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CITY GATE, KROMA Tower, & AFT (photos)

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There seems to be another Kroma Owners group*:

"want to join K Owners forum. Rod@ausagro.com"

> SSC

We should coordinate - between that new Group & here on Makati Prime!

Can anyone put us in touch?

*It is on WhatsAp, and as of Nov.2018 had about 35 Members

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Cheerful in the Sun?

And even lovely against a blue sky
22599e23f6d15191c5703750f071b64a.jpg

==

> ssc: http://www.skyscrapercity.com/showthread.php?t=1471414&page=20

 

But, hey, where is the chrome and/or copper color? (maybe only in the lobby)

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Kroma's windows - 2, not 3-panels on the Corner flats

A poster on SSC has called this unethical

"...we can already see an example of ALI-Alveo doing a bait-and-switch to improve profit. See the rightmost windows, the ones that are two panels wide? Those are living room windows. When Alveo was selling the units, they were three panels wide in the floor plans/sales kits. Well, those customers are getting 33% smaller living room windows than they signed up to buy..."

> SSC-#390: http://www.skyscrapercity.com/showthread.php?t=1471414&page=20

FROM THE SKY: Meantime, here's an amazing view of Makati, taken from an airplane window (apparently)

c3268665643777f18a4d6e57692d89ae.jpg

> SSC-#1512: http://www.skyscrapercity.com/showthread.php?t=1723515&page=76

 

ZAPcOs1.jpg

Look North of the cemetery, to find CityGate & Kroma

tSonpvi.jpg

Citygate area development plan

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There seems to be an appetite from a Kroma Owners group

"hey how about that whatsaap group for owners only??

would not mind discussing putting extra bedroom on my 1 bed 56sqm unit and would love to share trader"

> (Per SSC): http://www.skyscrapercity.com/showthread.php?t=1471414&page=20

I wonder when these guys will discover THIS Makati Prime cache of photos and information?

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The City Gate towers are topping

21433317_115040045831362_182105958797384

--------------- Kroma Tower -------------- : ---- Alveo Fin'l Tower ---- : ----- City Gate, Twr 1 & 2 ---- :

> thnx, Hayley Sia, per SSC

kroma-presentation-19-638.jpg?cb=1423778

The future view from the Enterprise Lounge on the roof of Kroma Tower is going to be spectacular

/ 2 /

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/ 3 /

Function room will be on a lower floor, with a view of AFT & City Gate

/ 4 /

kroma-presentation-9-638.jpg?cb=14237784

 

3698276_orig.jpg

City Gate's SEDA HOTEL will also have excellent views

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Citygate Update - Nov. 2nd

How close to Rendering (above) with the finished buildings be?

irorY9V.jpg

The Citygate Towers are nearing completion, and we can get a good idea what they will look like.

I have to say, they do look a little boring on a dreary cloudy day.

Maybe the GARDEN at the podium level will help to brighten them up, on cloudy days.

ZcwaK1G.jpg

Kroma Tower does not sparkle on a day like this either. At near dusk on a day like this, it may become a sort of "grey ghost"

RbUTLhA.jpg

The Sisters of Citygate. The buildings near Kroma and AFT are glass-clad, which does help to brighten them up.

Makes me think that the view from the Enterprise Lounge on top of Kroma will be something special, even at dusk.

d0bcfa62de7d4876be3df7e251752714.jpg

Ayala's designs look better from this viewpoint on a brighter day

KROMA Tower - For Sale : P 8,500,000 / 54 = P 157.4k pr sqm

Only one ad (for a 1 BR flat at Kroma) was showing on OLX today - placed just a few days old

_1_.jpg

  • Bed: 1, Bath 1
  • Floor: 54
  • Location: Makati, Metro Manila (NCR)
  • Date Posted: 25 October 2017

==

> https://www.olx.ph/item/kroma-1-bedroom-54-sqm-for-sale-ID7PLzQ.html?h=cf3a0f008b

 

There was an older ad for a 2BR - at P 17 million / 95 = P 178.9k per sqm

  • Bed: 2 , Bath: 2
  • Floor space: 95 sqm
  • Location: Makati, Metro Manila (NCR)
  • Date Posted: 28 August 2017

> https://www.olx.ph/item/condo-in-legaspi-village-makati-for-sale-kroma-tower-near-makati-med-a-ID7ZK6G.html?h=66828052bd

Odd to see that only two units Listed "for sale" thru OLX at Kroma, and over 60 units at Lerado.

