News Article

Alphaland invests P11B for more Makati projects

09/25/2012 | By: Madelaine B. Miraflor, The Manila Times

Publicly-listed real estate developer Alphaland Corp. said that it is investing P11 billion to finish its pending several projects in Makati, the district considered as the top site for high-end real estate.

“Makati remains as the country’s undisputed business and financial capital, particularly for real estate. Supply and demand for high-value business, residential and commercial properties continue to grow. Makati is still the location of choice for the upscale market,” said Mario Oreta, president of Alphaland.

In a statement, the real estate developer said that it is investing P11 billion to complete its high-rise projects, one commercial and three residential towers, in the business district.

The P3-billion Alphaland Tower is an office development along Ayala Avenue, set for completion by first quarter 2013, which features 48,000 square meters gross leasable office space.

The remaining P8 billion, on the other hand, is earmarked for Makati Place, a mixed-use development, which is an upscale three-tower condominium that includes a six-story podium with a shopping center and an exclusive urban leisure hub called “The City Club.”

“With the increased optimism stemming from our economy’s consistent growth, the real estate industry is on pace to match the increased demand for prime office, retail and residential space,” Oreta said.