ALVEO Land Corp., a wholly owned unit of Ayala Land Inc. (ALI), expects to generate P10.7 billion from a new office tower development along Ayala Avenue.
Ayala Financial Tower, formerly the abandoned and incomplete JAKA Tower, is now 60-percent sold in on the first day of pre-selling, generating P5.8 billion of sales.
Jennylle Tupaz, head of Alveo’s Project Development Group, said in a briefing on Tuesday that the 49-storey Ayala FT is the only office building offering 363 office units priced at P240,000 per square meter (sqm) or P23.7 million to P36.7 million per unit with an average size of 116 sqm.
Tupaz said 80 percent of the buyers were locals and 20 percent were foreigners.
“With its much-coveted location on Ayala Avenue, Alveo Financial Tower has become a rare investment opportunity for high-powered businesses and organizations wanting to be part of the country’s premier financial center,” Tupaz said.
Asked why the tower will take four years to complete, Tupaz said the group will be “careful” in terms of development as it will build the 49-story building on an existing 21-level structure of the 19-year-old JAKA Tower.
She noted that the original construction works stopped in 1998.
Alveo consulted one local and one foreign architectural expert to assess the structural integrity of the building.
When the tower is completed in 2020, it will have retail components as well as business activity areas. Alveo is eyeing a certification from the Leadership in Energy & Environmental Design (LEED) for the tower.