Arra B. Francia, Senior Reporter
Aug 16, 2019
The luxury residential unit of Ayala Land, Inc. (ALI) is venturing into its first office-for-sale project with the launch of the P16.1-billion One Vertis Plaza in Quezon City.
Ayala Land Premier (ALP) said Friday that it has already sold 65% of the 43-storey office tower, or about P10.6 billion. The average selling price of each square meter (sq.m.) has risen 20% to P352,000 by August, from its launch price of P269,000 per sq.m. in June 2018.
With office spaces ranging from 101 to 325 sq.m., each unit costs about P28 million to P114 million. The tower has a net saleable area of 60,784 sq.m., excluding the five topmost floors which ALP is keeping for itself.
The tower will provide 19 elevators, six basement parking levels, and one service lift. The company is likewise applying for LEED, or Leadership in Energy and Environmental Design, Gold certification.
ALP Head of Sales and Marketing Paolo O. Viray said floor buyers include local firms in the manufacturing and industrial sector, food, and pharmaceutical businesses. Companies involved in real estate and professional services have also bought small office units.
“Our market includes corporations looking for headquarter space in Quezon City, established companies looking for a place or needing an extension of their office in the north, and people already in the north that are upgrading,” Mr. Viray said in a press briefing in Makati Friday.
He added that more than 50% of the buyers are end-users, while the rest are investors.
Construction for One Vertis Plaza is now ongoing, with target completion by the second quarter of 2024.
One Vertis Plaza is located at the southern most tip of Vertis North, ALI’s 45-hectare mixed use estate in partnership with the National Housing Authority. It will stand next to a two-hectare green park, and will be surrounded by several retail establishments, Ayala Malls Vertis North, and the 438-room Seda Vertis North hotel.
“Vertis North presents a lot of value given the future infrastructure projects we expect to be available in the next few years,” Mr. Viray said, referring to the Metro Rail Transit Line 7 and the Metro Manila Subway.
ALI is spending P65 billion over a 10-year period for the estate’s development.
Meanwhile, ALP said it remains on the lookout for land banking opportunities for more office projects in the future.
“We continue to look for opportunities given the success of this project…We’re quite selective given the expectations for ALP and needs of the high-end market,” Joseph Carmichael Z. Jugo, ALP managing director, said in the same briefing.