COCKTALES | Ayala prices Park Central penthouse at - gulp! - P477M
InterAksyon.com means BUSINESS
Less than two years after it sold a Fort penthouse for a record P200 million, Ayala Land is back with a bigger bang, offering a slightly smaller unit in Makati but at more than double the price.
The three-level, 1,354-square-meter penthouse of the 70-storey Park Central South Tower -- 46 sqm smaller than the East Gallery Place penthouse at the Fort -- has just been priced at, don't faint now, P477 million.
At that price level, only the Zobels and a few taipans could spare the cash to literally live on top of everyone else.
Even the smallest units, at 139 sqm, two-bedroom cuts, already range at P33 million, one tandem parking slot included.
The first of the two Park Central Towers that will rise from the ruins of the Mandarin hotel, the south tower pricing makes the still unfinished neighbor, Two Roxas Triangle, look like a bargain or a poor cousin.
When launched nearly three years ago, Two Roxas Triangle priced its standard 302-sqm cuts at P42 million, three parking slots included.
Across the estero, a similar-sized apartment at Central Park South Tower would already cost around P80 million, with only two parking slots included.
The Ayala price surge comes in the wake of the vacancy rate for the luxury condo lease market in the Makati central business district rising to 8.33 percent in the first quarter of 2016, according to industry research firm Colliers, from 5.95 percent of the previous quarter.
Colliers expects the vacancy rate for the luxury condo market within the Makati CBB to still creep higher to nearly 9 percent by the first quarter of 2017.
As to the Park Central Towers, despite the "park" nomenclature, there will be no park views for majority of the units when the first of the towers shall be finished by 2024.
The view of the neighboring Ayala Triangle Park will be covered by the 39-storey office Tower Two and the 23-storey Mandarin hotel, both of which are targeted to be completed by 2020.
Like the twin Roxas Triangle condos, the Park Central Towers will also have their own private garden and, even better, four "sky terraces" in each tower.
The terraces refer to the four-floor tall holes in the building that will each have its own pool, gym and lounge within a 300-400 sqm meter deck.
But unlike the purely residential Roxas Triangle enclave, Park Central will have a four-floor shopping podium on both the Makati Avenue and Paseo de Roxas sides for the residents' immediate retail therapy.
There is no word yet on how much the association dues would cost at Park Central Towers, but it should be no less than P130/sqm a month plus VAT that One Roxas Triangle currently charges.
At that rate, the future penthouse owner of Park Central South Tower would shell out about P200,000 a month in association dues alone, enough to cover the monthly lease of a 3-4 bedroom bungalow in nearby San Lorenzo Village.
Formal launch of the project is slated sometime in September, but Ayala Land has already been quietly offering the Park Central Towers to friends and close business associates for the first dibs.
(Correction: A June 27 item in this space had incorrectly reported the location of the Park Central Towers, using the map provided by the website www.parkcentraltowers.com, to be at the former Intercon hotel site at the intersection of Edsa and Ayala.
Ayala Land has clarified that the said website is "unauthorized" and had been set up by still unidentified parties.)