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STRONGER PESO brings pain for Philippines


Huge cash inflows from outsourcing deals and citizens working abroad have led to a sharp rise in the currency, upsetting the nation's exporters


+ Nearly $40 bn a year pours into the Philippines from Overseas Foreign Workers; and this has strengthened the Peso

+ Filipinos fear the "Dutch disease" where a strong currency may undermine export businesses

+ Phil. manufacturing grew 8.1% last year, but may get hit with the strengthening of the Peso against most global currencies in 2015

+ Barclay's bank reckons that the PHP is the most overvalued of the widely traded currencies

+ Phil. economy grew 6.9 percent in Q4-2014, the fastest since late 2010... but investors and visitors complain about the crumbling infrastructure. Manufacturers want the govt to fix the infrastructure problems that make their costs so high


> SCMP, B4

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It's the SHORT COMMUTE - which will help Makati to absorb 2015's Big Jump in Supply


(This comment about "No More Commuting!" is a good example):



View from Building C, 11th floor, overlooking the amenity area.


A Poster on SSC's Jazz thread:


"Hello, neighbors! I had my acceptance yesterday for my unit Tower D (at Jazz). As I've said, I already had my initial viewing and inspection last December and my unit had no problems so yesterday's re-inspection was a breeze. I was escorted to the Admin Office at the second floor to sign some various forms. I waited for my name to be called by the cashier. The fees to be paid are: working capital (3 months worth of association dues; not advanced payment), and pro-rated March assoc dues (13 days for me). ...xyxthumbs.gif

My wife and I will be moving our stuff this weekend.

And starting Monday, no more commuting to work and vice-versa! 10-minute walk FTW!


If I can just make a suggestion: Buy your furniture like bed frame, cabinets, 2 or 4-seater dining set, side table, etc. at the whole stretch of stores in Pedro Gil in Paco (the side that's beside Makati, not Taft side). Very cheap prices! Quality and design is very good. smile.gif They deliver on the same day, just half an hour after your purchase. You can even hitch a ride with the delivery truck.

More tips: Don't forget to measure the walls especially if your unit is affected by the building columns. It helps a lot in choosing your furniture and appliances. If you don't plan to do a lot of drilling, Daiso and Japan Home Center have a lot of good items too, like soap racks, shampoo holders, and towel racks that stick firmly on the bathroom and kitchen wall tiles via suction pads. They also have good rugs and door mats.

I am situated in one of the higher floors and it seems my unit is the only one that's turned over so far in the whole floor.


> http://www.skyscrapercity.com/showthread.php?t=1343265&page=185

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JAZZ Rental levels:
We had a relaxing stay at a friend's one-bedroom unit in Tower A for one week, and didn't experience any issues, thankfully. The only negative was that the windows faced the cemetery, so we couldn't look out of them much.
1 BR for rent / Apr.4th
Hi all, i am renting out my 1 bedroom fully furnished unit at Tower C with huge balcony facing the Makati City skyline and the amenities. Agents/Brokers and Tenants are welcome. Kindly PM me or call/text me at: (phone no.) for inquiry. Thanks
It is quite a mix in terms of rent-ability.

We have rented out a total of 17 units already in Jazz. Three (3) of these are unfurnished with price range between 13,000 (Studio 16.25sqm) to 17,000 (1 Bedroom 23.47sqm). Fully furnished units which have prices between 17,000 to 20,000/month are faster to rent out. Anything more than 20,000 is quite a challenge because of other buildings in the area.
For those interested with listing with our company, send us a private message or follow us on Facebook: Golden Compass Realty
> http://www.skyscrape...343265&page=186
Ave. Unfurnished : 800, 724 : 762 per Sqm
Ave. Furnished-- : 1046, 852 : 949 per Sqm

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My friends from Alveo, Ayalaland's subsidiary will be in Hong Kong at the end of the week,
in case anyone wants to meet them.

Send me a PM, if interested


ALVEO : latest construction reports
Tower-1 : 99% : light fixtures, Lvl. 18
Tower-2 : 79% : windows, Lvl. 23, Tiles, Lvl. 14
Tower-3 : 14% : structual work, Lvl.7
Building : 49% : structual work, Lvl.7, electrical, L.6
Tower-1 : 23% : upper Ground: beams, frames

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Ayala Land and some of the other developers have bonds outstanding:



Ayala Land,Inc. lists PhP 8 billion ALI Fixed Rate Bonds due 2025 on PDEx

Posted on: April 28, 2014


Makati, Philippines, 25 April 2014, Friday – Ayala Land, Inc. (ALI) listed PhP 8 billion ALI Fixed Rate Bonds due 2025 in the Philippine Dealing & Exchange Corp., its fifth time since the public market opened in 2008. This brings ALI’s total bonds listed on PDEx to PhP 44 Billion, making it the Issuer with the largest outstanding listed amount on PDEx.


The PDEx organized market also welcomed ALI’s new President and CEO Bernard Vincent Dy who remarked, “We thank everyone who made this issue a success. Moving forward, we will raise the balance of our debt capital market program for the year and look forward to everyone’s continuing support. Mr. Dy also said that “Ayala Land subsidiary Cebu Holdings is looking to raise PhP 5.0 billion from the bond market next month.”


An Ayala Land listing is one of the market events that the Market Participants and Investors eagerly anticipate because aside from being the Philippines’ leading real estate developer and a strong partner in nation-building, ALI always provides a ground-breaking investment option. One is the very first 20-Year Corporate Bond issued in 2013 which is still the longest-tenor corporate bond listed in the organized market.


Investor interest in ALI is supported not only by its exceptional contribution to the development of the Philippine capital market but also by its financial performance; Ayala Land’s profit increased 29% to PhP 14.305 billion last year from PhP 11.076 billion in 2012, while net income attributable to controlling shareholders rose 30% to a record PhP 11.74 billion from PhP 9.04 billion. Revenues also increased 36% year on year to PhP 81.52 billion.


