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The Stiles Enterprise Plaza banks on office sector growth momentum

09-Mar-2015


Alveo Land, a subsidiary of Ayala Land Inc, one of the Philippines’ leading real estate developers, recently launched the Grade-A, LEED-certified office condominium development to anchor the 21-hectare Circuit Makati, situated in the old Sta. Ana Racetrack, with redevelopment value of PHP39 billion (USD885 million).

 

The first of two towers, the 29-storey West Tower, will offer almost 2,500 sqm of office space, comprising 283 units ranging from 79 sqm to 180 sqm in size, while the East Tower is still in the planning stage.

 

Prices at the landmark office development, which is the first of its kind in Circuit Makati, according to a report by the Philippine Daily Inquirer, will start at PHP147,000 (USD3,334) per sqm for the West Tower.

 

Alveo Land is positioning the project to domestic office seekers, as well as international companies from Singapore, Japan and Indonesia, among others, that are looking to establish their presence in the Philippines’ premier financial district.

 

In recent years, the demand for Grade-A office building has surged with an average of 2.13 percent overall vacancy rate last quarter, supported by a very strong BPO sector, per CBRE Philippines.

 

In a recent press briefing, Jennylle S. Tupaz, Alveo Land’s project development group head, told local reporters that The Stiles Enterprise Plaza would offer a good return on investment, and would also give unit owners “a sense of prestige” because of the project’s location.

 

“Location is a primary consideration for investors, and Circuit Makati is part of the most prestigious business addresses in the country,” she told the Philippine Star.

 

“It lends a sense of distinction for creative professionals, entrepreneurial start-ups, Small-to-Medium Enterprises and other organisations as it sets them apart from more established corporate institutions within the Makati CBD,” Tupaz added, noting that the company is looking to generate some PHP4.4 billion (USD100 million) from the West Tower sales.

 

Upon completion of the first tower in Q4 2019, The Stiles Enterprise Plaza will feature a designer lobby, various multipurpose meeting rooms, 15 high-speed elevators, a fibre-optic network, LED lighting, 24-hour security and round-the-clock backup power.

 

 

 


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