But a majority of the units turned up by a "for sale" search at Lerado, were actually For Rent

Lerato Rentals & Re-Sales :

Lerato studios (29-31 sqm) were offered at P22,000 - 30,000.
And one bedroom units (44-48 sqm) at P45,000 - 55,000.
==
Sales prices: Studios: P3.8M/29= P131k - 4.5M/31= P145k
1BR-unfurn: 6.0M/44= P136.4k - 7.2M/44= P163.6k / 1BR FF: 8.4M/48= P175k
==
Calculation Yields at Lerato, "average":
Studio : 27,000 / 31x140 = P4.34M = 7.46%
1 BR-- : 45,000 / 44x145 = P6.38M = 8.46%

 

Alveo Leasing : http://www.alveoleasing.com.ph/list-of-units/
=====
Yields lower on Studios?
This may be because many were Sold BELOW the P3.2 million VAT
threshold, and some owners are willing to let based on their cost:
27,000 / 3.2M = 10.1% - that's a good yield !!

(Ultimate Rental rates and Sales prices actually achieved were not known.

The above calculations are based on figures posted in the advertisements)

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City Gate - New Angles, New Neighbors

BvfPYtD.jpg

AFT - the power & glory, as the "new" Alveo Financial Tower takes shape

7Go8aL6.jpg

City Gate area from near Chino Roces - a magnet for jobs, people... traffic?

The "unknown building" in front of the two City Gate towers has been identified.

WtAd9LE.jpg

Ram Plaza Legazi, a little discussed new tower, rising nearby to City Gate and Makati Medical.

The Parking lot next to Kroma is in the foreground. Ram Plaza is a near-mystery even on SSC.

A new headquarters for Ram Food Products, perhaps?

"Ram Food Products, Inc (RAM), processes fruits and vegetables into various retail products under the RAM brand. Established in 1962 in Cabuyao, Philippines, RAM has since expanded internationally into a leading consumer products company."

> about Ram Foods : http://www.ramfoods.com/about/

If true, the jobs within the building should help the nearby residential market.

5ppCky9.jpg

City Gate Tower 1 - broader section may have topped out at 25th floor (?) - will eventuallly be 30 floors, per image below.

SMOFTxh.jpg

The City Gate area buildings - with labels : fewer labels :

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ART HUB? - this character of Makati may continue to develop in & around City Gate

 

How Makati, the business district, is also now an arts hub

From buildings to underpasses, the city is hosting art in all its forms, including a Japanese zen garden
Philippine Daily Inquirer / March 29, 2017
t0305yamsuan-ayala-art5-660x441.jpg

“Rocket-Launcher” by Daniel Tingcungo at the Security Bank underpass in Makati —photos by Leo Sabangan

 

Following the successful fifth edition of Art Fair Philippines last February, Ayala Land continues to look for ways to make art a constant and consistent presence throughout Makati City.

Baby steps have already been taken, says Ayala Land corporate brand marketing head Cathy Bengzon: “See how many buildings have their own art collections? Private businesses have decided on their own, it’s not like there’s a master plan.”

Ayala Museum itself showcases what its website lists as “history, contemporary art, music and design, including temporary exhibitions, lectures, artist/curator’s talks, workshops and performances.”

Bengzon gives a respectful nod to RCBC Plaza’s Yuchengco Museum that houses “the most exquisite material designed to encourage cultural opportunities for those who work, visit and live in Makati” and its theater, the Carlos P. Romulo Auditorium.

. . .

Art Places near City Gate

“If you go to Karrivin Plaza (along Chino Roces Avenue extension), there’s a lot of artists,” .she says.

Project development manager Marishiella Aguilar adds to this list La Fuerza compound and The Collective—two venues with a heavy presence on the art scene.

Bengzon describes the evolution as “organic,” adding with a hint of pride that Ayala Land has “partly” been a “catalyst” in the process, since most of its developments are deliberately designed to house art pieces.

kroma-tower-presentation-2-638.jpg?cb=14
Makati CBD North Cultural District is a name for the area around City Gate.
As people move into Kroma, City Gate, Air Residences, and the Rise we may see a greater emergence of artistic and cultural venues in the area, assisted perhaps by Ayala, Shang, SM and other developers.

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Where's the Chrome on Kroma?

 

nFwRBYL.jpg

Kroma is a nice White building without any chrome showing (yet) on the outside.

Maybe we will see it on the inside.

