MANILA, Philippines – Property giant Ayala Land Inc. (ALI) has jumpstarted the P20-billion development of the former Sta. Ana racetrack into a masterplanned entertainment and leisure district.
Upscale residential brand Alveo Land launched on Saturday the first phase of the two-tower Solstice, the maiden residential project in the 21-hectare Circuit Makati.
“Solstice will be the pinnacle of expression for the dynamic and vibrant living experience that Circuit Makati espouses,” said Alveo Land president Robert Lao.
He earlier said that investment per tower is around P2.5 billion.
This forms part of the property firm’s plan of launching one tower every year in Circuit Makati to fill the mixed-use community with eight to 10 towers in the next 10 years.
“Solstice Tower One will be 41 floors high and will provide 461 residential units in a complete range of studio, one-, two-, and three-bedroom units,” ALI said.
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One-bedroom units ranging from 57 to 96 square meters (sqm) will account for majority of the offerings given Alveo Land’s positioning as a developer for mobile individuals, professionals, executives and starting-out couples, ALI said.
Turnover for Solstice Tower One is targeted in the third quarter of 2018.
Alveo Land said it will also introduce exclusive two- and three-bedroom Sunrise Villas at the third to seventh levels of Solstice.
Amenities at the podium’s eighth floor include a lap and lounge pool, juice bar, lounge area, and kids’ play area and pool, as well as an indoor and outdoor gym.
Early this year, ALI, which first made its name by building the Makati central business district (CBD), announced its P20-billion capital spending for an entertainment center within the country’s financial capital.
Circuit Makati is ALI’s 21-hectare integrated, mixed-use development anchored on entertainment experiences that brings together various product lines — Alveo for residential, Ayala Malls and offices, and Ayala Hotels.
The mixed-use project forms part of ALI’s P60-billion investment for six districts under a Makati redevelopment plan to maintain the competitiveness of the Makati CBD.
Components of Circuit Makati are residential towers, office space, a shopping mall, a performing arts theater, events ground with a football field and a lifestyle hotel.
Specifically, the Circuit Makati theater will have a capacity of 1,500 seats while the 600-meter Circuit Lane is an interactive walk with retail shops and restaurants.
ALI also will be introducing the “black box” concept that will be a venue for exhibits, music recitals, comedy shows, cocktail parties, product launches and workshops.
Circuit Makati will also have a two-hectare events ground for outdoor activities like football and skating. ALI is already in talks with an international football club to put up a football school in the events ground.
Earnings of ALI surged 27 percent to P9.04 billion last year from P7.14 billion in the previous year as revenues from its residential, hotel, office and commercial projects jumped 23 percent to P54.52 billion.
The property arm of the Ayala conglomerate is wrapping up its 5-10-15 program, which was launched in 2009 amid the global financial crisis. It is a five-year plan ending in 2014 that aims to boost net income to P10 billion and return on equity to 15 percent.