> http://www.pds.com.ph/index.html%3Fp=7473.html


> http://www.pds.com.ph/index.html%3Fpage_id=1118.html



Ayala Corporation
Fixed Rate Putable Bonds Due 2017
AC 17 P15 / Corporate : 10.00 bn / Coupon 7.20%
Listed : Apr 30, 2010 / Due - : Apr 30, 2017
Mkt Makers : RCBC, SCML, BPIC
Fixed Rate Bonds Due 2019
AC 19 R16 / Corporate : 10.00 bn / Coupon 5.45%
Listed : Nov 23, 2012 / Due - : Nov 23, 2019
Mkt Makers : BDOM, FMIC
Fixed Rate Bonds Due 2019
ALI 19 R17 / Corporate : 9.35 bn / Coupon 5.625%
Listed : Apr 27, 2012 / Due - : Apr 27, 2019
Phil. bond market: http://asianbondsonline.adb.org/philippines.php

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ADB says Phl growth to stay above 6%
Philippine Star2015-03-25


MANILA, Philippines - The Asian Development Bank (ADB) has maintained a cautious growth outlook for the Philippines at 6.4 percent this year and 6.3 percent in 2016.

ADB country director for the Philippines Richard Bolt said the 2016 outlook is slightly lower than this year due to external uncertainties such as the economies of Japan and the US.

“The 2016 outlook reflects investors’ cautiousness amid uncertainties due to the elections,” Bolt said in a press briefing yesterday. Business and investments generally take a wait-and-see attitude towards national elections.

Philippine gross domestic product (GDP) expanded 6.1 percent in 2014, marking several consecutive years of over six percent growth.

The ADB official said that inflation is forecast at a lower 2.8 percent this year, before rising to 3.3 percent in 2016.

Bolt said most of the positive drivers of growth last year would remain major factors this year.

Business ( Article MRec ), pagematch: 1, sectionmatch: 1

“Factors that powered private consumption in 2014, such as growth in employment, modest inflation, and higher inflow of remittance, are expected to support solid growth this year,” he added.

Growth is projected to accelerate this year on buoyant private consumption, a solid outlook for investment and exports, and recovery in government pending.

However, the ADB said the Philippines need to stimulate investment an generate more and better jobs.

. . .

The Philippines is one of the weakest in drawing foreign direct investment (FDI) among Asean nations.

As a percentage of GDP, the Philippines reflected FDIs reaching just a little over two percent last year from over one percent average between 2009 and 2013.

FDI inflows to Thailand and Malaysia accounts for a little over three percent of GDP each, while Indonesia boosts of FDI inflows of 2.5 percent of GDP.

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Controversy and Alphaland Makati Place


As the 2016 Philippine election season is fast approaching, controversies are sure to pop up regarding any of those vying for the election season. This season, it seems that a favorite target is Vice President Jejomar Binay, who has expressed his intent to gun for the presidency itself.

Whether the allegations against him are true or false, that is for the ongoing investigations to decide. As far as the Urban Roamer is concerned though, it’s interesting to learn more about the places behind the controversies. Thus we take a look at the rising development that has been subject to another Binay-related controversy, the Alphaland Makati Place.



Located along Ayala Avenue and Malugay Street up north of the main Makati Central Business District, the area Alphaland Makati Place is located is itself a rising commercial area as other developments have sprouted nearby like The Columns and Lerato. Its developer, Alphaland, has been involved in other projects in the metropolis as well, notably the Alphaland Southgate Tower at the corner of EDSA and Chino Roces Avenue and the Makati Tower along Ayala Avenue which it used to own but is now ceded to its project partner Ashmore Group.


The crux of the controversy behind the Alphaland Makati Place lies with the land’s history. Apparently, the one-hectare land was a property of BF Goodrich (formerly Sime Darby) that was donated to the Boy Scouts of the Philippines (BSP) in 1976, with BF Goodrich keeping ownership of the structures there as well as having exclusive rights to lease the property. The original agreement would have been in effect until 2001 but in 1997, BF Goodrich asked for an extension of the agreement which was questioned by the BSP.


Such was the case when Jejomar Binay entered the scene in 2004, acting in his capacity as Makati mayor and also the national president of the BSP. An agreement was eventually made the following year in which the BSP got 60% of the property while the 40% went to BF Goodrich.

The BSP then moved into developing the property in which Alphaland has now entered into the picture. Alphaland already has presence in the area as it served as the local arm of BF Goodrich/Sime Darby and was looking into going into real estate development at that time. A deal was hammered out in 2008 that while BSP will still own the land, Alphaland will develop the property in which the BSP would get 15%.


Then Makati vice mayor Ernesto Mercado who back then also served as senior vice president of BSP (boy, they sure keep those BSP positions around Makati) said he initially opposed that deal as he wanted 20% for the BSP. But he was persuaded by Binay’s alleged “bagman” Gerry Limlingan to accept it as the deal actually gives the BSP 20% but the 5% would be for Binay to finance his 2010 campaign.


The camp of Binay and the Boy Scouts of the Philippines have maintained the deal was above board and deny the allegations of Mercado. Alphaland has alleged that it was Mercado who wanted the kickbacks. I guess we have to see how this issue will pan out as to who is telling the truth here. But so far, construction of the 3-tower Alphaland Makati Place remains in full swing.




For the meantime, checking out the data available on Makati Place reveals some interesting information about this

Alphaland has been touting Makati Place as a green building as it provides water and electrical efficiency and its parking facilities are located underground to reduce “heat island effect.” It is also being touted as future-ready as it will have a built in data network system, fiber technology, IP connectivity that lets you access housekeeping service, utility bills, even control of your home devices as well.


> more; http://www.theurbanroamer.com/controversy-and-alphaland-makati-place/




Three Towers, immediately next to Lerato, with turnover in 2015

: 1,2,3 BR flats > 494 units in 2 towers of residential condos + 22,000 sqm dedicated to a tower of serviced apartments.



Jazz in foreground, with Makati Place in background ... cemetery to the right

That cemetery, the Manila South Cemetery, is actually an exclave (territory) of Manila City, belonging to the San Andres District,

part of the 5th Congressional District of Manila City.



Makati Place is the 3 Towers under construction


SSC Aug.2014 on Pricing, etc: "We were told 60% of the condo was sold. Going rate is 189k/sqm fully furnished."

"The mall may be struggling a bit now but I guess it is safe to say that they factored into the equation the fact that there will be several upcoming neighboring condos and the City Gate development to keep the mall afloat once all of those have been completed."


> SSC: http://www.skyscrapercity.com/showthread.php?t=1006867

> Map: http://www.zipmatch.com/condominium/alphaland-makati-place

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Makati Place’s City Club: The ne plus ultra of membership clubs

September 4, 2013


‘Walk into the City Club at the FOURTH FLOOR of the 43-story Alphaland Makati Place at the northwest end of Ayala Avenue in upscale Makati and you will find seven restaurants, each offering a specialty cuisine, from the exquisite to delectable local favorites. You might think the City Club has one restaurant too many.

