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CITY GATE, KROMA Tower, & AFT (photos)

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Kroma Estimated Rent. 1BR 450 units + studios, 2BR = 800+ units in total - CGK6

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I Will update the above figures when better data* is available... blank

Fully-furnished units on high floors are likely to be offered at Higher Monthly rents (according to some Kroma owners)

RENTALs,  Kroma > here-Gei (check back soon!) : Google : Olx : Rpad : Alveo :

======

TURNOVER UPDATE (summary from prior page)

KROMA UPDATE: 10% Turned over already - @ July 2018. +15% a month?

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The Kroma lobby has a nice clean Scandinavian feel to it.

 The Rep told me that over 80 units have already been turned over, and that flats on floors from 15 - 23 were currently in handover mode. There are 24 units per floor, this means that 37% of the units on the designated "middle" floors had been turned over as of July 2018.

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1 BR at Kroma - with Sliding glass door

I think the glass wall with door was a feature that Alveo offered in certain 1BR units (in early marketing?)

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This 1 BR is 54 sqm, and was recently offered for sale...

> on OLX : Offered for P 9,400k / 54 = P 174.1 k per sqm

There was also a Studio of 27 sqm

> on OLX : Offered for P 6,500k / 27 = P 240.7 k per sqm (seems expensive ! see more examples below)

There are quite a few Kroma units "on the market" now:

KROMA TOWER, Listed for Sale, 9 units (July 2018)
=============
2BR-- : 17,000K / 95.0 = 178.9k psm : 2BR, 2ba
1BR-- : 12,000K / 56.0 = 214.3k psm : 1BR, 1ba (x2 at this price)
1BR-- : 11,000K / 54.0 = 203.7k psm : 1BR, 1ba
1BR-- : 10,900K / 56.0 = 194.6k psm : 1BR, 1ba
1BR-- : 10,200K / 56.0 = 182.1k psm : 1BR, 1ba
1BR-- : P9,400K / 54.0 = 174.1k psm : 1BR, 1ba
1BR-- : P9,300K / 54.0 = 172.2k psm : 1BR, 1ba
1BR-- : P8,299K / 55.0 = 150.9k psm : 1BR, 1ba
Parking: P 760k / 12.5 = P60.8k psm : podium parking
Median: 10,375k / ave.= 185.3k psm : July 2018
=====
(source: DotProperty - late July 2018)

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MORE KROMA PHOTOS - Early August 2018
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Kroma, seems aTowering achievement... at least, during this time of day

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The pocket park next door will be a restful feature. (ALP's Park Terraces has a pocket park too.)
This one will lead to Alveo Financial Tower, and to the inner part of the City Gate complex.

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Residents will be able to walk to the main  entrance facing AFT (past McDonalds?) using this passage

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A second floor entrance will give access for Kroma residents to the walkway leading to Greenbelt.
Kroma-based people can stay dry as they go to work, play, shop or dine in many older & newers parts of Makati CBD.

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CITY GATE is looking Smarter

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Looking like a pair of buildings very suitable for high level business & commercial activities , as it approaches completion.  I am eager to see what the Gardens look like

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GOOD NEWS for new Landlords at KROMA

Colliers says that Rents have stopped Falling, and vacancy rates are lower.

"Makati CBD recorded a 0.9% increase" in Monthly Rentals during Q2 - first rise for many Quarters

Rents recover Improved occupancy in condominium projects across Metro Manila has helped arrest the decline in rents.
Average rents in prime three-bedroom units  in Makati CBD recorded a 0.9% increase to PHP 540-1,080 (USD10.2 to 20.4) per sq m a month from PHP 530-1,075 (USD10 to 20.3) in 1Q2018. Monthly lease rates in Fort Bonifacio and Rockwell also rose by 0.4% and 0.2%, respectively. Despite the slow recovery in rents, 2Q2018 results indicate that lease rates have picked up and arrested the decline in rents recorded in the past four quarters

> per Colliers / Q2-2018: https://f.tlcollect.com/fr2/218/37627/Colliers_Manila_Residential_Q2_2018_FINAL.pdf

That's 3BR units.  1BR and 2 BR units in New buildings in good locations (like on the walkway) could easily be higher

Thus, LLs at Kroma might ask, for example: (per Month)

1 BR / 54 sqm : P54,000 Bare and P62,000 Fully Furnished
2 BR / 90 sqm : P80,000 Bare and P92,000 Fully Furnished


(I have friends who are Owners at Kroma who have told me they find these Levels to be "reasonable".)

