Ayala Avenue, one of the main arteries of Makati's Central Business District, is set to receive a new office development out of the abandoned JAKA Tower, courtesy of Alveo.
Located at 6794 Ayala Avenue, the incomplete JAKA Tower will soon be turned into the Alveo Financial Tower, a 49-story office condominium equipped with LEED-certified facilities. It has 363 office units averaging 116 sqm; 60 percent of these units, amounting to over P5.8 billion in sales, was reportedly sold in its first day of pre-selling, according to the developer. The units were priced at P240,000 per sqm, or roughly P23.7 to P36.7 million per unit.
Jennylle Tupaz, head of Alveo's project development group, issued that the tower will serve as a key component of Ayala Land's upcoming development City Gate. "City Gate includes 81,000 square meters dedicated to leasable office spaces and 14,000 square meters for retail options," said Tupaz. "It will feature prominent civic spaces designed for convergence, a rarity within the concrete jungle of Makati City."
The P20-billion, 2.2-hectare City Gate will also be home to residential projects, with Alveo's Kroma Tower and The Lerato, as well as a forthcoming Seda hotel.
"With its location on Ayala Avenue, Alveo Financial Tower becomes a rare investment opportunity for businesses wanting to be part of the most prestigious corporate address in the country," Tupaz stated.
Alveo expects to earn P10.7 billion in sales from the tower, which reportedly cost the developer P6 billion. Turnover of the tower is pegged in 2020.