Where the location sells itself
What makes a piece of property much-sought by home seekers and investors alike? “Location, location, location,” we often hear experts say.
The 35-hectare master-planned Parklinks estate along the bustling C5 corridor, straddling the cities of Quezon and Pasig, is one of those few real estate developments whose central location is the main selling proposition, says Joseph Carmichael Jugo. He is head of Ayala Land’s premium residential group and concurrently president of both Ayala Land Premier and Alveo Land Corp.
Second only to Bonifacio Global City in terms of scale and mass, Parklinks stands close to high-end villages like Greenmeadows, Acropolis and Valle Verde, and is not too far from reputable educational institutions. Upscale school Multiple Intelligence, for instance, is relocating to Parklinks. The estate also offers easy access to Katipunan, which appeals to families with kids studying at Ateneo, Miriam or UP Diliman. Along the axis is Ortigas Avenue, a key thoroughfare leading to premier primary and secondary schools in San Juan like La Salle Greenhills, Immaculate Conception Academy and Xavier School.
The central location also makes it accessible to and from key central business districts.
Such strategic location brought together two of the country’s largest conglomerates, the Ayala and Lucio Tan groups, to team up in unlocking the value of this estate, where development is expected to be catalyzed by a new shopping mall that will soon rise along the C5 frontage.
As a rare treat, half of the estate is devoted to green parks and open space. “In terms of the ratio of open spaces, Parklinks has the greatest ratio among estates,” Jugo notes.
Upscale residence
The 47-story The Lattice at Parklinks of Alveo Land is one of those high-end residential developments benefiting from the strategic location of the estate.
“Because of the many things happening along that corridor, there’s a lot of focus on the market looking at that area. We’re quite happy with the project performance. We’re quite excited for things that are happening at the estate,” Jugo tells the Inquirer.
Tower 1 of Lattice, unveiled for preselling in late 2019, offers 530 residential units valued at around P10.5 billion (excluding value added tax). As of end-March, 408 units worth P6.4 billion had been taken up by the market. The units are targeted to be turned over to buyers by 2027.
“What makes Lattice unique is it’s situated across the largest park, a three-hectare park,” Jugo says.
Furthermore, all units have a balcony, which Jugo says is like a “luxury” for high-rise condominium dwellers these days.
Lattice residential units are currently preselling at around P303,000 per square meter (sqm). When the project was launched in 2019, it was priced at P247,000/sqm, marking an appreciation of 22.7 percent since then.
At current prices, the smallest unit of Lattice, with a footprint of 30 sqm, is selling for around P9 million. To buy a 60-sqm one-bedroom unit, a buyer will need to shell out P18.1 million, further rising to P27 million to purchase an 89-sqm two-bedroom unit and P37.6 million for a 124-sqm three-bedroom unit.
Because of the strong take-up of units at the first tower, Alveo is now preparing for the launch of the second tower, which will likewise rise at 47 floors.
The two towers will be connected by a podium with a “large lawn space and generous pool system,” Jugo says. The three-pool system totals 400 sqms, including the main pool, a kiddie pool and a lounge pool.
Who’s buying
Jugo reports that demand for studio and one-bedroom units—so-called “starter homes”—is “very stable.”
But because the recent pandemic has increased home seekers’ focus on single detached homes and greater space, he says people are willing to pay a higher premium for larger condo units as well.
“The condos are a strong alternative, almost a substitute to [horizontal] homes,” Jugo says.
For many families long residing at the nearby villages, Jugo says condo developments like Lattice come to mind when they think about their children and grandchildren. Even the smallest of units are seen suitable for the discerning market.
“The nice thing about Alveo studios is that the layout is so well-planned that it feels larger. You have so much flexibility,” he says.
“The key to make the studio work is how the designers or occupants organize the space. What we have is really a flexible blank canvas.”
The buyers of Lattice are still mostly Filipinos, Jugo notes. “In many ways that’s good, meaning it’s for end-use, and even if it’s for investment, there’s some intent for end-use,” he says.
Since the onset of the pandemic, Jugo notes that sales to overseas Filipinos have increased, partly because the peso equivalent of their foreign exchange earnings has risen.
“The exchange rate (depreciation of local currency) has made the products more appealing,” he says.
“They have strong affinity to their home country even if they are living away,” he adds.
In the past, overseas Filipinos mostly preferred to buy properties within their home province. “Now, when they go home, they want to be where it’s convenient,” Jugo says.
Smaller units—studio and one-bedroom cuts—seem to be the sweet spot for overseas Filipinos.
“If they get large units, it’s really with the intent to permanently live here because some, what they do is buy and if they don’t need it yet, they rent it out.” INQ