Will provide Contact Details here soon

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IN THE HEART of the City... step out directly into the midst of City Gate

Kroma is now "20% Turned over", I heard yesterday (8/16)

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Kroma lobby will lead straight to Alveo Financial Tower (AFT), and the offices, restaurants & other attractions of the City Gate area

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The Kroma lobby will be a comfortable place for Kroma residents & their guests to sort out directions and await meetings

377238.jpg < Ayala's Citygate development

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Citygate will have a distinctive Urban park, on two tiers
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2/

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The City Gate skypark will be above the traffic and so should be a place to get some fresh air and get away from the noise.

Another key feature is the covered walkway along Dela Rosa connecting it to the Greenbelt mall

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KROMA Available at a favorable time, as City Gate office space moves towards opening.

And Seda Hotel in maybe Q1-2019?

KROMA RENTALS - Long Term, low floors
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1BR : P60,000 / 56 = P1,071 : Furn.
1BR : P60,000 / 56 = P1,071 : Furn.
1BR : P55,000 / 56 = P  982 : Furn.
Stu. : P25,000 / 27 = P  926 : Bare
======= Average = P 1,013 per Sqm

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> Source : Rentpad

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Location will benefit from completions at City Gate, including the BPO tower, and the new space for Corporate HQs.

It will also be convenient to have a 5-star Seda Hotel (upper floors of CG-2) so close by

A second new BPO building is planned for the parking lot next to Kroma, but is not yet underway.

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> SEARCH : City Gate makati office for rent :

1,628 sqm Office Ayala Citygate HQ, (per floor) for rent in 6798 Ayala Ave. cor. Salcedo & Amorsolo

Per sq m :   Php1,000 / £14.60 Per Month - "old" price?

  • Type: Office, Two "lower" floors
  • Estimated Service Charge: Php170 Per sq m

2 Office Towers, Seda Hotel, 3 Floors of Retail

Soon to rise in the Makati Central Business District is a two-tower office facility with a combined Gross Leasable Area of approximately 56,000 square meters. These office towers are specially designed for both Multi-National and Business Process Outsourcing companies. As a supplement to the mixed-use development, office personnel can enjoy the convenience of having a retail podium with 10,000 square meters of restaurants and shopping spaces. The development will also feature a 312-room Seda Hotel.

City Gate’s prime location makes it highly accessible to major thoroughfares such as Ayala Avenue and Sen. Gil Puyat Avenue. Elevated walkways will also connect City Gate to Ayala Center and to the rest of the CBD — great for those who choose to walk and enjoy the real city life.

Floor area information

Description Size Rent Status
7th Floor 1,628 sqm sqm  Php1,000  Available
8th Floor 1,628 sqm sqm  Php1,000  Available

Location information : Along Ayala Ave, next to Makati Medical Center

> more: Knight Frank (note: this could be a "stale" advertisement)

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City Gate Development : 10,000 jobs (eventually) in 120k sqm of new space. And maybe 5,000+ jobs at AFT.
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AFT Lobby. Jobs, jobs, jobs... that's the key to developing this part of Makati
 
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Albums, City Gate Development / 6 PhotosUpdated 2 years ago

City Gate Development is another flagship mixed-use development in the Makati Central Business District. Once completed, City Gate will cover a land area of three blocks with a total of 2.2 hectares. The first development of City Gate will be ALI's pioneering stacked mixed-use tower located in the Amorsolo Parking lot. It will vertically combine retail on the first three levels with two office buildings above and finally a Seda Suites Hotel on top of one of the office buildings.The project will have a total of 120k square meters of Gross Floor Area (&"GFA") consisting of 53k square meters of GFA intended for Business Process Outsourcing (BPO) firms; 28k square meters intended for traditional headquarter-type offices; 25k square meters, or 312 keys, for the Seda Suites Hotel and 14k square meters for the mall. One of the key features of City Gate will be the open and green civic space located at the landing point of Makati’s elevated pedestrian walkway. The 2,600 square meter civic space will be a point of convergence where nearby residents, office workers and mall-goers can relax and unwind. City Gate's prime address is strategically located along Ayala Avenue making it highly accessible to major thoroughfares such as Sen. Gil PuyatAvenue. Similar to other Bonifacio High-Street developments, it will be pedestrian friendly as it will be connected to Ayala Center and the rest of the Central Business District through Makati's elevated pedestrian walkway. Ayala Land will be investing a total of P7B in City Gate and is expected to generate 10,000 jobs.

