Manila, Philippines - Alphaland Corp., a joint venture between the group led by businessman Roberto V. Ongpin and British investment firm Ashmore Group, is forking out more than P11 billion to develop an upscale urban residential enclave as well as a prime office building in the burgeoning Makati central business district.

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While most of the developments have been sprouting in Bonifacio Global City, the company has chosen to locate its first residential project in Makati, which remains the preferred choice by locators for both residential and office spaces.

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In a briefing yesterday, Joanna Ongpin Duarte, director for sales and marketing of Alphaland, said the residential development, called Makati Place, will comprise three high-end towers (one of them is a hotel) atop a three-level shopping mall and a three-story sports club (City Club) on a one-hectare property along Ayala Ave. at the corner of Malugay St.

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Estimated to cost around P8 billion, Makati Place will house 537 residential units with sizes ranging from 60 square meters to 153 sqm.

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Duarte said the units, which come with a complete set of appliances and a fully-automated control system of home devices from anywhere with an Internet connection, will be sold at P8 million to P19 million each.

Michelle S. Ongpin, senior vice-president for corporate communications and assistant to the chairman, said each unit will entail automatic membership to the City Club, which is currently valued at P1 million per share and could go up to as much as P2 million when it opens by the end of the year.

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Ongpin said the residential units are slated for turnover to buyers by December 2014.

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The project is registered under the United States Green Building Council rating system, allowing the company to achieve 35 percent savings on water and 25 percent savings on power.

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Duarte said the company has already sold 30 percent of the total residential units with buyers mostly retirees, expats and the discerning consumers.