Sales of Alveo Land's condo project in BGC hit P6 billion

Alveo Land Corp. on Wednesday said it has generated P6 billion in sales from its latest high-rise condominium project Park East Place in Bonifacio Global City (BGC), seven years ahead of the development’s target completion.

In a briefing in Makati City, Alveo general manager for North Operations Antonio Sanchez III said the firm has already sold 149 or 28% of the 523 units in the project with a total inventory value of P20 billion based on the launch pricing of P430,000 per square meter.

The project serves as Alveo Land’s return to BGC, with 80% of the client mix accounted for by local customers and 20% foreign, including overseas Filipino workers (OFWs).

Park East Place is located at the corner of 32nd Street and 9th Avenue with 59 physical floors including 53 residential floors having a maximum of 10 units — ranging from one to three bedrooms — per floor.

With the firm targeting mostly the affluent market, no studio units are available for the project, which have been offered in most Alveo Land projects.

The development will have 210 one-bedroom units approximately 61 square meters starting at P26 million; 208 two-bedroom units ranging from 94 square meters to 98 square meters starting at P41 million; and 105 three-bedroom units approximately 131 square meters starting at P56 million.

The project is estimated to have a total cost of P9 billion, targeted to be completed in 2030, with the groundbreaking scheduled in the third quarter of the year.

“The success of Park East Place’s launch reaffirms presence in BGC. The extremely strong reception is a clear affirmation of Park East Place’s unique project concept, strategic location, and trust in the Alveo brand,” president Mike Jugo said.

The development features an adult pool, indoor and outdoor play areas, a gym, shared spaces, residential lounges, and a drop-off lounge.

Alveo Land partnered with international architecture and engineering firm Smith Group, integrated design and technology firm Aidea Philippines Inc., consulting firm Inspira Design Core Inc., and structural engineering design firm Sy^2 + Associates for the project. — VBL, GMA Integrated News