MANILA, Philippines – Alveo Land, the mid-income housing unit of Ayala Land Inc. is investing at least P3 billion in a new urban enclave in the heart of Makati City.
The project dubbed, The Gentry, is a 46-story-tower development with residential, office and retail components.
In a briefing, Alveo Land COO Jennylle Tupaz said the P3 billion investment will cover only the residential component, offering 391 studio-type to three-bedroom units.
The Gentry Residences is expected to generate sales of P5 billion, Tupaz said.
Tupaz said The Gentry represents Alveo’s 10th project in the country’s business capital.
“The Gentry is uniquely positioned among our other projects because of its prestigious location. It is situated within the high-powered Makati Central Business District and is in close proximity to Makati’s Urban Oasis, the Ayala Triangle Gardens. Furthermore, it is also directly adjacent to Ayala Avenue and is within the serene Salcedo Village,” she said.
Unit sizes range from 30 square meters to 149 sqm priced at between P5 million and P25 million.
Tupaz said the residential units and retail spaces will be turned over by 2022.
Total leasable area for retail is 3,800 sqm while the gross floor area for office is 30,304 sqm.
To date, Alveo has launched 15 towers of residential, office and mixed-use spaces across Makati with a total investment of P27 billion over 13 years.
Aside from The Gentry, Alveo’s current portfolio includes signature residential and office-for-sale projects Solstice and The Stiles Enterprise Plaza in Circuit Makati, and Alveo Financial Tower along Ayala Avenue.