ALVEO Land Corp., the upper-middle market brand of Ayala Land Inc. (ALI), is spending P2.5 billion to develop the first tower of its latest residential offering at its Circuit Makati estate.
Callisto Residences is Alveo’s third residential tower in Circuit Makati, Ayala Land’s 21-hectare mixed-use development in Makati City. The two-tower residential condominium is situated along Circuit Lane.
The first tower of the 38-story development will feature 430 residential units in 29 residential floors with a total sales value of P3.9 billion.
Units for the first tower of Callisto will come in a mix of studio, one-bedroom, two-bedroom, three bedroom and special three-bedroom units, with an average price of P140,000 per square meter.
Alveo chief operating officer Jennylle Tupaz noted that land prices in the Circuit Makati district have appreciated over the past three years since they launched their first residential project, Tower One of Solstice Tower in 2013.
“With the warm reception of the market, Alveo Land’s Circuit Makati projects have already appreciated by 21.7 percent for residential and 2.0 percent for office in just a span of three years,” Tupaz said.
Average unit prices come at P4.3 million for studio units; P8.4 million for one-bedroom units; P12.3 million for two-bedroom units; and P17.1 million for investor suites.
Callisto’s Investor Suites consist of inner units (a two-bedroom unit and a studio unit) separated by a foyer.
“These units offer investors more flexibility, as they may lease out one unit and personally use the other, or lease out both inner units, depending on their needs,” Alveo said.
Unit sizes of the project will range from 28 to 32 square meters for studio units; 56 to 65 square meters for one bedroom units; 122 to 214 square meters for three bedroom units; and 116 to 122 square meters for special three bedroom units.
Callisto also features retail components on the lower ground, upper ground and second podium. The development will also offer residents a total of 338 parking slots on its eight podium floors.
There is also an Amenity Zone located on the 9th level, which will offer a 25-meter lap pool, three lounge pools, a kiddie pool, a game room, an indoor gym, library, function room, board room, play area, lounge and a lawn area.
Turnover of the residential units of Callisto will begin in July 2022.
Tupaz said the second tower of the residential development, will be launched once the first tower is 70 to 75 percent sold.
Alveo has previously launched towers one and two of the Solstice in Circuit Makati.
Ninety-five percent of the 461 units of Solstice Tower One have been sold while Tower Two
has already sold 260 out of 389 units, or 67 percent.
“Alveo is slated to continue its big play in Circuit Makati as we are set to launch approximately one tower every year for the next 20 years,” Tupaz said.