AYALA Land Inc. (ALI), through its unit Ayala Land Premier, said it expects to generate P10 billion in sales next year from its ultra high-end residential projects in Makati City and Bonifacio Global City.
The announcement came as the market continues to show strong acceptance for its two ultra high-end residential condominium projects: the 50-story East Gallery Place in Bonifacio Global City and the 52-story Two Roxas Triangle in Makati City.
Mike Hugo, head of sales at Ayala Land Premier, said in a press briefing on Thursday that the company expects to sell all of the remaining 102 units of East Gallery Place by next summer because of the market’s overwhelming reaction.
“Normally, we sell out a building in a strong market within 18 months, with only one percent to two percent that will stay [unsold]. But for East Gallery Place, we see it sold out by summer next year,” Hugo said.
So far, Hugo said 70 percent of East Gallery Place has already been sold since it broke ground in the first quarter this year. The units are expected to be turned over to buyers in the second quarter of 2019.
The project, which is a mix of condominium units and house-format villas, is expected to generate P10 billion (or P200,000 per square meter) in sales for the company.
Asked about the project cost, Ayala Land Premier head Jose Juan Z. Hugo said that the
project “has premium cost” and is “an expensive project because it offers luxury products.” No amount was disclosed.
East Gallery Place has a total of 407 units ranging in size from 76 sqm to 648 sqm. It offers six types of residential units: classic one to four-bedroom units and the so-called special units that include the Flex units, penthouse units, Skysuites units, Skycove Aqua residential house, and the Villas.
Some 84 units of the 407 total are so-called special units located at the South Tower while the rest are situated in the North Tower for the classic one- to four-bedroom units.
The Flex units, which account for 30 percent of the total, can be transformed into studio or into four-bedroom units, depending on the owner’s preference.
The last three floors consist of six units of The Skyrise 1400, a five-bedroom penthouse residence with a lap pool and garden deck that stretches 1,400 sqm per unit.
The Skysuites, on the other hand, are three- to four-bedroom units, about 200 sqm in size, with their own foyers and pools.
The Villas are limited to four units, which are basically like a townhouse within a residential building. Each villa costs roughly P150 million to P170 million per unit, depending on the area which ranges from 400 to 600 sqm.
For the house-format units, there is the Skycover Aqua, limited to 11 units with an 80 sqm balcony that opens to a private pool for each unit.
Meanwhile, 70 percent of the total 182 units of the 52-story Two Roxas Triangle in Makati is already sold, with sales amounting to over P7 billion. Two Roxas Triangle is the second of the two towers of the Roxas Triangle Towers developed by Roxas Land Corp.
The Roxas Triangle Towers project is a joint venture between Roxas Land and ALI. The two-tower project is 50 percent owned by ALI, 40 percent owned by Hong Kong Land, and 10 percent by the Bank of the Philippine Islands.
ALI is on track on its 20-percent growth target for net profit and revenue within the year. The property firm recorded P7.1-billion net income in the first half, 25-percent higher than the P5.6 billion last year.
ALI is involved in property development, commercial leasing, hotels and resorts, construction and property management. It is the property unit of conglomerate Ayala Corp., which also has units that include Manila Water, Globe, Integrated Microelectronics Inc., BPI, and LiveIt Investments, among others.