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Future Connections - at City Gate

 

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182995_orig.jpg

 

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4161506_orig.jpg

 

pN4Mnef.jpg

City Gate area from overhead, showing walkway to Greenbelt ... w/o walkway label

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ELEVATOR situation at Kroma & AFT : Healthy !

=========

kroma-tower-presentation-25-638.jpg?cb=1

 

HEIGHTS : Units Serviced per Elevator
Building : Height : Floors: /Story : Units / elev. = Units
The Rise : 210 m. : 59 st. : 3.56m : 2,822 / 18 = 157 units : 100%
Air Resid. : 195 m. : 51 st. : 3.82m : 3,234 / 12 = 270 units : 172% - puts more strain in working elevators

Mak.Place : 220 m. : 55 st. : 4.00m :
Columns-- : 114 m. : 30 st. : 3.80m : 0,390 / 02 = 140 units : 89% - only two Lifts raises risk of down-time

Kroma --- : 157 m. : 51 st. : 3.08m : 0,821 / 05 = 164 units : 104%, Ave.Size 53 sqm : Residential

AlveoFinlTw 188 m. : 49 st. : 3.84m : 0,363 / 08 = 045 units : 29%, Ave.Size 115sqm : AFT, Office building

 

kroma-tower-presentation-8-638.jpg?cb=14

 

kroma-tower-presentation-26-638.jpg?cb=1

 

image102.png?resize=1024%2C576

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VIDEO BLASTS from the Past

 

Historical Videos on the Makati Area - mostly Alveo Projects

 

Makati Skyline Viewed from Skyway (July 2016 : 12,100 views)

https://www.youtube.com/watch?v=vvouuTFW1pg

 

Compare with: A 2010 Drive down Ayala Avenue - the drive stops near Jaka Tower (61,626 views)

[HD] Makati Street Scenes (1) - Ayala Avenue

 

Year : Month :#views: Project------------- : Title--------------

2008 : Jan---- : 01,033 : Columns Ayala----- :

2008 : July---- : 01,490 : Senta Legazpi----- :

2009 : May--- : 00,900 : Columns Legaspi-- :

2012 : Feb--- : 01,166 : Kroma Tower------ :

: slide presentation :

2013 : July--- : 03,957 : Lerato Towers------ :

2013 : July--- : 02,436 : Lerato Towers------ :

2013 : Oct---- : 00,927 : Kroma Tower------ :

2015 : Jun --- : 01,242 : Kroma, 1 BR ------ :

2016 : Mar--- : 00,983 : Park Triangle Tower:

2016 : Aug--- : 00,881 : Gentry Residences :

====

I am surprise to see how Low the number of views are for these videos

 

 

le9RaSL.png

 

ROOFTOPS of Makati - Josh Shaw ( May 2016 ) : 14,038 views ... above-wo-labels

 

On the Walkway to Greenbelt (Dec.2016) : 4,111 views

Greenbelt - Ayala Center & Legaspi Village, Makati City (Philippines)

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"Orange" Kroma

PFzXQkt.jpg

Kroma Tower & its environ at the "orange" time of day

 

Taken late this afternoon from a balcony in Greenbelt Chancellor

Reminded me of the following image ... w/o-walkway .

 

YOldXEn.jpg

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KROMA 1-BR flat, estimated measurements & showflat

Inside Kroma : Photo Gallery

High Floor

DmNvzEN.jpg

kQaVkfu.jpg

71Q6j4M.jpg

 

studio.jpg

 

2 BR

2br.jpg

==

Roof Lounge ... gym : pool deck : pool amenities : amenities-2 : lobby : 7 :

kroma3.jpg

Enterprize Lounge

function-room.jpg

Function Room

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Alternative decoration plans at Kroma

- the original Kroma showflat units look boring & dated

 

This might work

baeeb260baa63714cec35473565e5ae42484ec57

 

aot7333issolstice3bedroom.jpg

 

BR

3480-2-br-master-bedroom.jpg

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1bc2a2c145c73f3903647a566d449403.jpg

city gate towers, approaching a finished look

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Few Kudos coming for these buildings

25007638_783993648447040_844605716472371

Is there still time to improve the external look, as the buildings get finished?

They were meant to look like this:

382-city-gate-1.jpg

I am not seeing gleaming images. I am still seeing a lot of painted concrete

Alveo2.jpg

Another image, supposedly showing the future look of City Gate.

