Property developer Ayala Land Inc. is redeveloping the former Mandarin Hotel property into a twin-tower, high-end residential project that is expected to generate P20.5 billion in sales.
Ayala Land Premier head of sales Mike Jugo said South Tower of Park Central Towers would offer 281 private residences, including one unit villa offering over 1,600 square meters with a 281 square-meter pool deck. The company sold the unit for $10 million (P477 million).
Jugo said units at Park Central Towers would sell for an average price of P300,000 per square meter, making the project the company’s most expensive product so far.
“Unit prices range from P32 million to an unprecedented P477 million with an average unit costing close to P80 million,” Jugo said.
Ayala Land started selling the project to loyal clients and so far sold 116 units or 40 percent of the development for P8.3 billion.
Park Central Towers is the third ultra high-end project launched by Ayala Land Premier. The first two are One Roxas Triangle and Two Roxas Triangle, which are adjacent to Park Central Towers.
“These prestigious, ultra-luxury developments make up the Roxas Triangle block which is turning out to be one of the most valuable residential real estate addresses in the country,” Jugo said.
Park Central Towers is located acrossAyala Triangle Gardens which will contain the soon-to-be-developed grade AAA office building Ayala Tower Two and the new Mandarin Oriental Hotel.
“The towers’ central location also puts it in close proximity to the lifestyle and shopping conveniences of Ayala Center. Everything is within easy reach in all directions,” Jugo said.
Aside from its strategic location and high-end facilities and amenities, Park Central Towers will also have 10,000 square meters of high-end retail podium.
Park Central Towers’ first tower will begin turnover of the units in 2024.
Ayala Land tapped architectural company Leandro V. Locsin & Partners, boutique luxury Singaporean architectural firm Soo Chan Design Associates and Japanese design group Studio Taku Shimizu to design the development.
Ayala Land Premier booked a record monthly reservation sales of P8.4 billion in June, with the launching of Park Central Towers.
Ayala Land posted a net income of P4.7 billion in the first quarter, up by 14 percent from P4.1 billion it booked in the same period last year.
Consolidated revenues increased 8 percent in the first quarter to P27 billion from P25.1 billion a year ago.
Ayala Land said the first quarter saw the company sustaining its business platform of developing large-scale integrated mixed-use estates while building on the positive performance of its residential and commercial leasing businesses.
The company currently has 18 estates spanning close to 9,000 hectares of property with multiple projects underway.