Not even the new East Wing of the Shangri-La in EDSA has that many full service restaurants on a area much smaller than a single floor of the Mandaluyong mall. True, Shang’s East Wing’s Lower Ground has eight restaurants but they include a bakery, a donut shop, a juice joint, and an ice cream nook.

If you include the TWG tea corner on the fourth and two more dining places on the sixth floor—a Filipino and a poolside restaurant, you can say the City Club has at least 10 restaurants with the first eight having a combined seating capacity of 357. Judging by the excellence of the restaurants, they may not even be enough in the future to accommodate the huge throngs of diners.

The largest of the restaurants is Chinese, Hai Shin Lou which can seat 92 diners. Next is the ultra high-end Sakura Japanese Restaurant which can accommodate 60. The Mona Lisa Italian restaurant is good for 45 while the Spanish Costa del Sol has seating for 42. The French restaurant Taste of France and Salathip Thai restaurant are each good for 40. The steakhouse Mark’s Prime Rib takes in 38 paxs. Nearly all the restaurants are top grade so customers are advised to book online.




The City Club opens today with no less than Vice President Jojo Binay gracing the event.

The Sakura boasts of being the best Japanese restaurant in the business district. A dinner for two can easily cost P20,000 if they order the Japanese Miyasaki Beef which is easily P6,000 per 150g, the Honmaguro Torio blue fin tuna belly (starting price P2,000), grilled unagi (eel) at P1,200, and Ise-ebi (lobster) at P500 per 100 grams. In charge of the restaurant is Chef Edo San, a Filipino, one of the best Japanese cuisine specialists in town.


Alphaland’s City Club is neither a mall nor a food court, however. It is a membership club. Nobody can just walk in without a digital ownership card to open doors for him.

It is today the most exclusive membership club. Even without a golf course or a polo field, City Club will scare the daylights out of the likes of Manila Golf (membership: P35 million) and Manila Polo (membership: P15 million, four restaurants).


City Club’s exclusivity up to this writing had cost members P1 million (about $22,700). Most of the more than 600 members signed up at this price. Some were lucky to buy at the startup tag of P500,000. By September this year, a share will fetch a 50% premium—P1.5 million.


“Excellence of food and facilities is the key to the success of a membership club,” observes Arthur Lopez, one of the country’s eminent club and hotel operators. “If the quality is not good, you lose patronage and the club will wither,” he warns. He cites the case of Tower Club also in Makati. Individual membership used to be P350,000.

The price has come down to P100,000, with no takers. Tower Club now has only one restaurant, a Chinese, and limited sports facilities.

Tycoon Roberto “Bobby” Ongpin envisioned the City Club to be the best in the Philippines and one of the best, if not the best, in the region. “There is nothing quite like it,” Bobby beams with pride. He spent more than P1 billion providing for just the restaurants and the club’s other amenities.

. . .

Aside from the restaurants, the City Club has at least 14 meeting rooms or function rooms—eight at the fourth floor and six at the fifth floor. They can accommodate people from a minimum of two to a crowd as big as 120.


City Club has perhaps the most complete health, fitness and sports facilities integrated in a single place in any building in Makati or in any vertical structure in the Philippines for that matter: a sprawling gym, two dance studios, an aerobics and yoga studio, a Pilates studio, a martial arts studio, a boxing ring, a table tennis room, and—a first and the only one of its kind in the Philippines— a high definition virtual golf...


> http://www.manilatimes.net/makati-places-city-club-the-ne-plus-ultra-of-membership-clubs/36653/

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Alphaland plans fund-raising in 2015

By: Krista Angela M. Montealegre, InterAksyon.com
July 14, 2014 8:56 AM

Alphaland's Southgate Mall. Photo from metromaniladirections.com

MANILA – Alphaland Corp is set to raise more funds next year to complete the development of its upscale project in the country's premiere financial district.

Alphaland president Mario Oreta told reporters that the property developer is in a better position now following the settlement of its dispute with former key shareholder Ashmore Group.

"We have resolved the issue with Ashmore. We are much healthier [now]," Oreta said.

"We're done with Balesin. We will finish Makati Place Towers. We are topping off in October for the towers and we will turn [them] over to our buyers by December 2015," he said.

Alpahaland Balesin Island Club and Alphaland Makati Place are 2 of 4 projects that the Philippine firm retained following its settlement with Ashmore. The listed firm owned by former trade minister Roberto V. Ongpin also kept ownership of Alphaland Southgate Tower and Mall and Alphaland Baguio Mountain Lodge Homes.

"We're behind schedule [on Makati Place] but [it's] manageable. We had redesign issues and we had to resolve our issues with Ashmore. Now we have resolved our issues with Ashmore, we are working 24/7," Oreta said.


Alphaland is using the P2.5 billion payment of Ashmore to finance the development of The Makati Place.

“We still need to borrow from the banks, maybe another P2.5 [billion] or P3 billion...We still have to augment it by bank borrowings,” Oreta said.

Alphaland has sold 180 residential units out of the 500 units at the Makati Place. Last week, the property firm started its corporate membership share offering, allowing 2 nominees with their own sets of dependents instead of a typical membership share that only has 1 assignee.

"We want other people to enjoy the club. Our club is really for the younger guys who would want to belong to a club. It's aspirational, that has always been the vision of The City Club. It's not a polo club for the rich and famous," Oreta said.


So far, Alphaland has sold close to a thousand out of the 3,000 shares allowed for sale*. The price of a City Club membership share has increased from P500,000 in its initial offering in December 2010 to P1.5 million at end-2013.

“There are a lot of people interested because it makes sense,” Oreta said.

The City Club is a key component of Alphaland Makati Place, occupying the fourth to sixth floors of the development with a gross floor area of 30,000 square meters...


> http://www.interaksyon.com/business/91152/alphaland-plans-fund-raising-in-2015


2,000 memberships to sell !!

I suppose they want to push the price higher, in order to help sell the Makati Place properties

( ""We were told 60% of the condo was sold. Going rate is 189k/sqm fully furnished." - aug.2014, ssc )

Once they are done selling those at such a price - they may push out more memberships, to make money on the restaurants, etc facilities.

Then the membership price may fall back towards PHP 1mn, even 500k.

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Investing in Philippines Real Estate - Weekend presentation

Randell Tiongson was the featured speaker at a Mongkok afternoon conference sponsored by ALVEO, Ayalalnd's subsidiary. Mr Tiongson gave an interesting and detailed presentation showing why the Philippines is no longer the "sick man of Asia." Now, it is a country with falling debt, good growth, and the potential to benefit mightily over the next one to two decades from its positive demographics, with many young people coming into their prime working years over the decade of 2020-2030 and beyond.