> Facebook : https://www.facebook.com/pg/MakatiMegaworld/photos/?tab=album&album_id=1666756546934950

/ 2 /

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Alveo Financial Tower : Turnover : Low Zone - 1Q 2020 / High Zone - 2Q 2020, Unit Sizes : 108 sqm - 129 sqm

Office Building with Retail shops on the first floor floors (Gr., 2nd, 3rd.)  5th and 17th floor will have a business activity area.
In total, there will be 363 units, with sizes ranging from 108 - 129 sqm. The AFT building will stand on a 26,000 sft / 2,400 sqm piece
of land. The total floor area of the building will be 63,739 sqm, enough to provide working space for perhaps 5,000-6,000 jobs, or more.
The FAR ratio is 27.

AFT / 6794 Ayala Avenue. "Alveo Financial Tower’s address speaks for itself. It provides a very rare opportunity to own a piece of this distinguished piece of real estate right in the heart of the Makati Central Business District—the country’s unrivalled business and financial capital. This iconic new structure places dynamic organizations at the very core of the city’s revitalization and uplifts the modern corporate experience. Strategically located between an established business district, as well as, the new, vibrant, and exciting growth center of City Gate, Alveo Financial Tower sits highly-networked along Ayala Avenue, with a mix of world-class business headquarters, prominent institutions, and Makati’s freshest hotspots in its midst."

> http://www.myproperty.ph/properties-for-sale/offices/makaticity-manila/office-for-sale-at-alveo-financial-tower-in-ayala-ave-makati-city-840087

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FAST Internet, does Kroma have it?

Given its location at the side of Ayala's CityGate and Alveo Financial Tower, fiber should/will be in the immediate proximity.

Here's what a pre-selling Ad website said about AFT, just next door:

Globe: service provider for telecoms

PLDT: "is in charge for broadband"

> source

(in edit):  Friends who have moved into Kroma, are very happy, reporting "faster than expected" Internet speeds.  Maybe it will slow down a bit when more people move in, but so far rates are "faster than advertised"

 

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City Gate - The impact may surprise some : A significant jump in Rents?

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City Gate Tower 2 is a BPO with 30 floors.  Impact on local rents could be significant, especially for smaller (& "cheaper") units used by BPO workers

Above is a view from the Coffee bean restaurant across the street.  The building looks as if it is being worked on day and night, and may open within the next few weeks.

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City Gate 1 : 40 floors, 152.62m : 15 fl. x 400 =   6,000 estimated jobs
City Gate 2 : 30 floors, 114.46m : 21 fl. x 800 = 16,800 estimated jobs

= Ayala North Exchange, a two-tower office facility with a combined gross leasable area of 56000 sqm

I am estimating CG-2 will bring to Makati 600-1,000 jobs per floor, because the BPOs will double-shift or triple-shift.  The other tower, CG-1, will have corporate offices on the lower floor, and a hotel on the upper floors. The corporate offices typically single shift, and so will bring fewer jobs per floor, maybe 400 jobs/floor.

Eight floors will be taken by Convergys, moving from the older building next door, which will be torn down (eventually), to make room for another taller BPO building.  Convergys is said to be adding staff now (maybe over 1,000 people), and so the new Tower 2 building may bring something like 18,000 new jobs to Makati.  If CG brings another 6,000 jobs, that's 24,000 new jobs about to be added at the North end of Makati. (That's my best guess until I get better information.)

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The Flats Amorsolo - a new dormitory which is just 3-5 minutes walk from City Gate,  Ayala seems to be racing to get it finished.  Looks like it is coming in the nick of time. I was expecting a price of PHP 8,000-10,000 per bed per month.  But the introductory rates seem to be under P8,000 - I saw an advertisement at just 6,250 for the first six months.  I wonder how long it will take for Ayala to fill up the dormitory and adjust their pricing upwards?  Some cheap flats being advertised may make it easier for BPO tenants to hire new people, and that enhances the argument for moving a BPO business into crowded Makati.   Is this somehow deceptive?  Time will tell.  Certainly the arrival of a completed Flats Amorsolo building will help Ayala grow its BPO landlord business. (They retain ownership of BPO buildings, rather than selling them off.)

