Half of Laurean Residences Buyers Hold Despite Ayala's Project Pause

Strong Retention Despite Uncertainty

Ayala Land's suspended Laurean Residences project has retained around half of its original buyers, according to chief operating officer Raquel Cruz. Speaking during the company's mid-year briefing on August 10, Cruz revealed that many purchasers elected to wait for the project rather than take refunds or transfer payments to other Ayala developments.

The retention rate comes despite the absence of a firm restart date. Ayala Land president and CEO Margarita Bautista-Dy said the company might revisit Laurean by mid-2027, but no construction timeline has been confirmed. The decision by buyers to hold their positions suggests that demand at the uppermost tier of Manila's residential market remains intact even as broader condo sales weaken.

Ayala Land's own sales data underscores the divergence. Premium residential reservations reached P31.5 billion in the first half of 2026, down just 8% year-on-year. Meanwhile, the company's core segment dropped 38% to P14.9 billion over the same period. Cruz described premium demand as continuing to show resilience.

Regional Price Momentum

Metro Manila's luxury residential segment posted the third-fastest price growth globally in 2025, according to Knight Frank. Luxury home values in the capital climbed 17.5% year-on-year, trailing only Dubai at 25.1% and Tokyo at 58.5%. The figures reinforce the view that high-net-worth buyers in the region are less sensitive to the financing pressures and economic headwinds affecting mass-market purchasers.

The Laurean project itself was conceived as one of Ayala Land Premier's largest Makati ventures, with an estimated P28-billion sales value. The 65-storey tower was designed to house just 388 residences, ranging from 72-square-meter suites to four-bedroom units as large as 402 square meters, plus bi-level villas. More than half a hectare was allocated to club-style amenities, positioning the development as an urban sanctuary for a narrow slice of the luxury market.

From Carpark to Mixed-Use Hub

The site now designated for Laurean was formerly the Dela Rosa 2 Carpark, a utilitarian structure serving daily commuters in Makati's central business district. Redevelopment began in 2024, and demolition included a segment of the Dela Rosa Elevated Walkway, disrupting a 1.1-kilometer pedestrian route that connected Greenbelt to Makati Medical Center and onward to the Ayala MRT-3 station.

Ayala Land's broader vision for the site is Dela Rosa Gardens, a 1.3-hectare mixed-use redevelopment anchored by the new Bank of the Philippine Islands headquarters, retail and civic spaces, a 2,700-square-meter urban park, and Laurean Residences. The project was pitched on walkability and direct access to the elevated walkway network, a key selling point in a district where connectivity commands a premium.

Laurean generated around P10.4 billion in presales by the time Ayala broke ground in February 2026. The figure has since climbed to P11 billion as of August 11, according to Ayala Land. Construction and sales were paused months after the groundbreaking. The company cited escalating uncertainty from the Middle East conflict, saying rising cost pressures and unpredictable delivery timelines made it difficult to execute the project with the certainty it had promised buyers.

Inventory Drawdown Continues

Beyond Laurean, Ayala Land has made headway in reducing its residential inventory. The value of unsold residential stock, excluding Laurean, fell from P214 billion in 2024 to P110 billion by June 2026. That represents roughly 15 months of inventory, an improvement from the 18 months the company carried before the pandemic.

Still, a substantial volume remains. About 75% of the remaining inventory by value sits in premium developments. Ayala launched no new residential projects in the first half of 2026, directing sales teams to focus on existing stock. Despite the absence of new launches, the company recorded P22.3 billion in second-quarter residential take-up, a result management described as encouraging given the competitive environment.

The decision by Laurean buyers to stay invested, even without a concrete construction schedule, offers a data point on the durability of high-end demand in Metro Manila. As Ayala Land works through its inventory and monitors geopolitical risks, the luxury segment appears to be holding steady while the broader market adjusts.