Ayala Land subsidiary Alveo Land reported strong sales of its condominium units in the sprawling Circuit Makati development, with about 90 percent of the units already sold in the first two buildings to be completed despite the estimated turnover date still being two years away.
As of the end of January, 88 percent of the 461 units in the Solstice Tower 1 project and 90 percent of the 394 units in the Solstice Tower 2 were reported to have been sold. In addition, several brokers said that studio units in the Solstice Tower 1 had been completely sold out, although Alveo Land was not immediately able to confirm that.
The estimated turnover date for the Solstice 1 and 2 buildings is the first quarter of 2019.
The third residential project under construction in the 21-hectare mixed use development, Callisto 1, was reported by brokers to be “about 50 percent” sold, though this was likewise not officially confirmed by Alveo.
Turnover of Callisto 1, which will have 430 condominium units, is scheduled for the second quarter of 2022.
Circuit Makati is a 21-hectare, P20-billion mixed use development by Ayala Land on the site of the old Santa Ana horse racing track in Makati. The overall development, which was originally scheduled to take five years, was launched in 2011 as a joint venture of Ayala and Philippine Racing Club Inc., the owner of the property, who moved their racing and leisure operations to Naic, Cavite in 2008.
In addition to the residential developments under the Alveo Land brand, the project also includes retail and office space being developed by Ayala Land, and according to the master plan will include at least one hotel.
Current features of the district include the Circuit Mall, a lifestyle mall under the Ayala Malls brand; the Circuit Events Ground, a two-hectare open air performance venue that can accommodate up to 20,000 people; City Kart Racing, a go-kart track; and a skate park.
The three condominium towers under construction are the first of 8 to 10 residential projects planned for Circuit Makati.
Units in the 30-story Solstice 1 and 27-story Solstice 2 Towers are similar, and are a mix of studio to three-bedroom units. Studio units have floor areas of approximately 32 square meters, while one-bedroom units range from 57 to 97 square meters, two-bedroom units from 79 to 226 square meters, and three-bedroom units from 109 to 132 square meters. The approximate selling price is from P135,000 to P140,000 per square meter, although several brokers pointed out that prices have increased since the projects’ launch due to high demand.