MANILA – Alveo Land, the high-end property unit of Ayala Land, is expecting to generate about P7.5 billion in revenues from the second tower of High Park at Vertis North, Quezon City.
High Park Tower Two is a 49-storey mixed-use condominium that has 803 units with a selling price of P140,000 per square meters.
The second tower offers studio and three-bedroom units ranging from 32 square meters to 154 sqm. Units are priced between P4.2 million and P23.2 million.
The launch of Tower Two this month comes less than a year after the launch of the first tower, which is already 70 percent sold, according to Alveo Land.
The firm is expecting sales of P5.2 billion from the 35-storey Tower One.
Turnover of the first tower is expected to be completed by the third quarter of 2019 while turnover for the second tower is expected in the third quarter of 2020.
High Park will have a total of 1,402 units once Towers One and Two are completed.
Alveo said High Park’s end-users are families, entrepreneurs, and professionals. As of end 2014, High Park had captured 78 percent of the upscale Quezon City market, averaging 50 units per month.
“We see local investors in Quezon City and Northern Luzon, with some foreign investors mostly coming from the US and the Asia-Pacific region,” said Jennylle Tupaz, head of project development for Alveo Land.
The firm said that 80 percent of High Park Tower One buyers are from Metro Manila and about 53 percent of the total buyers are from Quezon City.
Alveo’s High Park project is its pioneer high-rise development in Vertis North, which is touted to become Quezon City’s first organized central business and lifestyle district. It is located next to Ayala's Trinoma mall along EDSA.
Aside from High Park, Alveo is also planning to establish three more towers in the 46-hectare Vertis North in North Triangle.
Alveo is projecting total sales of about P30 billion for its 2.3-hectare landbank within Vertis North over the span of the next five years.
The firm also said Alveo it is spending P25 billion in the next five years for its projects in the area.
Ayala Land said it is investing a total of P65 billion for the development of Vertis North.
Vertis North will also feature a mall complex, office buildings, and Ayala Land’s largest Seda hotel.
The mall and office towers are expected to be completed by 2016 while the 438-room Seda Vertis will be completed by 2017.