Some comments, like these on SSC are coming in as pretty negative:

" I was so excited when they launched this project. the renderings looked great, but as with most people here, my excitement waned while my disappointment grows day by day. unfortunately, wala tayong magagawa but to live with these buildings since wala naman tayong kayamanan like the owners/developers.

hay kay saklap. hahahaha! "

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Lerato is nearby, and the comments about "cabling" can also apply near CityGate:

Majority of the pictures posted here are focus mostly on the towers so I thought it would be nice to post a the street view of the retail area. This facade is highly visible if you are coming from Valero Street towards Buendia. I hope Makati would do something about the cabling to put it underground. It looks out of place with the new buildings and structures.

24291849327_4ab4531770_b.jpg
maximalvelocity no está en línea   Responder Con Cita

(in early Dec. Lerato T2 was at 94% completion):

I received a construction update from the Alveo agent this morning....

The update (as of October 2017) states:
"1. structural works completion
2. interior painting works on the 24th floor
3. installation of windows on the 46th floor
4. exterior painting works up to Lower Roof Deck.
Look ahead activities for the fourth quarter of 2017 include the energization of residential units.
Lerato / Percentage of completion: 94%"  - pg.41

> ssc: http://www.skyscrapercity.com/showthread.php?t=1002701&page=42


 

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City Gate : Plan versus Reality

N3QkqIi.jpg

Plan, looked like as shown above

6I3vC5e.jpg

Reality falls short ... so far

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Alveo's 1BR decorating ideas - these are for High Park, in Vertis North,

- & could be used at Kroma Tower too, which has similar sized 1BR units

kzQ7CIb.jpg

Living room, in "neutral colors" - ie grays, light browns

qijrk7f.jpg

Blurred photo of the kitchen area

IuHoXgk.jpg

Bedroom area

jsOwve1.jpg

The Living and Dining area within Alveo's showroom

bEoFoZZ.jpg

Shower / Toilet

dBHdoHi.jpg

They are still using outside elevators at Kroma - 12/20/2017.

So turnover must be months away

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City Gate, New angles

AJgbWuX.jpg

City Gate from behind Makati Medical, features the Seda Hotel, ontop City Gate.

Hotel staff (elsewhere) have said the hotel may open in late 2018. Seems unlikely now

25007638_783993648447040_844605716472371

City Gate, similar view, but from a higher angle

g2WiMKD.jpg

The Teleperformance building will eventually come down, to be replaced by a much higher Tower.  Maybe one of the tallest in the area.  My fingers are crossed for an Epic design.

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KROMA Price check - Jan. 2018

From time to time, I like to do a "price check" in the secondary market for Kroma Tower.

Last time, I found a "small" 1-BR (54 sqm) for sale at P 8.0 million (/54= P 148.1k psm), well below Alveo's prices.

That was about 2-3 months ago

_2_.jpg

Kroma - View all ads available in the Philippines - OLX.ph

 Makati, Metro Manila (NCR). Condo in Legaspi Village Makati For Sale Kroma Tower near Makati Med
 
One @ : P 8.5 Million / 54 = P 157.4k psm : Peter Norrdell
Two @: P 9.0 Million / 54 = P 166.7k psm : AUN Phil., Francis Cheng
====
Weighted Average =====> P 163.4 k psm
 
kroma-tower-ayala-makati-alveo-ayala-lanExample
1 bedroom with provision to make living room as the 2nd bedroom. 
54 sqm

P 9 million - 03 January 2018 /54 = P 166.7k psm

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THE DELAY Strategy worked !

(This discussion took place on SSC, when both Rents & Prices were under pressure according to Colliers

I post the comments here with the permission of the two posters, who I managed to track down)

> SSC / Date: April 6th, 2016 

Note in the DATA below that the expected completions in 2018 was only 1,072 units in Makati.

Kroma got delayed into 2018, but that still only pushed the figure up to 1,900 units in 2018 (per Colliers.)

which is something that the market should be able to absorb without pushing rents significantly lower.

After 2018. completions average less than 500 (!!) units in 2019 and 2020.

