Alveo Land Inc. is building its most expensive residential development, leveraging on the distinct advantage of the location of this latest project in Makati City.
Parkford Suites Legazpi is right across Legazpi Active Park and Washington Sycip Park, at the corner of Gamboa and Salcedo streets, offering prime park side living in a very prime location, according to Rufino Gutierrez, Alveo chief operating officer.
The development also features a number of firsts for Alveo. It introduces notches in the structure providing ventilation and light as well as floor-to-ceiling glass walls for an expansive view of the parks and the skyline.
For this project, Alveo experimented on offering a luxury unit, a P140-million 320-square meter (sq.m.) bi-level unit at the 12th floor, the amenity area.
It was the first unit to be sold when the project was offered for pre-selling early this month.
Gutierrez said the move was meant to strengthen the branding for and the market of Alveo, without cannibalizing sister company Ayala Land Premier (ALP).
That unit is sold at P400,000 per square meter, which is about the average price of an ALP property.
With Parkford Suites Legazpi, Alveo transforms the old Prudential and Novartis buildings in Legazpi Village, one of the more upscale and social communities in Makati today.
The development sits on a 2,156-sq.m. land and will have only one tower, at 35 storeys.
Gutierrez said experience is exclusive at Parkford Suites Legazpi with only 7 units each floor or a total of 163 units.
The units are two- (125 to 142 sq.m.) and three-bedroom cuts ( 180 to 181 sq.m.). All the three-bedroom units have park-facing balconies from the living room. On the topmost floor, there will be three park-facing penthouse units.
Average price per unit is P55 million,
All unit types will also have ensuite bathrooms for all bedrooms, walk-in closet for the master’s bedroom, double-sink master’s bathroom, and a powder room for guests.
On the amenity floor, future residents will get to enjoy a lap pool, wading pool and kiddie pool, function rooms, fitness gym, shower room and an outdoor kid’s play area. Aside from its refined and upscale design, the tower’s common areas and residential units will be provided with 100 percent back-up power.
Gutierrez said the property is a sound investment due to its very rare location.
Three weeks into the selling period, prices have gone up by 1 percent from P370,000 per sq.m.
The company has so far sold P2 billion out of the projected total sales value of P9 billion.
Gutierrez said Parkford Suites Legazpi has attracted two types of buyers: corporate for lease or top executives. They can be end-users who also live within Makati or investors.
“Makati is still very strong. Alveo across all (Ayala residential brands) is the fastest growing,” Gutierrez said.
Parkford Suites Legazpi will approximately be just 500 meters from the Asian Institute of Management, 600 meters away from the shopping convenience of Greenbelt, and one kilometer’s walk to the Ayala Museum.
Parkford Suites Legazpi is expected to commence turnover by end 2026.