sq m.
For hotels, ALI is opening the 280-room Fairmont Hotel and the 32-room Raffles Makati all-suite hotel. Both are rated as luxury accommodations; the Fairmont, for instance, will charge about $200 to $220 per night while the Raffles Makati's rates begin at $350 per night.
ALI is also opening by April the 348-room Holiday Inn and Suites Makati.
Anna Ma. Margarita Dy, who heads the builder's strategic landbank management group, said this is only the first phase of the Ayala Center redevelopment, or about a third of the entire plan.
"We started with what was previously known as the backdoor, Pasay Road, but as we keep developing we will be touching areas more oriented toward Ayala Avenue," she said.
ALI shares rose 0.64 percent to P23.65 each on Monday, giving the builder a market value of P325.2 billion.
