Alveo unveils Park East Place, its most premium dev’t in BGC

By Cathy Rose A. Garcia | BusinessWorld
July 18, 2023

ALVEO Land Corp. unveiled its most premium residential development yet, Park East Place, in Bonifacio Global City (BGC), Taguig.

Park East Place is a single tower development offering 523 units with a total value of P20 billion.

Located at the corner of 32nd Street and 9th Avenue, the condominium is strategically located at the center of BGC — near office buildings such as The Curve BGC and The Global Tower and retail and commercial areas like Bonifacio High Street, Uptown Mall, Mitsukoshi and Market! Market!

“It’s a one-of-a-kind location so we wanted to offer a really refined residential setting. We are offering the most premium Alveo project to date and this will ensure the long-term investment value for its buyers. This is prime central living on BGC’s main avenue,” Anton Sanchez III, Alveo general manager for North operations, said during a July 11 press briefing in Makati City.

Alveo is making sure Park East Place lives up to its premium tag. The facade will have a nine-meter glass crown, which is a design collaboration between local architecture firm Aidea and foreign consultant Smith Group.

The tower will also feature an impressive podium design with angled fins and decorative perforated aluminum cladding, stone arcade columns, and a high glass ratio.

Park East Place will have 59 floors, of which 53 are for residential units. It will have a maximum of 10 units per floor. It offers one-bedroom (approximately 61 square meters), one-bedroom suite (approximately 67 sq.m.), two-bedroom (approximately 94-98 sq.m.), and three-bedroom (approximately 131 sq.m.) units. All units will have balconies.

“Park East Place only has one to three-bedroom units. We didn’t want to offer studio units here to improve the density of the development,” Mr. Sanchez said.

All units will have a range hood, a multi-point water heater, Kohler toilet fixtures, as well as split-type air conditioning for all main rooms (living room and bedrooms).

“We’re going to deliver premium materials, a notch higher than our standard Alveo deliverables, as well as branded finishes. We partnered with Kohler to provide a premium experience for toilet and bath… Units as delivered will be ready for move in,” Mr. Sanchez said.

Park East Place will have a 2,600 sq.m. amenity deck which will feature a pool, gym, function room, boardroom, and play area.

The tower will have eight floors dedicated to parking spaces. This will also be Alveo’s first project that will feature an electric vehicle (EV) parking system, allotting 5% of the parking spaces for EVs.

The average price for Park East Place is around P430,000 per sq.m., bringing the price range of units between P24 million to P66 million (including value-added tax).

Just two weeks after the launch, Park East Place has already recorded P6 billion in sales. Alveo officials said 28% of the tower’s total inventory has already been sold.

“The success of Park East Place’s project launch reaffirms Alveo’s presence in BGC. The extremely strong reception is a clear affirmation of Park East Place’s unique project concept, strategic location, and trust in the Alveo brand,” Alveo Land President Mike Z. Jugo said.

Units are scheduled to be turned over to buyers in 2030.

Park East Place is a project by Fort Bonifacio Development Corp., with Alveo serving as the development, sales, and marketing manager.

This is Alveo’s 20th project in 20 years in BGC or since parent Ayala Land, Inc. partnered with the Bases Conversion and Development Authority to develop Serendra in 2003.

“Alveo has consistently been the top residential developer in BGC, helping shape the city into what it is today,” Mr. Sanchez said.