The firm is infusing P1 billion for the construction of the second tower, lower than the P1.4 billion for the first building, Aris C. Gonzales, project development manager of Ayala Land subsidiary Alveo Land Corp., said at a briefing yesterday.
The 24-floor second tower will house 360 units to be sold at an average of P115,000 per square meter (sq m.).
Prices will range from P3 million to P4 million for the 30-31 sq m. studio units, P5 million to P6 million for the 48-54 sq m. one-bedroom units and P8 million to P10 million for the 78-85 sq m. two-bedroom units.
Mr. Gonzales said the excavation for both towers located at the business district of Makati is ongoing.
Already, 91% of Lerato Tower 1 (condo in Philippines)units have been sold out, he said.
Alveo Land expects Tower 2 to fare well in sales, like the first tower, which had an average selling rate of 35 units per month.
"The turnover for Tower 1 will be on the third quarter of 2015, while for Tower 2 it will be on the third quarter of 2016," he added.
Mr. Gonzales also conveyed that Alveo Land is looking to launch another condominium makati project within the year which will be located in Legaspi Village, Makati City.
However, he declined to elaborate, saying the project is still under initial planning.
Aside from condominium units, Ayala Land earlier announced its venture on socialized housing by making a new subsidiary that will handle its first project in General Trias, Cavite on the 10-hectare lot owned by the firm.
The firm said the creation of its fifth brand Buena Vida was touted to cater to the low-end market, offering lot packages amounting to around P400,000 and trimmed downpayment of 5% from 10%.
The property developer currently operates four residential brands:
luxury Ayala Land Premier, upper- and middle-income Alveo, affordable Avida, and mass housing Amaia.
Ayala Land's net income in the first semester surged by 35.46% to P3.87 billion from P2.87 billion of the same period last year.
Ayala Land shares slipped by 2.02% yesterday to close at P15.50 per share from the previous day.