/ The following comments are from SSC in April 2016 /

CO0n4Ug.jpg : Kroma was less than 50% & talk of Delays has started

Quote:
Originally Posted by DanO... View Post 
You may have seen the Colliers figures suggesting Completions, as follows:

Area-- : Condos : 2016 +change : 2017 +change : 2018 +change :
Makati : 19,337 : 4,148 + 21.5% : 2,962 +15.3% : 1,072 + 5.54% : 
B.G.C. : 22,206 : 6,931 + 31.2% : 4,125 +18.6% : 2,831 + 12.7% : chg. vs. 2015 base

Delays would not be surprising. That is a HUGE amount of supply to absorb. And if excess supply forces Rents down, it could undermine future price rises. Not only Ayala is concerned about this. So we would expect that many developers will try to delay their projects. (We certainly saw many delays in 2015. The original expectation was that 4,608 units would be completed in Makati. By Q4, Colliers estimated that only 1,000 units had been completed ! That is 78% less than expected ! Most of those were pushed into 2016. which is one reason why the figure is so big for this year.)

The way the market works in the Philippines is that there are few, if any, significant financial penalties for the developers who do delay. 
Maybe Buyers should go on strike, and demand Purchase contracts with significant penalties for delays. This is common in most other countries

Many thanks for the insights DanO.! Highly appreciated! 

I m relatively new to the real estate market in the Philippines (bought into Kroma in early 2014) and, as you said, it is really much different than in other countries. Not only do we have no protection against delays (only refund.. ) but the liquidity of the investment during the pre-selling period seems to be very poor (or a resale is made very difficult by ALI). There was a post (which has been erased) that 10 1br units would be available for Lotterie on the 18th of April but why would someone return his unit to Ayala who take it back at the original price and will charge you a fee for it, if one can sell it in the market for a much higher price? I think 1br units at Kroma now go for >8m in lotteries, 2br go for c13m. Makes little sense unless its an absolute fire sale.. 

The asymmetry on defaults is also quite amazing: My contracts stipulates (section 4.2.2) that in case of default and cancellation of the contract to sell that "the PURCHASER shall be entitled to a refund of all the amounts paid on the Purchase Price less the following: (a) liquidated damages in an amount equal to twenty percent (20%) of the purchase price, (b) real estate broker's commission, c) taxes and expenses paid by the SELLER to the government or third parties in connection herewith, d) security deposit specified in section 7.3, if applicable, and e) an amount determined by the SELLER to be necessary to restore the Unit to the same physical condition it was found at the time of acceptance on the due date .. "

Basically, although your unit may have appreciated in value by 20-30%, if you can't pay for one reason or another you can be sure to loose >30% by returning the unit! Sweet.. 

What worries me about this is that there is an incentive for property developers to sell units to buyers who aren't maybe that solid financially as, if they were to default, the developer would benefit from the default penalty and would cash in the value appreciation by selling the unit to a higher price later. To be fair ALI has probably among strictest rules for eligibility, but others offer units with no downpayment and 20% over x years and care little whether you can afford the remaining 80% with 10% interest by the bank. I met many real estate brokers but aside of a few very good ones, most barely understood the economics behind such a purchase and were telling fairy tales about the future rental value (let alone mention property taxes and income taxes), or future property value. All this to say that the developer is so well protected by the contract that he may care little to whom he sells and the quality of sales people. 

"It's more fun in the Philippines"... but only for the developer wink.gif. 

Let's hope completions push through this year and that they go relatively smoothly for buyers (and no bad surprised at the bank). 

On a different note, ALI claims that units can be rented out at 1k/sqm on completion (furnished). Do you or anyone here believe this is possible? Has anyone rented out units close to this price? It seems to be only affordably by high executives or foreigners which is a small market compared to the upcoming supply. I d be curious to have insights in how many of the units available for rental are actually rented out in makati. There are frighteningly little lights on at night on certain buildings... but maybe i m wrong.. 

Thank you!

- by MDS

SSC does not seem to welcome these types of detailed discussions.  They are welcome on THIS website

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Recent prices from an Alveo Lottery

Kroma Tower
2x19 : 1BR : P9,419,000 / 59 = P159.6K per sqm
3x19 : 1BR : P9,567,000 / 59 = P162.2k psm (+1.57% more for 10 more floors)
5x02 : 2BR : 15,319,000 / 93 = P164.7k psm
Lerato Tower
2x09 : Stu. : P4,269,000 / 30 = P142.3k psm
2x17 : Stu. : P4,569,000 / 31 = P147.4k psm
 

Historical Prices, Kroma:

Feb.2015 price, #1903: P6,716.8K / 54sqm/580sqft = P124.4k psm (+ 4.1% misc.= P129.4k)

Prices are up, about 4-5% per annum over three years

7gcJScg.jpg

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