Ayala Land Premier eyes P16.1-B sales from 1st office dev’t

LUXURY developer Ayala Land Premier (ALP) expects to generate sales of PHP16.1 billion from its first office development in Quezon City, on the back of increasing demand for prime office spaces.

“I think it is all related to the country’s economic growth we have seen over the last 10 years across all industries --on the consumer side, business side. So businesses are growing so they need (office) space,” ALP managing director Mike Jugo said in an interview on Friday.

The company has expanded its portfolio from high-end residences and subdivisions to prime office spaces for sale with the 43-story One Vertis Plaza, which is bounded by Edsa and North Avenue.

In a press briefing, ALP head of sales and marketing Paolo Viray said the office tower has already sold close to 70 percent of its available spaces since its launch in June this year, so far attracting companies from the manufacturing, food and pharmaceutical industries.

Viray noted that the development is for companies looking to establish corporate headquarters, have an extension of their office spaces in Quezon City area, upgrade from their current office, and those looking to space-bank for investment.

He said the average selling price has increased to PHP352,000 per square meter as of August 2019 from PHP269,000 per square meter in June.

Unit prices are between PHP28 million to PHP114 million. The tower offers 320 units for sale.

“We are quite pleased with the results especially given the price points we sold it at,” Jugo said.

One Vertis Plaza is set to be completed by the second quarter of 2024./ PNA