In between City Gate and The Flats, is another new building (which I believe is called RAM Tower.)  It is topping out in 2018, and maybe be ready for renting next year in the second half.  Based on the construction methods, it looks like a low cost competitor with the Amorsolo dormitory.

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Ayala hops on co-living space trend

A new residential development made for young urban professionals is soon to rise along Amorsolo Street in Makati City.

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P 6,250 introductory rate - for six months only (should Rent-up Fast!)

Premier real estate developer Ayala Land is redefining the co-living trend in Metro Manila with the opening of The Flats. The 15-story development features co-living spaces for lease, designed to revolutionize the way yuppies rent in the city. It’s hip, trendy and, above all things, it is close to both work and recreation. 

“Ayala Land has always been responsive to the needs of young urban professionals who aspire for a perfectly balanced life. Co-living is an urban lifestyle concept that offers an affordable alternative to lengthy commutes and paying expensive transportation fares,” shares Shiella Aguilar, Makati project development head for Ayala Land.

The Flats Amorsolo eliminates the need to rush from home to office. It’s located within a five-minute walk to Ayala Avenue and near Dela Rosa Walkway (CityGate!), thereby offering a practical solution for on-the-go professionals who are challenged daily by long commutes and traffic jams.  The co-living units are available for a one-year minimum lease term. Up to a maximum of four occupants can share a co-living space. Units for three and two occupants per room are also offered. These co-living units are perfect for long-time friends, officemates, and professionals who want to meet new flatmates to grow their network. 

> : http://www.bworldonline.com/ayala-hops-on-co-living-space-trend/

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Coming very soon : the City Gate Opening!

This will Help push up Rents (& Property prices) at Kroma

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I reckon there must be a powerful effort to get this done, so the BPO's can staff-up & get into operation before Christmas.

October opening for City Gate Maybe?  (Or is that far too optimistic)

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What's Coming at City Gate Towers / Ayala North Exchange (ANE)

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Ayala North Exchange, a two-tower office facility with a combined gross leasable area of 56000 sqm

What will be UNDER the Towers? We will soon find out ...

The two-tower facility will house three shopping podiums under Ayala Malls, residential spaces, and an urban retreat through Ayala Land Hotel and Resort’s brand – Seda Suites. It also includes parking basements, a convenient feature for residents and professionals in the area. As a supplement to the mixed-use development, office personnel can enjoy the convenience of having a retail podium with 10,000 square meters of restaurants and shopping spaces. The development will also feature a 312-room Seda Hotel.

> https://ayalalandoffices.com.ph/offices/makati/ayala-north-exchange-1

Ayala North Exchange (ANE) occupies the northern end of Ayala Avenue at the corners of Salcedo and Amorsolo Streets. This vertical mixed-use development includes shopping and dining options, offices, and serviced apartments. Two office towers will stand above a three-level retail podium with one office tower crowned by Seda serviced apartments. The office towers will soon be home to Convergys Philippines Inc., Bank of the Philippine Islands (BPI), Netsuite Inc., Novartis Healthcare Philippines Inc., Pru Life Insurance Corporation of U.K., Makati Medical Center and AON Insurance and Reinsurance Brokers Philippines Inc.  

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The development will also feature a 2,600-square-meter civic space for members of the workforce to kick back and unwind any time of the day. This exciting mixed-use destination is accessible through Makati’s elevated pedestrian walkway, which starts at Landmark in Ayala Center connecting to Dela Rosa Street.

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CLOCK-IN, the shared office space with high speed WIFI:

“The ANE location will open at the latter part of next year because the building is still under construction,” Novera said. “The Clock In there will be three times bigger than the one in the Makati Stock Exchange.”

