Alveo Land Corp, the upscale residential unit of Ayala Land Inc, has programmed P16 billion for development of a 2.3-hectare mixed-use integrated hub in Bonifacio Global City (BGC) in the next six years, a senior company official said on Tuesday.
Anton Sanchez, Alveo’s division manager for project development, said the company would develop Park Triangle into residential, office, retail and recreational venues.
This is the second mixed-use integrated development solely under Alveo — and not under its parent ALI — following the High Street South also in BGC, Sanchez said.
Park Triangle has a total gross floor area of 221,000 square meters divided into three office towers (120,000 sqms): Park Triangle Residences (51,000 sqms), Ayala Mall and a children’s center called Kidzania (50,000 sqms).
A total of five towers will be built within the 2.3-hectare hub: three towers for offices, one residential condominium and retail mall. Park Triangle is located at 32nd Street corner 11th Avenue in BGC.
The three office towers included the North and South Tower of Park Triangle Corporate Plaza, as well as Park Triangle Corporate Center — all of which will be completed in 2019 or 2020 — while the Kidzania will be opened this summer. The 23,000-sqm Ayala Mall will be opened on 2018, and the Park Triangle Residences will be completed on 2021.
Alveo has allocated P4 billion for Park Triangle Residences and is expecting total revenue of P8 billion from the tower. The condo tower will consist of 616 units available in studio, one, two and three bedroom units, which is priced at P6.5 million to P44 million per unit.
Alveo planned to launch 10 projects worth P35 billion to 40 billion in 2015, including six projects that will be launched in the first six months of the year. This target is an increase from the nine projects worth P33 billion launched last year.
Alveo expected up to 15 percent growth in sales to P40 billion from P36 billion last year on the accelerated pace of its office and horizontal residential projects this year.
Alveo still has over 1,000 hectares, which will increase as the company sets out to acquire lots worth P5 billion this year in line with its acquisition program to spend P5 billion yearly in land-banking initiatives.
The company also spends P10 billion for its capital spending annually.
Alveo has 36 existing projects in 10 locations, mostly CBDs in Cebu, Davao, Pampanga, Cavite, Laguna and Tagaytay.
Alveo is the upscale and high-end residential and commercial offices brand under the Ayala, which is also involved in the luxury market (Ayala Land Premier), middle market (Avida Land Corp.) and economic housing (Amaia).