Real estate giants Ayala Land Inc. and Belle Corp. recently launched new residential and ecotourism projects at the heart of Makati and a nearby province.
Alveo Land, the mid-range residential real estate arm of the Ayala Land Inc., is investing P3.3 billion for a three-tower condo development in Makati’s central business district. Belle Corp., meanwhile, will spend P7.334 billion for a resort compound in Tagaytay, Batangas.
The Lerato, Alveo Land’s second project in Makati’s CBD, aims to be a “live, work, and play” environment for the city’s young urban professionals. Pegged at P100,000 per sq. meter, The Lerato will be placed next to Alveo’s The Columns in Ayala Avenue.
The three towers are 9,813 sq. meters in total area, and they include retail or commercial components along with the residential ones. According to Ayala Land’s Senior Vice President Rex Mendoza, the first building alone will cost P1.4 billion. All three towers will have 540 units and the first tower, which has 420 31- to 32-sq.-meter studio units, is scheduled for turnover in the fourth quarter of 2015.
During a priority selling drive last April, Alveo was able to sell 113 units with a total worth of P500,000 million. In the same month, the property firm garnered P2.1 billion from the sales of Two Serendra’s fourth tower, the 717-unit Meranti in The Fort, Bonifacio Global City. Alveo, with a total profits of P655 million, is looking forward to launch two to three more developments this year, says Alveo Land’s president, Dante Abando.
Meanwhile, Belle Corp. is planning to put up a 272-hectare leisure park called Tagaytay Highlands Complex, which aims to be an extension of the corporation’s Tagaytay Highlands project. The complex is now under evaluation to be considered as a Tourism Economic Zone by the Philippine Economic Zone Authority.
This eco-zone will have facilities like water sports amenities, a nine-hole golf course, wellness clinics, a high-end hotel, farm lots, retirement villages, a clubhouse, resorts, educational facilities, and community trading and tourist centers. Each cluster in the compound is being envisioned to become a self-sustaining community, according to the corporation. Belle’s profits more than tripled in the first quarter of this year because of higher foreign exchange gains and real estate revenues.