He showed an amazing chart showing fast growing spending, but where tax-income to the government was rising even faster. He said a budget surplus was possible in coming years. And this dynamic was one of the things cutting Philppines debt as a percentage of GDP to a reasonable level (near 45%, versus almost 100% for some Western countries.) Some people think the government should spend more improving their infrastructure, if they can do it without having funds siphoned away on corruption, which still remains a problem.

Tiongson is no polyanna, and he took some time outlining the challenges still faced by the country: mainly corruption, and infrastructure related. But he points out that the current people of rapid growth was started by actions of its prior (corrupt?) politician, and hopes for the current president were low when he took office. He believes that Filipinos are high skeptical of the success of their country. Foreigners seem to have seen the positive potential more clearly than locals. RT's presentation went some way in pointing out why it is likely to continue, no matter whom is chosen as the next President in two year's time, when Aquino's single term will finish.

In the Q&A, I asked him about the similarity between the growth in Makati condo prices, and the nominal rise in GDP:
+ Over the past 3 1/2 years to Q4-2014, condo prices were up about 36% - that's about 10% p.a. without compounding, and maybe 8% p.a. with compounding. This annual figure is similar to:
+ Growth (5-6% per annum) plus inflation (3-3.5%) per annum. When added together, this gives a nominal growth of maybe 8-9% p.a. in GDP

Here's the slide from ALVEO showing the property price stat:


RT's website :: http://RandellTiongson.com



OWNING PROPERTY in Makati may be a way to get a "piece" the Philippines exceptional growth

(The figures I had in mind after hearing Mr Tiongson's presentation - were something like this):


GDP Growth real: +6.0 % estimate for future years?

Inflation, annual--- : 3.0 % est

GDP grw, nominal : 9.0 % est

Population growth : 1.7 % est.

Wage growth ------ : 5.0 % est (lagging GDP growth?)

Rental Increases---: 6.0 % est (could be less if supply is excessive)

Property Rise------- : 8.0 % est (thanks to still-falling interest rates on mortgages)

=== ===

Data/ see GEI.pg1

----------------------- : -2010- : -2011- : - 2012- : -2013- : - 2014- :

Makati Condo pr. : 102.3k : 109.2k : 118.0k : 134.9k : 144.5k : Mid-Makati

Percent Rise------- : + 0.3%: + 6.7%: + 8.1% :+14.3%: + 7.1% :

Makati Rental, av : ------------------- > r0,720 : r0,805 : r 0,838 : PHP per SM

Percent Rise------- : ------------------- > -- n/a-- :+11.8%: + 4.1% :

Nom. Wages* ------ : -7,583 : - 7,995 : -8,280 : -------- > ------- > Jan., in PHP

Percent Rise ------ : + 4.2% : + 5.4% : + 3.6% :

Nominal GDP------- : -9,003 : -9,736 : 10,565 : 11,546 :

Nominal GDP grw. :+12.2% : +8.1% : +8.5 % : + 9.2% :

Real GDP growth**: + 7.6% : +3.6% : +6.8 % : + 7.2% : + 6.0% :

Population growth- : + 1.7% : +1.7% : +1.7 % : + 1.7% : + 1.7% :

Interest Rates bank: 7.67 % : 6.63 % : 5.67 % : 5.76 % : 5.62 % :

------------------------ : -2010- : -2011- : - 2012- : -2013- : - 2014- :

* http://www.tradingeconomics.com/philippines/wages
(As RT had said, overall Philippines wage growth has lagged behind GDP growth)

** http://econdb.pids.gov.ph/tablelists/table/800


I have some real concerns about the Supply growth coming in 2015-2017 for Makati.

And you should look at my notes in post #101 on page 6:


I am more comfortable now because:

+ 1 million people work in or visit Makati every day

+ There are now about 18,000 condos, with room for maybe 50k people, and the rest live in old housing stock, or commute in congested traffic

+ There's an ongoing major shift into condos as they are built, so people can avoid unpleasant commuting

+ Much of the new supply in Makati in 2015 is one project (Jazz, with 5,000 units) which is a denser and lower grade building



Year : Population Yearly % Chg. Yearly
==================================== Change Migrants (net) Median Age Fertility Rate Density (P/Km²)
=================================================== URBAN : Pop % Urban Population Country's Share of
============================================================ World Pop World Population Global Rank

2015 101,802,706 1.73% 1,671,677 -140,000 23.4 3.07 339 50% 50,734,397 1.39% 7,324,782,225 12

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ECONOMIC NEWS Items : Good times keep on rolling in the Philippines, an "under-spender"


Robust growth hinges on spending
BusinessWorld Online Edition-11 hours ago
The Washington-based lender still sees the Philippine economy ... that underspending made the government post its smallest deficit in six ...
ABS CBN News-24 Mar 2015
The decline in oil prices would likely result in a narrower trade deficit this year, the Philippine central bank has said, resulting in a bigger ...


Government confident Philippines will grow 7-8%
Philippine Star-8 Apr 2015
MANILA, Philippines - The Aquino administration is confident the economy will still grow by seven to eight percent this year and next despite the negative impact of slumping oil prices on government revenue performance.

During its meeting yesterday, the government’s economic team agreed to keep its forecasts for the country’s economic growth unchanged even as it sees state revenues growing at a slower pace amid a sustained low oil price environment.

While low fuel prices give people more discretionary spending power, they are seen to impact negatively on the state’s revenue performance, more particularly on imports.

The inter-agency Development Budget Coordination Committee (DBCC) sees oil prices hovering between $50 and $70 per barrel this year from the earlier assumption of $80 to $110 during its meeting in January.

Falling oil prices prompted the DBCC to slash revenue targets for this year.

Finance Undersecretary Jeremiah N. Paul Jr. said the government now expects revenues to hit P2.275 trillion this year from the original target of P2.34 trillion. This is projected to account for 16.3 percent of the country’s total economic output.

Of the P2.275 trillion, P2.127 trillion (equivalent to 15 percent of GDP) will come from tax revenues.

Government keeps economic goals intact
BusinessWorld Online Edition-8 Apr 2015




Philippine borrows a third less in 2014 amid narrower budget gap
InterAksyon-31 Mar 2015
The government borrows money primarily to bridge its budget deficit.

MANILA – The government cut its borrowings last year by a third.

