Alphaland Sets P11B For Projects
High-end developer Alphaland Corporation, a joint venture between Roberto V. Ongpin and the Ashmore Group, is spending over P11 billion for its two high-rise projects in Makati.
In a press briefing, Alphaland director for sales and marketing Joanna Duarte said they are investing over P8 billion for the construction of The Makati Place and the exclusive City Club, and over P3 billion for Alphaland Tower.
Despite the rapid growth of developments in key cities in Metro Manila, Alphaland believes that Makati remains the best choice for investors, locators and developers, citing research data indicating that Makati still ranks highest in terms of property values, rental rates, office stock concentration, and locator demand.
“While there has certainly been exciting growth in the country’s other business and residential districts, the numbers show that Makati is still undisputed when it comes to real estate,” said Alphaland President Mario A. Oreta. He added that “the city offers many high-value properties for business, residence and leisure that other cities have yet to match in terms of supply and demand.
Thus, the firm is focusing its activities in Makati through Makati Place and Alphaland Tower which will be completed by the end of the year and operational by January 2013, said Alphaland senior vice president Michelle Ongpin.
The 34-storey intelligent building Alphaland Tower is poised to contribute to office and stock and meet increasing premium office space demand. It will have a total gross floor area of 48,000 square meters (sqm.) and a saleable area of 39,000 sqm., said Duarte. The tower will have a 5 level basement parking, commercial spaces in the first two floors, a 13-storey low zone office area from the 4th to 17th floors, a 14-storey high zone office area from the 18th to the 31st levels, and a 3-storey penthouse from the 32nd to 34th levels.