By Francis Anthony T. Valentin
Special Features Assistant Editor
ALVEO LAND Corp. is on track to complete within the year the construction of The Sandstone, its first condominium in Portico, an emerging, primarily residential complex in Ortigas Business Center, Pasig City.
The Sandstone, which was launched in 2013, is now 93.8% complete, according to the upscale property developer.
The units of The Sandstone will be turned over to the owners in the first quarter of 2019, company officials said at a June 5 press briefing held at Portico’s showroom in Pasig City.
Portico, which was launched in the same year as The Sandstone, has a special significance for the subsidiary of the property giant Ayala Land, Inc.
“It’s actually very special to us because it’s our first project in Ortigas,” said Rufino S. Gutierrez, chief operating officer of Alveo Land, adding that the company is looking to capture a share of the Ortigas office worker market.
The 3.6-hectare development is located on Captain Javier St. in Barangay Oranbo, within easy driving distance of two of Metro Manila’s arteries — Epifanio de los Santos Avenue (EDSA) and Circumferential Road 5 (C-5). Alveo Land noted that it is a few kilometers from Bonifacio Global City in Taguig City, the central business district of Makati City, and Vertis North, a Quezon City estate of its parent company.
“What will make it better in the future are the infra ‘Build, Build, Build’ projects [of the government],” Mr. Gutierrez said, referring to the BGC-Ortigas Center link road that will connect the two business districts, and the Mega Manila Subway that will have two stops — Ortigas North and Ortigas South — in Pasig City.
The development also promises to provide residents with a “rare breathing space,” which stems from the fact that 65% of the lot area is open. “There are a lot of open spaces, something that our competitors cannot offer,” Mr. Gutierrez said, noting that Portico will have underground parking spaces.
The remaining 35% of the lot area will be occupied mostly by residential structures and a one-hectare shopping center. These structures will be put up in two phases. The first phase includes the construction of the 43-storey The Sandstone, the 45-storey The Travertine, a cluster of townhouses called The Brownstone Villas, and a clubhouse featuring pools, function rooms and a gym.
The Sandstone will have 440 units ranging in size from 56 to 130 square meters (sq.m.), starting with one-bedroom units.
On the other hand, The Travertine will have 552 units ranging in size from 30 to 121 sq.m., starting with studio units. It was launched in 2017 and is already 16.42% complete.
“It was intentional that the first tower has bigger units, so it’s less dense, and to target to more end users,” Mr. Gutierrez said.
Alveo Land noted that 96% of the units at The Sandstone, which are priced from P166,000 to P202,000 per sq.m., are already sold out.
Of The Travertine, Mr. Gutierrez said it is seeing “fast take-up.” Nearly two-thirds (74%) of The Travertine units, whose prices range from P172,000 to P203,000 per sq. m., are sold out, despite being made available for purchase only last year. “It shows how strong the demand for the project is,” he said.
Only eight three- and four-storey townhouses that range in size from 256 to 324 sq.m. will be built, but all of them have already been snapped up, Alveo Land noted.
Alveo Land will soon release more details about the second phase of Portico development, which includes the shopping center and several residential properties.
“Phase 2 is currently under planning, but because of the fast take-up, we may launch it within the year or early next year,” Mr. Gutierrez said.