Data from the Bureau of Treasury show that the national government borrowed P369.06 billion in 2014, a 33.47 percent decline from the P554.7 billion the previous year. In December alone, borrowings reached P38.34 billion.

The government borrows money primarily to bridge its budget deficit. The Philippines ended 2014 with a deficit that was way below ceiling amid government’s under-spending.

Viewed against the size of the Philippine economy, last year’s deficit was equivalent to 0.6 percent of the country’s gross domestic product (GDP), below the target of 2 percent for 2014 and the actual ratio of 1.4 percent for the previous year.

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Columns is getting "put in the shadows" by the building around it.

But Rentals and Sales continue at healthy prices -

(Columns is the first and oldest condo by Ayalaland in Makati)


: Columns_zpsrtsx4ol6.jpg : Map


For RENT: The Columns Legazpi Village

corner of Arnaiz Avenue (formerly Pasay Road) and Amorsolo Street, Makati City

Rental Price Range: / Unfurnished ave.: PHP 989 psm at Apr. 2015


Studio------ : approx. 30-38 sq.m. (mid-34 sm)

Furnished-- : Php 35-40,000 (1,100 psm)

Unfurnished: Php 30-38,000 (1,000 psm)

1 Bedroom : approx. 47-62 sq.m. (mid-54.5 sm)

Furnished-- : Php 50-65,000 (1,055 psm)

Unfurnished: Php 45-60,000 (0,963 psm)

2 Bedroom : approx. 73-82 sq.m. (mid-77.5 sm)

Furnished-- : Php 80-95,000 (1,129 psm)

Unfurnished: Php 73-82,000 (1,000 psm)

3 Bedroom :

Furnished-- : Php100,000-120,000

Unfurnished: Php. 95,000-110,000


- See more at: http://www.alveoleasing.com.ph/makati-condo-for-rent-the-columns-legazpi-village/#sthash.naNSX9By.dpuf

Columns / For Sale, advertised :

1 BR (48 sqm) : PHP 6.5 million = PHP 135,417 psm (15th fl. + 1 parking slot)

> OLX : http://www.olx.ph/index.php/classifieds+directory/q/the+columns+ayala+makati+for+rent


Compare, from pg.1, here:

RENTALS : Makati, Bonifacio, Rockwell / Q4 - 2013

Qtr /Yr. : Mak-Mid. QonQtr : YronYr / Lo - Makati - H / L-Bonfacio-H / L-Rockwell- H /

4Q /2014 : 0,838 : +0.96 % : +4.10% / 0,575 - 1,100 / 0,640 - 1,045 / 0,750 - 1,055 :
1Q /2015 : ? ? ?
Makati Yield Note : 3Q/ 2014 : 0,838 x12 = 10,056 / 144,500 : 6.96% Yield

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NEW at The Fort / BGC


ALVEO LAND's The Maridien [2T|42F&38F|mix|res]
@ High Street South Block, BGC, Taguig City, Metro Manila










> http://www.skyscrapercity.com/showthread.php?t=302340&page=507




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Chasing Dreams in Manila


Capital Gains - the city is attracting visitors and tourists, with the huge Entertainment City project on reclaimed land - SCMP MICE section, pg.62




Melco has opened a US$1 billion integrated casino, hotel, retail and entertainment resort... reminding some of the 1989 opening of the Grand Hyatt on reclaimed land in Wanchai.




Melco sees big potential in Manila, and others such as Bloomberry Resorts is also opening a $1 Billion casino nearby

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Philippines Property Ad

These have been RARE in Hong Kong papers.
So I was surprised to see one in today's Standard, pg.13

EXCLUSIVE LAUNCH, residential property investment
+ Within Metro Manila
+ 70% green open space
+ Rental yields 5-8%, Proj. Capital growth 6% p.a.
Event is: 6:30 - 9:30pm
Venue: Honi Honi Tiki Cocktail Lounge (Central)
3/F Somptuex Central, 52 Wellington St.

(The property is in Quezon City, I learned in a phone call)



It seems to be: Circulo Verde: http://www.circuloverde.com.ph/

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Ayala Land Premier projects, near Makati : Arca South, Nuvali, Vermosa, Anvaya Cove,

(> sealevel: Mak.: 79ft, Arca S.: 87ft, Nuvali: 330ft, Alabang: 65ft, Verm: 400ft+, Anvaya: 40-350ft )


This Map shows the SCALE and locations of major Ayalaland projects



ALVIERA, Pampanga - see post #148; and:

> SSC-Alviera : http://www.skyscrapercity.com/showthread.php?t=1797404



+ Arbor Lanes is Ayala Land Premier's very first residential offering in the developing Ayala Land master-planned estate,

Arca South, Taguig (former FTI): >> here's a video Drive-Trip to Arca


"BGC is a better version of the Makati CBD.

Ayala's vision for Arca South is for it to be a better version of BGC.

Arca South is twice as big as BGC's City Center" // - SSC, pg.25, #486

RANKING (one poster's opinion):

I would rank emerging/present CBD's in Metro Manila, in terms of growth in the next 20yrs, as follows:

1. Ayala Makati CBD/Fort Bonifacio (BGC)
2. SM Bay City-Pagcor E City
3. QC-CBD/Ortigas/Alabang
4. Arca South : "Arca may surprise" // - SSC, pg.25, #498
5. Eastwood-C5 Corridor




Heights restricted by nearby airport - density and the lack variety are off-putting to me (dr. B)



For residential projects, there's Arbor Lanes by Ayala Land Premier which will cater to affluent end users.



It's exclusivity is comparable to BGC's One Serendra, only better. This high end residential project will only have a cluster of 5 towers that are mid rise and low in density(8-10 units per floor) not to mention the 60% of the project dedicated to open space providing intimate garden living for homeowners.



Arca South / SSC : http://www.skyscrapercity.com/showthread.php?t=1534732



+ NUVALI projects: include Soliento, in Central Nuvali ... Nuvali Video-2012





Subdivision living



(ALVEO's there too, in Nuvali):

Mirala is Alveo Land's newest residential community within NUVALI, the country's first and largest thriving eco-city development. Here, the balance between a lifestyle of responsibility and sustainability thrives in an environment of diverse spaces, activities, and services.

NUVALI is a 1,860-hectare development, spanning the cities of Sta. Rosa and Calamba, and the municipality of Cabuyao in Laguna.

A privately managed transit system-including buses, shuttles, and vans-circulates within NUVALI and links to Metro Manila.

Only efficient and more environmentally friendly vehicles will be used in this transit system.



