Ayala Land unit starts P3B Boni condo project

by Rizal Raoul Reyes, Business Mirror

Posted at Nov 16 2011 11:31 AM | Updated as of Nov 17 2011 02:19 AM

MANILA, Philippines - Alveo Land, a unit of Ayala Land Inc (ALI) focused on the middle and upper-middle market segments, on Friday launched a P3-billion condominium project in partnership with Bonifacio Global (BGC) as its initial project with the High Street South area in Taguig City.

ALI President Antonino Aquino said the development of High Street South was prompted by the high demand for projects within BGC. “We have seen a lot of demand for projects which have the character in our previous BGC projects,” said Aquino in an interview with the BusinessMirror on Friday.

Aquino added that ALI will carry the same brand of development seen in the Serendra project to High Street South because this has created a lot of appeal and value to buyers. “We noticed the crowd in the BGC loves open spaces and the live-work atmosphere,” he said.

Aquino said future developments in the High Street South area would depend on the market and economic situations of the country. According to Aquino, Alveo plans to build 12 to 15 high-rise buildings within the 7.6-hectare High Street South.

Anton Sanchez III, project development officer at Alveo Land, said the 33-story condominium called Maridien will have units ranging from 40 to 130 square meters. Prices of the units are from P5 million to P15 million. “We will be targeting young professionals for High Street South,” said Sanchez during the interview.

Turnover for the Maridien is scheduled for 2014 to 2015.

Previous projects developed by ALI at BGC include Serendra in 2004, Market! Market! in 2006, and Bonifacio High Street (BHS) in 2007. There are also ongoing developments such as the Mind Museum, Kukun and the extension of BHS.

Jennylle Tupaz, project development group head at Alveo Land, said BGC’s continuous evolution is a sign of dynamism to make property developers aware on how urban hubs should be developed.

“Alveo Land has always lived by our principle to shape and innovate living experiences,” added Tupaz. “And now, we highlight this thrust even further as we unveil an iconic and pioneering Alveo Land district development that takes the best learnings from the most prominent cities across the globe—High Street South,” she said in a statement.

Alveo Land said High Street South is envisioned as a mixed-use development composed of office buildings, commercial developments and residential enclaves.