Upscale property developer more bullish on PH market

By Kris Crismundo

July 12, 2023, 9:14 pm

<p>Alveo Land Corp. president Mike Jugo <em>(Courtesy of Alveo)</em></p>

Alveo Land Corp. president Mike Jugo (Courtesy of Alveo)

MANILA – Upscale property developer Alveo Land Corp. is more bullish on the Philippine market, its president Mike Jugo said.

In a press briefing in Makati City Wednesday, Jugo said the company’s growth this year hinges on the performance of the real estate industry as well as the expansion of the economy.

“We are more optimistic, more bullish right now because there are things that we are seeing in the market such as interest rates have stabilized and the economy has opened up,” he said.

With this confidence in the market, Alveo has launched its 20th project in Bonifacio Global City (BGC) in its 20th year in the central business district.

Alveo general manager Antonio Sanchez III said groundbreaking for the project, Park East Place located at Bonifacio Global City (BGC), will be in the third quarter of the year, with delivery of units set in 2030.

Sanchez said Alveo, Ayala Land Inc.’s upscale property brand, is spending PHP9 billion for the construction of one tower high-rise condominium project.

Upon completion, he said the Park East Place will deliver PHP20 billion worth of sales to Alveo.

Sanchez further said the market’s optimism is reflected in the launch sales of Park East Place, as Alveo closed 28 percent of the total inventory, or 149 out of the 523 units of the latest project were already booked.

“The success of Park East Place’s project launch reaffirms Alveo’s presence in BGC. The extremely strong reception is a clear affirmation of Park East Place’s unique project concept, strategic location, and trust in the Alveo brand,” Jugo added.

Fifty-three of the 59 physical floors are allocated for residential units, with a maximum of 10 units for each floor.

Park East Place’s configurations are one to three-bedroom units ranging from 61 to 131 square meters.

The project’s average price is PHP430,000 per square meters, with selling prices ranging from PHP26 million to PHP56 million per unit.

Jugo said the current price of its condominium project has doubled from around PHP200,000 per sqm since its last project launching in BGC in 2015. (PNA)