Alveo Land to open 3rd residential tower in Circuit Makati
MANILA, Philippines – Alveo Land Corporation, the upscale subsidiary of property giant Ayala Land Incorporated (ALI), continues to expand its Makati real estate portfolio by launching its third residential tower in Circuit Makati, Callisto, which has about P3.9 billion worth of inventory.
Alveo Land chief operations officer Jennylle Tupaz said in a media briefing that Callisto's first tower will have a mix of studio, one-bedroom, two-bedroom, three-bedroom, and special three-bedroom units across 38 storeys, with an average price of P140,000 per square meter (sqm).
Tupaz said the tower will have a total of 430 residential units available, with turnover beginning in July 2022.
A 21-hectare mixed-use district by Ayala Land, Circuit Makati is expected to follow the same price trajectory as other major Ayala Land estates like Nuvali in Laguna and Bonifacio Global City (BGC) in Taguig, as prices more than double in just over 10 years of development.
"With the warm reception of the market, Alveo Land's Circuit Makati projects have already appreciated by 21.7% for residential and 2.0% for office in just a span of 3 years," Tupaz said in a briefing in Makati City on Tuesday, July 19.
The real estate unit has also started construction for the two Solstice Towers in Circuit Makati, as well as its office-for-sale project, The Stiles Enterprise Plaza.
Developing Circuit Makati
According to Tupaz, Callisto is expected to continue the successful performance of Solstice.
Launched in 2013, the first tower’s 461 units are already 95% sold, with turnover starting in the first quarter of 2019. Meanwhile, its second tower with 389 units is 67% sold, with the turnover starting in the third quarter of 2019.
Solstice's launch price as Circuit Makati’s first residence started at P115,000 per sqm.
"Alveo is slated to continue its big play in Circuit Makati, as we are set to launch approximately one tower every year for the next 20 years," Tupaz said.
Once the district becomes fully developed, the Alveo official said Circuit Makati will include other features such as the Circuit Corporate Center, Circuit Mall, Seda Hotel, and the Circuit Performing Arts Theater.
Current attractions in Circuit Makati are Circuit Lane, a 253-meter sprawling retail strip; black box theater Power Mac Center Spotlight, Mountain Dew Skate Park, City Kart Racing, Gatorade Chelsea Blue Pitch, and the Globe Circuit Events Grounds.
Circuit Makati is one of 6 major nodes that are part of Ayala Land's P125 billion redevelopment plan for Makati. – Rappler.com