Alveo Land, the upscale brand of Ayala Land Inc., launched a new high-rise condominium project in Bonifacio Global City that could generate up to P20 billion in sales.
Alveo Land president Carlmichael Jugo said in a news briefing Wednesday the project Park East Place received strong sales take-up from buyers, with reservation sales reaching P6.2 billion.
“The success of Park East Place’s project launch reaffirms Alveo’s presence in BGC. The extremely strong reception is a clear affirmation of Park East Place’s unique project concept, strategic location and trust in Alveo brand,” Jugo said.
The 59-story Park East Place offers 523 residential units with all balconies selling at an average price of P430,000 per square meter or P24 million to P66 million a unit.
Floor sizes range from 61 square meters for one-bedroom unit, 67 sq. m. for two-bedroom unit and 131 sq. m for three-bedroom unit.
Jugo said the company is more optimistic about the property sector this year amid the continued reopening of the economy and stabilizing interest rates.
Most of the buyers are end-users and investors, it said.
Jugo said the project is strategically located at the corner of 32nd Street and 9th Avenue—two major thoroughfares in BGC. It is also near office buildings and well-known commercial centers as well as pioneer landmarks such as St. Luke’s Medical Center-Global City, S&R Membership Shopping and MC Home Depot.
Jugo said that aside from the good location, said the key infrastructure projects in BGC, including the BGC–Ortigas Link or the Santa Monica–Lawton Bridge and the proposed Metro Manila Subway are driving further growth in the area.
Park East Place is the 20th residential project of Alveo Land in BGC which includes Two Serendra, High Street South and Park Triangle.
It said construction of the project would start in the third quarter of 2023, with completion eyed by 2030.