It is not all sunshine. In Avida Nuvali, some locals are posting about floods and robberies


Vermosa shall be a modern town offering a balanced and healthy lifestyle offered through active and wellness amenities. A signature development of Ayala Land, paying homage to the successes and familiar charm of the highly successful Ayala Alabang, Vermosa shall offer a diverse mix of elements including retail, office, residential, complimented by sports and wellness facilities.

SSC / Nuvali Mix : http://www.skyscrapercity.com/showthread.php?t=507437&page=257



+ The Courtyards, Vermosa accessible via SLEX, Daang-Hari and Aguinaldo Highway


Driving, driving everywhere - who is going to pay for all that infrastructure?


> SSC-Vermosa : http://www.skyscrapercity.com/showthread.php?p=121788784


+ ANVAYA COVER includes:

Fairway Crest and Seabreeze Verandas, on the highest point of Anvaya Cove / Seabreeze : full-img





Anvaya Cove offers your family endless summers and perfect bonding memories with residential lot and unit options for your distinct lifestyle, and exclusive recreational activities for all ages and members of the family


Leisure Offerings

Beach and Nature Club, Wellness Spa

Golf Club, Sports Club, Nature Camp, Kids Arcade

Horizon Hall function room, Dining Options

Residential Lots

480-700sqm lots with views of the sea, mountain range and fairways for the dream vacation home your family deserves

Recommendation: Fairway Crest (most exclusive neighborhood within Anvaya Cove) Block 1 Lot 5 696sqm facing Northeast/morning sun view of Fairway P15,700/sqm List Price at P10.93Mn (map attached)


Residential Units

1,2&3BR Units in low-rise Bldgs - the Seabreeze Verandas (now offering Bldg D), on the highest point of Anvaya, with views of the sea and mountain range, with its own amenity area, lock up and go features, with income-generating leasing option. Recommendation: Bldg D 3BR corner unit P08 with views of Silangin Mt Range and West Philippine Sea 138sqm List Price at P23.92Mn


2BR+ and 3BR+ Seascape Ridge quad/townhouse type units with views of the fairway, lock up and go features, hassle-free, some units currently/soon to be ready ready for occupancy

Recommendation: 2BR+ (effectively 3BR) Quad 15 Unit D 167sqm with common parking List Price at P18.03Mn : (PHP 107k /SqM)



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PHILIPPINES Country Report - in today's SCMP


Economy Tipped to maintain momentum


Growth fueled by construction projects and state spending


+ IMF upped growth forecast from 6.6 to 6.7 percent in April

+ The Phil. govt is more optimistic, predicting between 7 and 8 percent

+ Inflation expected to remain between 2 to 4 percent

+ Old problem was: too much consumption, not enough capital spending;

but private sector investment is growing over the last three years



+ Philippines equities are seen as the "most expensive in Asia";

and investors are attracted by the positive macro-story

+ The importance of foreign remittances from OFW are seen as a pillar of growth

+ BPO's are giving jobs to young people (who stay in the country), and are willing to work 24 hours

+ The pick-up in confidence has been traced back to Aquinos election in 2010


The LACK of efficient infrastructure is being seen as a barrier to growing tourism

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LERATO PRICING, updated: as some units approach completion*


Comment / concerning the Makati vs BGC Debate:

"BGC arises because developers have limited land banks left in Makati, especially in the prime and flood-free MCBD. Developers need land to build and boost their profits. There is still a lot of undeveloped land left in BGC and any future rise in price would be moderated by increased supply by developers. MCBD is still the country’s premier financial district in Phil and will continue to be so in years to come; land prices in MCBD are still higher than BGC. IMO, the traffic in BGC would be horrendous when it becomes mature and there could be an oversupply of residential units in the future. The proportion of office, residential units and retail business in MCBD is more balanced while BGC seems to be packed with residential developments. Last but not least, BGC is also earthquake prone; the West Marikina Valley Fault runs through it."

= dated May 28. 2014

For me, it was an easy decision: There are more jobs in Makati, and limited supply in future


LERATO Updated:

facilities shown in this video

Studio unit shown after 2:30 minutes

Lerato Towers : T1: 38-stories / T2: 30-st. / T3: 48-st.

Tower Heights : T1: 144.00m. / T2: 114 m / T3: 183.1 m.


"...reopened Studio unit at Lerato Tower 3, unit 3706, facing the North side.

It will have portions of the Manila view.

The price is P3,721,428 + VAT P446,571.43 = P 4,168,000 + Other Charges of P195,917.07 .... "

= That's PHP 139K psm

> see SSC : http://www.skyscrapercity.com/showthread.php?t=1002701&page=25

> Old prices : http://urbanproperty.ph/data/documents/The-Lerato-Tower-3-Unit-Price-List.pdf




(this is from 2010 ... there may have been changes)



Note: P 4,168,000 / 30 SM = PHP 138.9K psm : Apr. 2015

OLD : P 3,828,000 : + 8.9%, since July 2013

"North side" = cemetery view?

It seems that prices are moving up, but not so fast as some other Makati projects.

PHP 138.9k psm is a 3.9% discount to Collier's 12/2004 Mid-Price of 144.5k psm

That is a small (but reasonable?) discount for the location, N. of Ayala Ave.


*turnover for Lerato tower 1 starting from June 2015

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The Need for New Urbanism in the Philippines


Why can the Philippines not learn from the MISTAKES of the USA ?


As Jeff Speck says here:

+ Americans spent 20% of their income on Transportation

+ Working class Americans spend more on transport than on housing



If people don't spend money on transport, what do they spend it on?

Better things. Like education and leisure... and better housing


Ayalaland does not yet "get" this in its design of Nuvali, etc



I am seeking more intelligent use and integration of Transport, and especially Public Transport

in the Philippines. Has anyone else found it?


Phil-Nu-Urbanism might come along the PNR route somewhere


or here: another Metro Manila map : Larger, newer map



What's planned - note PNR-Buendia :


PNR Buendia


> source: http://www.timawa.net/forum/index.php?topic=14737.180

Not very inspiring (yet), eh? / A comment from that thread:

Re: Thread Index: All About Railways, MRT's, LRT's

« Reply #190 on: January 13, 2011, 10:02:05 AM »

Amazingly stupid too that the Manila people include traffic jams and bad drivers in their list of litanies for wanting the LRT/MRT to be cheap. If they stepped back a bit and started thinking, they can easily demand efficiency and safety in public transportaion on the road. But thanks to their pro-poverty and mendicant mentality, they would rather think that bus franchises are as pro-poverty as they are, as if they owed bad transport services a favor.

