Ayala’s high-end property unit eyes 6 more projects

Reflecting the firm’s bullish take on the real estate market, Ayala Land Inc. unit catering to middle to upper-class income market Alveo Land Corp. is targeting the launch of six more projects in major growth areas until the end of the year.

Alveo Land project development head Jennylle Tupaz said they are soon launching projects in five more locations - Makati, Tagaytay, Cebu, Davao and two in Bonifacio Global City.

Part of Alveo Land's aggressive launches is the recent unveiling of the P1-billion second tower of its residential condominium project in the northern side of the Makati Business District, the Lerato(condo in Philippines).

Tupaz said the 24-story tower will bring in a total sales value of P1.4 billion to the company. Lerato's second tower offers a total of 360 units - 240 studio units, 72 one-bedroom units and 48 two-bedroom units with selling price of P4.7 million or P115,000 per square meter. The studio units are 30 sqm in floor area, the one-bedroom with 48 to 50 sqm and the two-bedroom with 78 to 85 sqm.

Tupaz said the first tower, which was launched in 2010, is already 91-percent sold and target turnover is third quarter of 2015. Meanwhile, she said that the second tower is already 33 percent sold and turnover is third quarter of next year.

Meanwhile, Alveo Land innovations and design head Gilbert Berba said the Lerato project is one mark in Makati of the Ayala group to fulfil its undertaking of redeveloping the country's premier business district. "We're here to stay," he said.

"From the beginning, The Lerato was envisioned and designed to converge residential and commercial elements, reflecting and complementing the creative and dynamic feel of the MCBD North. As part of its masterplan, the ground floor of the development will be designed to house a diverse mix of retail and dining options that adds to the equity of this blooming cosmopolis," Berba said.

The Ayala group is aggressively redeveloping the city of Makati, dividing the city into hubs - the Cosmopolitan District which is the area of the Glorietta malls and Greenbelt shopping and dining centers, the Urban Oasis which is Ayala Triangle, the Cultural and Creative Hub which is the Northern part of Makati, the Tech and Transit District which is the Southside of Makati and the Entertainment Hub.

The Daily Tribune
18 August 2011
By: Danessa O. Rivera