AVIDA Land Corp., the midrange brand of property developer Ayala Land Inc., on Tuesday said it expects P4.3 billion from the first of a three-tower development in one of its remaining projects in Makati. Reginald D. Alabe, the company’s business area head of the Metro south project, said the company will start selling Avida Towers Makati Southpoint to the public during the week, though it had started preselling the project since December.
Alabe said the project will sit on a 1.1-hectare lot, a former warehouse of pharmaceutical firm Wyeth, located on Don Chino Roces Avenue in Barangay Bangkal, Makati. The location is close to the Makati CBD, and is a thriving residential and commercial area, he said.
Makati Southpoint will be selling at P197,000 per square meter, representing an average of about 170-percent increase in residential unit values per sq m since Avida began in the city.
A 23.3-sq-m studio unit costs about P4.4 million, a junior one-bedroom unit of the same size costs P4.5 million and a one-bedroom unit of 38.2 sq m costs P8.1 million to P8.5 million.
“The next two towers will be launched depending on the take-up of the first tower,” Alabe said in a briefing.
Makati Southpoint’s first tower will rise 32 stories high and feature 924 residential units, 247 parking lots and 10 retail units.
It will feature a grand central lobby for all three towers. Its amenity area will have a swimming pool, clubhouse, children’s play area, indoor gym, jogging path and linear park. A collaborative space and lounge areas will be included as points for convergence, functioning as extensions of the residents’ living spaces. The first tower is set for completion by 2024.
“We expect Makati to contribute 8 percent of our residential revenues this year. Our success here will continue with Makati Southpoint, which will fulfill the need of a changing market. Many of our young, upwardly mobile professionals are searching for a mid-priced, right-sized residence closer to their places of work. They need sensible amenities they will actually use,” said Raquel Cruz, Avida’s vice president and head of corporate planning group.