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Supposedly, a Rail link to Clark (and beyond?) is/or was under construction.

But there has been a pattern of announcing, and then cancelling this project,

mainly due to claims of corruption in awards of the construction contracts






(See the Top of this map)


Northrail Project
The Northrail project involved the upgrading of the existing single track to an elevated dual-track system, converting the rail gauge from narrow gauge to standard gauge, and linking Manila to Malolos City in Bulacan and further on to Angeles City, Clark Special Economic Zone and the Clark International Airport. This project was estimated to cost around US$500 million, with China offering to provide some US$400 million in concessionary financing.[22] Preparatory construction began in early November 2006.[23] Due to delays in the construction work, it was soon being renegotiated with the Chinese government. Construction temporarily continued in January 2009 with the support of the North Luzon Railways Corporation. Again, the project was cancelled in March 2011, due to a series of delays, work stoppages, a controversy and anomalies with the foreign contractor.[24] The railway project was contracted out by the Arroyo administration in 2003 to China National Machinery and Equipment Corporation (CNMEC) for an original cost of $421 million. In 2009, CNMEC increased the contract price to $593 million, with the government agreeing to shoulder the difference. The government loaned $400 million from China’s Exim Bank to fund the project, with the balance sourced from the Development Bank of the Philippines. In 2011, the Aquino administration scrapped the project on lingering legal issues and corruption allegations. The Philippine Supreme Court handed down in March 2012 a decision giving a lower court the go-signal to hear the case calling for the annulment of the allegedly overpriced contract. Instead of settling the entire US$184 million due in 2012, the Department of Finance will pay Export-Import Bank of China 4 equal payments of $46 million starting September 2012.[25] National Economic and Development Authority (NEDA) Director-General Arsenio Balisacan said the 80-kilometer Northrail project would resume within the term of President Benigno Aquino III.[25]

The Department of Transportation and Communications has examined reviving the project by commissioning a feasibility study by CPCS Transcom Ltd. of Canada. Part of the study examined having a Malolos-Tutuban-Calamba-Los Baños Commuter Line


> wiki- PNR: http://en.wikipedia.org/wiki/Philippine_National_Railways


Roxas says North Rail project scrapped

ABS CBN News-28 Mar 2012

MANILA, Philippines - The North Rail project, the train line which is key to shifting some of the air traffic in Manila to the Clark airport, has been ..

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Without Northrail, Clark won't be main airport - Roxas


Passengers of most international airlines will have to keep on passing through the congested NAIA-1 until the legal and construction issues that hound the North Rail project are resolved

Published: Feb 27, 2012 / Jul 18, 2012

MANILA, Philippines - Passengers of most international airlines will have to keep on passing through the congested Ninoy Aquino International Airport Terminal 1 (NAIA-1) until the legal and construction issues that hound the North Rail project are resolved, Transportation Secretary Mar Roxas said.

The North Rail project, which is meant to link Metro Manila and Clark International Airport, is the "necessary ingredient" in making the former US aviation base the new gateway, Roxas said.

At press briefing on Monday, February 27, Roxas said that “the transfer can’t happen if there is no infrastructure. It is a necessary ingredient” because North Rail project is the missing link to transport passengers from Metro Manila all the way to Clark."

Clark is located around 80 kilometers from Metro Manila. Metro passengers taking budget airlines flights in Clark travel via buses or private cars that take the North Luzon Expressway (NLEx).

The North Rail project, a controversial project between the former Arroyo administration and the Chinese government, is meant to reduce the travel time between Manila and Clark, which has a sprawling area ideal for aviation activities.


> more: http://www.rappler.com/business/1845-without-northrail,-clark-won-t-be-main-airport-roxas


Govt must decide soon on new airport
Manila Standard Today-2 Mar 2015
As already indicated, the proposed Northrail line to DMIA has virtually ... The Philippines' future credibility as a major airline destination is ...
Many observers and analysts consider the administration of Benigno S. Aquino III as the most indecisive where public-sector investment is concerned, noting that only in the past year, more than halfway into PNoy’s term, has the Public-Private-Partnership started to move. Perhaps nothing epitomizes the indecisiveness, in the eyes of the observers and analysts, more than the project to establish an airport to provide relief to aging, overworked Ninoy Aquino International Airport.

True, movement between the Diosdado Macapagal International Airport—a part of the sprawling former Clark Air Base complex—has been improved with the completion of the Clark-North Luzon Expressway interconnection project. But, other than that, nothing has been done to make rapid movement of passengers and cargo between DMIA and Metro Manila a realistic possibility for the near future. The high-speed train service proposed by past administrations was accepted by the Aquino administration as the best of all DMIA-Metro Manila transportation ideas, but no effort has been made since 2010 to revive the project after its scandal-marred past.

. . .

At least two other possible sites for an alternate to NAIA have been proposed from time to time. One is in Bulacan, the other in Quezon. Because having to start from scratch would entail far higher government expense, serious discussion has been limited to DMIA and the Sangley Point facility.


The problem with DMIA has been discussed above. Until a rapid-transit system is installed that will bring international and domestic passengers to and from Metro Manila, the Clark facility will not be a viable alternative to NAIA. There is no point in being able to get passengers reasonably rapidly to Balintawak if they are going to be stuck in EDSA and Caloocan traffic. New international airport projects like Paris’s Charles de Goulle, Taipei’s Chiang Kai-shek and London’s Heathrow were successful because of the high-speed rail and road facilities that were put in place simultaneously. As already indicated, the proposed Northrail line to DMIA has virtually become a non-starter.

That leaves Sangley Point as a possible alternate airport for NAIA, assuming that the government is serious about preparing for the day when NAIA will no longer be able to operate efficiently on account of excess capacity.

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Even the Makati / BGC / etc subway has come into doubt...