Next door,  Alveo Financial Tower (AFT) - is still two years away

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KDC595A.png

Nope! to this old image.  Actually, It will be a 5-star SEDA Hotel

Seda Ayala North Exchange, Makati
Ayala Avenue cor. Salcedo Street
Legaspi Village, Makati

 

upcomingHotels6-SedaAyalaNorthExchangeMa

Ad Blurb: "Reach new heights at our first hotel in northern Ayala Avenue with 312 serviced residences from studio to 3-bedroom apartments. See the city from a fresh perspective as our express elevators take you up to our sky lobby on the 19th floor."

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NEX Tower - next to, and "more iconic" than AFT? ... Space for 7,500 Jobs?

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Address: NEX Tower, 6786 Ayala Ave, Legazpi Village, Makati, 1229 Metro Manila, Philippines

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Completion:             2018
Site Area:                 2,400 m2
Project Area:           38,400 m2 - JOBS? If 5sqm per job, then:  about 7,000 - 8,000 Jobs ?? (more if triple shifts)
Number of Stories: 27
Building Height:      124.45 m
Market:         Commercial + Office

(those jobs are 30 seconds walk from Kroma's entrance

NEX JOBS : "50% Offshore Gaming firms" / builder: Ricardo “Richie” Cuerva > article

Nex Tower occupies a prominent place in Manila's resurgent business district of Makati. The building's faceted, crystalline geometry creates a distinctive presence in a row of commercial office buildings along Ayala Avenue. With its design that tilts back towards the east, the tower offers spectacular views of the surrounding cityscape.

Connecting to the street via two points of approach, the tower offers pedestrian access to the north and vehicular access to the south. Visitors and tenants enter through a grand yet welcoming atrium lobby, with tapered white marble surfaces that terminate in a skylight at a height of 16 meters. A feature wall of dichroic glass, 10 meters tall, references the Philippines' colorful culture and evokes a sense of serenity within the bustling city.

> More-on Nex/SOM: https://www.som.com/projects/nex_tower

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Looking down Ayala Avenue, past Enterprize Tower and to Nex Tower, & Alveo Financial Tower

VIDEO - Traveling down Ayala Avenue past Nex Tower (mid-2018?)

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BEFORE "the Squeeze"

Prior to new Tenants moving into CityGate & seeking nearby Flats to live in...

KROMA TOWER, Listed for Rent, 8 units
============
1BR-: P70,000 /59.0= 1,186 psm: 1BR-FF, "elegant, min.1yr"
1BR-: p70,000 /59.0= 1,186 psm: 1BR-FF, "official receipts, 9th Fl"
1BR-: P65,000 /60.0= 1,083 psm: 1BR-FF, "1 BR, furnished, min.6mos"
1BR-: P55,000 /54.0= 1,019 psm: 1BR-FF, "14 cheques; 20th fl."
Stu-:  P35,000 /27.0= 1,296 psm: Stu-FF, "26th Fl."
Stu-:  P33,000 /31.0= 1,064 psm: Stu-FF, "10th Fl."
Stu-:  P30,000 /28.0= 1,071 psm: Stu-FF, "21st Fl."
Stu-:  P25,000 /29.0= P 862 psm: Stu-SF, "semi-furn."
=====
Averages : P1,096 psm / 1BR: P65,000, Stu:P30,750
=====
(source: Rentpad - Oct. 2018, Lower Floors only)

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NIGHT-WORKING at City Gate / Ayala North Exchange (ANE)

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Work is being done Day & Night to get the two City Gate Towers ready for their new tenants

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MOVE-INs have now begun at City Gate !

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Tenant List for Ayala North Exchange / City Gate Towers 1 & 2 (photo taken today)

The only entrance now operating is at City Gate Tower 1 (the 40 story corporate & hotel Tower).  2-3 tenants have already started to move in to Tower 1, I was told this afternoon. And one of the tenants for Tower 2 (Concentrix?) has also begun to move in; starting from Today, I think I was told.  On SSC, there are two posters saying their companies will relocate into ANE in December.  So the big moves may all be within Q4 this year.

The guard would not let me in to see the Lobby. So I took some photos from the outside.

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ANE Tower 1, Ground floor

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Tower 2 from across Salcedo St, in front of Coffee Bean. Garden coming.

