MANILA, Philippines - Property giant Ayala Land Inc. is spending P3 billion to construct the last tower of an upscale residential project in Makati City.
Ayala said the 49-storey tower at Park Terraces will offer a total of 370 condominium units that will sell from P6 million to P55 million.
Ayala Land Premier, the company's unit catering to the high-end market, expects to sell all units over the next two to three years.
"The rising demand for living spaces at the heart of Ayala Center, the country's most desired address, paved the way Ayala Land Premier to introduce Park Terraces. This year the rise of the third and final tower marks... the continuation of Ayala Land's biggest investment into the redevelopment of Ayala Center," Moya said.
The redevelopment of the five-hectare Ayala Center is a P20 billion project that started last year. Two other high-end real estate projects, the Fairmont Hotel and Raffle Suites and Residences, will open within the center next year.
Ayala Center is the flagship mixed-used urban city complex of the Ayala Group.