Or at least the ROUTE of it may be changed, to save some costs


Pangilinan cool to idea of Philippines' first subway

ABS CBN News-2 Mar 2015
(MPIC) would prefer the government develop the light rail system, instead of ... City to Makati central business district and Mall of Asia area in Pasay. ... the Makati post office and the PNR station on Buendia, then to the LRT-1 ...
NEDA prefers 'cheaper' BGC route for subway project
Rappler-19 Feb 2015
This would connect the cities of Makati, Taguig, and Pasay, DOTC Secretary Joseph Emilio Abaya said.
. . .
If the subway system ends at 32nd Street, the stops would include Market-Market, St Luke’s Medical Center, MRT3 Buendia Station, Ayala/EDSA, Ayala Triangle, Makati Post Office, PNR Buendia, Buendia/Taft Avenue, World Trade Center, Mall of Asia, and EDSA/Taft Avenue.
MASS TRANSIT SYSTEM LOOP. The subway system will link Bonifacio Global City, Makati Central Business District, and the Mall of Asia in Pasay City, according to the PPP Center. Map from the PPP Center
Subway project rolled out by first half of 2015 -- DoTC
THE MOST expensive public-private partnership (PPP) deal in the government pipeline is set to be rolled out within the first half of the year, once it secures final approval from President Benigno S. C. Aquino III this month, a Transportation department official said.
The P374.5-billion Makati-Pasay-Taguig Mass Transit System Loop was one of the seven infrastructure projects approved by the National Economic and Development Authority (NEDA) Investment Coordination Committee Technical Board and Cabinet Committee meeting on Jan. 14.
. . .
The planned 20-kilometer (km) system will consist of a 16-km tunnel, a 4-km elevated railway and 11 stations, which is expected to ease road congestion in the cities of Makati, Pasay and Taguig, according to the PPP Center Web site.

Veteran PPP bidders Metro Pacific Investments Corp. (MPIC) and MTD Philippines, Inc. have set their sights on the P374.5-billion PPP deal, the country’s first subway system that will link Bonifacio Global City, Makati central business district and the SM Mall of Asia.
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Where : Porac City, Pampanga, Luzon - near Clark airport

Website: http://alviera.ph/

Porac poised for progress with Alviera development
by Manila Bulletin Thusday February 5, 2015

Porac is in for another transformation, one which will propel the once barren land to the topmost of business, leisure, institutional, residential and recreational destinations of Central Luzon. Progress meets the plains in the new 1,100-hectare estate development rising from Ayala Land, Inc. (ALI). The pioneering developer of masterplanned communities has partnered with Leonio Land to unveil Alviera, located just off the Porac Interchange along SCTEX.

“We see it as urban living, embraced by nature as we are building around the area’s scenic natural terrain. Nature plays a strong part of the Alviera experience. Alviera is envisioned to be the growth center of Central Luzon,” said Meean Dy, Strategic Landbank Management Group Head, and VP of Ayala Land.


Ayala Land, Inc., in partnership with Leonio Land, is launching its latest large-scale, integrated mixed-use development in Porac, Pampanga called Alviera, a 1,125-hectare township designed to seamlessly combine urban living with nature. The first of Alviera’s attractions is SandBox, which offers visitors memorable outdoor experiences from a number of attractions and adventure courses.


Alviera will be a mixed-use township in Porac, Pampanga located within the Subic-Clark corridor and taking advantage of the accessibility provided by NLEX and SCTEX.

The vision for the development is to establish an all-inclusive progressive growth center in Central Luzon to serve as base for commerce and industry. Aside from residential and commercial projects, a PEZA zone for industries similar to the Ayala Land- managed Laguna Technopark will be built within Alviera.




Comments: April 2014
1/ The 1st residential community in Nuvali is Abrio (2007) which is under Ayala Land Premier. We started at a rate of P 9,548.00/sqm. The pre-selling price would be more likely the same as in Nuvali. Last 2011 the price per square in Abrio was P 14,250
2/ "secondary market rates for Ayala Land Premier lots in Nuvali is now at ave 25k/sqm, for Alveo its ave 15k/sqm, this after haggling, still inclusive of capital gains tax and other charges.

I would say Alviera will be more like Nuvali more so many developers have already positioned themselves in the area. The proximity to Metro Manila is also similar. The conversion of provincial land to become a highly commercial area is also similar to Nuvali. But it is unlike Sta Rosa, which has been gentrifying for decades before Nuvali. Alviera would need to attract locators to set up shop to drive traffic.

Altaraza, on the other hand, is nearer Metro Manila, with access to a possible PAL International Airport and also the future MRT7 culminating at the Grand Central Station at Vertis North. Top corporations of of the country have also positioned themselves at San Jose Del Monte, with vast land banking done these past years. Real property values with palpable growth in Altaraza area will be more evident if not exceed Alviera, definitely


Alviera-Plan_zpsimgsjvha.jpg : Larger
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ALABANG : the most Southern stop on the PNR



> Alabang station-Wiki : http://en.wikipedia.org/wiki/Alabang_railway_station


Many will find the Skyway (highway) a more convenient connection



Levels is on the map above; Here's what it will look like / Filinvest site: http://www.filinvesthavila.com/


Occupying a 13,590-square meter property within the fast-paced Filicity in Alabang, The Levels is a collection of four towers of varying heights with terracing levels that provide a castle-effect look inspired from the Californian city skyscrapers and a community reflecting their unique lifestyle.
Lush tropical greenery reminiscent of Lombard Street and generous open spaces provide the refreshing backdrop in this community.



The Levels is stone's throw away from leading business (Insular Life, Northgate Cyberzone, Madrigal Business Park), commercial (Alabang Town Center, Festival Supermall, SM Southmall), educational (Brentville International School, Southridge, Southville International School and Colleges, San Beda Alabang), medical (Asian Hospital) and religious institutions in Alabang - the most sought after location south of Manila.

> source- SSC: http://www.skyscrapercity.com/showthread.php?t=1116251


Anaheim Tower was the first completed of the Four Towers at Levels:

The Levels heightened homebuyers’ anticipation of the upscale California lifestyle with the recent topping off of Anaheim Tower – the first of a planned four-tower complex. The recent completion of the topmost floor of Anaheim is an indication that The Levels is fast gearing up for full completion and eventual turnover, says Joseph M. Yap, Director of Filinvest Land Inc. and president of Cyberzone Properties Inc. (CPI), during the topping-off ceremony.

“When completed, The Levels is expected to add a new dimension of condo living to the newly-reinvigorated Filinvest City, the living and breathing city that it is known today,” Yap says.



With the marked warm reception received by the first tower, The Levels is poised to launch Burbank, its second building, this year.
Francis V. Ceballos, senior vice president and cluster head at FLI says the market response to The Levels was encouraging.

> SSC-2013: http://www.skyscrapercity.com/showthread.php?t=1116251&page=6


Pricing example : 2BR : 6,930,875 / 57 SM = PHP 121,596 psm

2 bedroom Apartment and Condominium for sale in Ayala Alabang : The Levels, Block 13


Festival supermall






> SSC-AlabangW-CBD : http://www.skyscrapercity.com/showthread.php?t=1749342

That was 2011, and shows a station that needs improvement

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