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MANILA, Philippines – There are two Serendras in Bonifacio Global City, and the one where the May 31 blast occurred is not in the part of the complex marketed to the triple A market.
Unit 501 and the 9 other residential condominium properties that were ripped apart due to still unknown reasons are in Two Serendra, a project of property giant Ayala Land Inc’s unit Alveo Land. Alveo caters to the upper-middle market.
Two Serendra is adjacent to One Serendra, which targets the luxury market, or the homebuyers who can afford units that have bigger cuts and are priced about 10% to 15% more than Alveo’s. Going rates at One Serendra reach more than P10 million per unit. Monthly rental rates for some are in the P240,000 range, according to property consultant CBRE.
Both Serendra blocks, however, serve as a statement for the Ayala group, the country’s oldest conglomerate. The location of the 12-hectare Serendra complex and the residential buildings’ architectural design show off the Ayalas’ influence and presence in the country’s fastest growing central business district.
The Ayala group dubbed Bonifacio Global City as the “twin city of Makati,” which the Ayalas helped convert from a swampland in the 1930’s into the country’s premier financial business district. Both Bonifacio Global and Makati are the Ayala group’s property crown jewels.
Serendra was Ayala’s first foray in the 240-hectare privatized military property in Taguig City. Ayala Land had poured P20 billion into the project, launching One Serendra in 2004.
About P10 billion more will be spent on expansions, which include different clusters of mid-rise to high-rise buildings. One Serendra’s East Tower and West Tower have 41 and 50 floors, respectively, while Two Serendra’s Aston, Red Oak and Meranti have 30- to 45-storeys.
Premium pricing
The two Serendras don’t just share a name, they have almost similar features.
The existing apartment blocks are the first phase of the Serendra development, which feature garden-style communities that combine European architecture style with the indigenous “bahay na bato,” or stone-style, house architecture.
These existing buildings are considered to have one of the lowest densities within Bonifacio Global City.
Premium pricing of the Serendra properties are mostly due to the expansive greenery and open spaces that take up 65% of the 12-hectare complex, as well as access to quaint shops and tony restaurants.
Expansion plans
The Ayalas, however, have bigger plans in Bonifacio Global City.
Adjacent to Serendra is an upcoming mixed-use development called Alveo Land High Street South. The property giant, in partnership with Evergreen Holdings Inc of the Campos family, is investing P60 billion for over 25 years to build 12 to 18 residential towers and office buildings on a sprawling 7.6-hectare area.
A Jones Lang Lasalle Leechiu report released in April showed that Bonifacio Global City remains a key market for upmarket and luxury residential property units:
Alveo and Ayala Land Premier generated revenues of P7.52 billion and P10.39 billion for Ayala Land in 2012.
Until recently, Ayala Land is the Philippines’ most valuable property firm with a market capitalization of P461.4 billion. An upcoming merger of the property and mall units of the Sy-led SM group is set to dislodge Ayala Land as the biggest listed property firm.
Other property firms, including Andrew Tan-led Megaworld, Gokongwei-led Robinsons Land, Gotianun-led FilInvest Land, and Villar-led Vista Land & Lifescapes, also have bright hopes for their property businesses.
The real estate industry is a key indicator of confidence in a country’s long-term prospects. – with reports from Lean Santos and Ramon Calzado/Rappler.com
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