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This shows how close AFT and Kroma Tower are to City Gate. They are all part "Part of the Family"

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Legazpi & Kroma from TRAG, The Residences At Greenbelt

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High floors in Kroma Tower will see TRAG

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Inside TRAG

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Lift lobby area of the Amenity Floor : View from Amenity floor towards Grand Midori and Legazpi

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Lounge, near the pool. That white wall will come down (soon) and there will be a nice view of the pool.  The admin people allowed us to see the pool, but would not allow a photo to be taken, because various debris was floating in the water there.

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The gym looked well equipped, but all the machines were wrapped in plastic.

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FOR SALE - Kroma Tower: High Floor, Corner 1 BR unit (#08)

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Direct from Seller : P208K psm x 56sqm = P11,650k

Contact Rod S. at: +54 8 345 494 7501

He suggests: "Happy to Net down to 10.5M after agents commission & 6% CGT"

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Buyer Demand for STUDIO Unit, up to 6 Million

Anyone have a Studio for Sale at Kroma?

I have a Buyer friend (friend of friend actually) with a P 6 Million Budget

whom we think would like Kroma

Please message me at: mhnvest at Yahoo.co.uk

Or JOIN this website, thru

*/ How to send message: JOIN MakPrime, GEI here, post #2

(Here's the Clue for : the Favorite Animal :

"Admiral _ _ _ _ " actually, it is a man not a animal)

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City Gate is shining : A New Night Star on Ayala Avenue... with more coming

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Some newly moved in tenants seem to be hard at work, while other floors are still under preparation for tenants due to move in during December or January (BPI head office folk?).  The higher floors in Tower 1 (to the right) are the Seda Hotel.  They are still dark.

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Convergys is said to be moving to City Gate Tower 2 (on the right), so its location can be cleared for a new, much taller building.  Teleperformance might also move in from the other side, thereby making room for a tall, even supertall building. 

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In addition to that...  The BPI head office (1979) will be rebuilt ...

& The old SSS Building (1966) will be redeveloped

The Bank of the Philippine Islands (BPI) is planning to demolish its 39-year-old headquarters in Makati City to rebuild a larger space for its bigger manpower.

On the sidelines of the Ayala-led lender's annual stockholders' meeting on Thursday, April 19, BPI president and chief executive officer Cezar Consing told reporters that they will start demolishing their headquarters at the corner of Ayala Avenue and Paseo de Roxas next year.

"We've actually started, we're vacating, and then next year, we'll start tearing it down and then we'll build on this site again," Consing said.

> source: Rappler- 4/19/18

SSS Plans to re-develop its building on Ayala Avenue : source (is already vacant)

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A REVELOPMENT Hub?

There are many older and  smaller buildings, both commercial and residential near the City Gate area.

The announcement of redevelopment of BPI's Old Headquarters and the old SSS buildings on Ayala Avenues shows that the time is right to begin to redevelop buildings that are at least 40-50 years old, especially where  zoning permits a taller building to be erected.

Candidates?

(I will add them here, as I find them.  The GSIS Building on Legaspi St. should have an announcement soon, I am guessing.)

Map%C3%BAa-Institute-of-Technology.jpg?f

Beyond this, there are brand new projects which may come to the area, and/or major expansions of Makati related business.  Recently announced was the plan of MAPUA to move to a new location on Pablo Ocampo Sr. Street above Rise / Air and to the west of the Cemetery

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MAP : w/o-label : Bormaheco location :

iPeople allocates P2.5B for Mapua Makati campus
THE education arm of the Yuchengco group will be investing P2.5 billion to develop a new Mapua campus in Makati City... THE education arm of the Yuchengco group will be investing P2.5 billion to develop a new Mapua campus in Makati City.

In a disclosure to the stock exchange last week, iPeople, Inc. said its subsidiary Malayan Education Systems, Inc. (MESI) has acquired a 5,114-square meter property along P. Ocampo, Sr. Ave., Makati City (at the former location of Bormaheco Engineering). The company said this will be funded through internal and external sources.

MESI operates under the name of Mapua University, considered a leading private engineering and technical university in the country. It currently has a campus in Intramuros, Manila and another in Makati.

The company is currently being merged with Ayala Corp. (AC)’s education unit, AC Education, Inc. The P15.5-billion merger will bring iPeople’s combined student population to almost 60,000 students...  The merger will still have to undergo regulatory approval. Once approved, 51.3% of iPeople will be owned by Yuchengco-led House of Investments, Inc., while AC will have a 33.5% stake.
— BusinessWorld Online

> SSC thread :

I visited the building site.  A sign saying Mapua University is in front.  But it is now just a big hole in the ground.

