Cheyenne Hollis | Nov 30, 2012 | Comments 0
Ayala has several developments in the works for Manila and have emphasized a commitment to green projects.
Filipino property company Ayala Land unveiled a vertical garden-inspired residential development at the heart of Ayala Center in Makati. The condominium project is estimated to bring in PHP7 billion (US$171 million) worth of additional inventory into the local property market, Inquirer Business reported.
The 54-storey first tower of Garden Towers has been selling briskly with a third of 340 available residential units sold on the first day of its introduction to the market, said Ayala Land Premier head, Jose Juan Jugo.
?With its unique garden feature, the newest property ? which notched a total sales of PHP2.1 billion (US$51.5 million) worth of residential units in one day ? aims to become the living, breathing space amid the urban dimensions present in this highly-cosmopolitan location,? Jugo said. ?Based on a conservative estimate the company may be able to sell all units in Garden Towers first tower in 15-18 months, but if the market does not change, it could be a lot faster.?
Once a bloc of units is sold, typically around 80 percent, Ayala Land will be ready to launch the second phase of Garden Towers.? Jugo added the company is ready to begin the second the tower.
Jugo added that this project was a symbol of Ayala Land?s commitment to incorporating greens in its integrated mixed-use hubs across the country. Featuring pockets of greenery or ?sky gardens? that will be laid every two floors on the plan.
Ayala Land invested nearly PHP3 billion (US$73.5 million) to construct Garden Towers? tower 1, which will be turned over to buyers in the first quarter of 2019.? The units are priced at PHP10.3 million (US$252,327) for the smallest one-bedroom units to as high as PHP142.9 million (US$ 3.5 million) for the penthouse units.
Filed Under: Country News ? News ? Philippines
Source: http://www.property-report.com/ayala-unveils-gardens-for-the-sky-in-manila-26157
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