Unit owners at Tower One & Exchange Plaza, developed and managed by Ayala Land, are finding themselves on the hook for a “special assessment” tied to a three-year renovation program.
This special assessment translates to an add-on fee on top of their regular association dues for a total increase of 50-60 percent this year alone. The special assessment climbs even higher next year before easing in 2028.
Owners are now struggling to understand why they’re being asked to absorb such a significant hike without prior consultation.
“If it’s that big an increase, shouldn’t you give us a say,” a unit owner told InsiderPH.
This owner said paying the amount felt like making a down payment for a brand-new condo.
The special assessment will help fund renovations for an improved lobby, better restrooms, lighting and an upgraded elevator system.
Ayala Land did not say if feedback was sought from the unit owners beforehand.
“The renovation program and corresponding special assessment were approved by the condominium corporation’s board in accordance with the master deed and by-laws,” Ayala Land said in a separate statement to InsiderPH.
The bill shock might have stung less if it came with greater convenience.
But another contentious decision was the removal of bank branches from the ground floor of Tower One, which management decided would be replaced by restaurants and cafes.
“That was one of the selling points. That all the [top] banks were there on the ground floor so I don’t know why they had to kick them out. That’s a deal breaker for me,” the tenant said.
The 35-story tower is one of Makati’s prestigious addresses and the former site of the Philippine Stock Exchange offices and trading floor before its move to Bonifacio Global City. It is now home to multinational companies, financial institutions and corporate headquarters.
Bloomberg News was also longtime occupant before moving a few steps away to the newer, LEED-certified Zuellig Building earlier this year.
Ayala Land still occupies the top floors of Tower One, where tenants enjoy sweeping views of Ayala Triangle Gardens below and the newer, more modern office and residential towers rising around the site.
Upgrades are necessary as the building is showing its age after three decades.
“The program reflects the condominium corporation’s commitment to maintaining [Tower One & Exchange Plaza’s] position as one of the Makati CBD’s most established and recognized office addresses,” Ayala Land said.
There’s no doubt the landmark building is in need of a refresh. And while most owners can accept change, it’s the surprises that are making this one difficult to swallow.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