The location is approximately halfway between The Rise and Circuit, walking distance from both. Over time, the existence of the business school of a renown university, partly owned by Ayala, will change the neighborhood.

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NEW THREAD on Delays?  Or Delete this post?

It depends on how the negotiations with Alveo go.

Meantime, I have been asked to post this comment regarding delays at Kroma 

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WARNING to Potential Buyers of Alveo & Ayala Properties

"ALVEO's Purchase Contract is One-sided and Unfair"

HISTORY: "Ayala cares about its reputation", I was told
I bought a 1 BR unit from Alveo almost Four years ago. And I think my experience is noteworthy for potential buyers.  I always paid my installments on time, per the contract, upholding my end of the deal.  Had I failed to do so, I am pretty sure that ALI would have imposed penalties or even declared me in default,  I might have even been at risk of losing my unit.
Unfortunately, the contract I signed is one-sided, and Alveo is apparently allowed to be late in its completion with virtually no consequences. I am not stupid. I read the contract carefully at the time I bought my flat.  I did point out the asymmetry, and asked my agent about it.

I was told (here I paraphrase): "Don't worry, this is Ayala.  They are never late in their deliveries. Alveo will be on time, because they value their reputation." 

(I have spoken to other owners in my building, and they heard the same sort of message from their agents.) I did check out ALI's track record at that time. An absence of delays did seem to be true at that time. How naive I was to believe this would continue!  

AN EXTRA DELAY, without new compensation
My unit is now over one year late. As recently as early summer, I was promised by email handover of my unit at the beginning of Nov, and in return I arranged to replace some stale checks with some new checks.  But after making various moving arrangements, I was told just a few weeks before the move that the completion would be delayed yet again.  This time, the newest delay from Nov to Feb, that's another three months delay!

THE "UNFAVORED FEW"
In fact, most of the owners up to the 40th floor have been able to get their keys, and move in. It is only a minority of owners, whom I call "the Unfavored Few" above the 40th floor who are suffering this new three months delay.  This is costing me money, as I have to pay for an alternative place to live, and also pay for some storage.  Certain items, I have had to leave in another country, and it will cost more to move them when I do.  I estimate the cost to me is about P50,000 per month, and that is similar to the rent I would be able to get if I rented my unit out.

EXPECTED COMPENSATION
What I expected, and have requested is compensation from Alveo for the delay - something close to my estimated costs of P50,000 monthly.  So far, they have merely said, we will consider it.  I have told them that I would begin a social media campaign if there was no compensation - this message is the beginning !

What is common in other countries (such as Vietnam) is compensation of perhaps 0.3-0.5% of the value per month of delay, beyond a 3-6 months grace period.  Alveo should pay this, if they truly value their reputation, and are willing to treat the Unfavored Few fairly.  Giving them something equivalent to what those on the lower floors have acheived.

WHAT POTENTIAL BUYERS CAN DO

First of all, buyers should not be naive.  They should know that whatever claims ALI makes about its reputation, and treating clients fairly, they are UNWILLING to do what developers do in other countries - ie compensate in a fair way when the completion is delayed beyond the target date.  I recommend that buyers think twice about signing such poorly-drafted one-sided contracts.  They should look extra hard in the secondary market, where they may find something suitable which is likely to be cheaper, and can be purchased without any risk of a construction delay.  And they can PUSH ALAYALAND TO CHANGE ITS CONTRACTS.  I wrote this post, so that other potential buyers could be made aware, and maybe share this concern with others.

1. PASS ON a link to this thread > Quicklink: xx

2. JOIN the website, and post a comment here. Go to >  xx

Maybe we can start a petition, and pass a list of those who agree to Alveo.

3. CONSIDER Legal Action. We can join forces on that maybe.

Let's work together to change this unfair practice of using One-sided contracts!

Meantime: Please let us know if you find a Philippines developer who handles this risk in a more fair fashion.  We can drive the market towards more fair practices.  And work with this site to develop the secondary market

 / UNQUOTE /

Alveo has offered something small. Not quite what I was expecting or asking for.  Let's see if they can improve on that

> MORE on the members only thread:Kroma Private Discussion - for KTO Group

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