Tuesday, December 20, 2011

ALI mid-income unit Alveo Land to develop residential district in Tagaytay

In a move aimed at further expanding its geographical footprint and spurring growth, Alveo Land Corp., the middle-income residential arm of property giant Ayala Land Inc., is building a leisure residential district in Tagaytay, estimated to generate P2.5 billion in sales.

In a briefing yesterday, Jennylle Tupaz, head of project development for Alveo Land, said the project, Kasa Luntian, is the firm's initial venture into leisure development and first project in Tagaytay, the country's second summer capital because of its cool climate.

Located on a 3.8-hectare property along the Tagaytay-Calamba national road, Kasa Luntian will make available six buildings of five to seven floors each as well as a retail strip consisting of organic bistros and coffee shops and boutiques with special finds.

With a development cost of P1.5 billion, Kasa Luntian will house a total of 343 residential units with sizes ranging from 39 square meters to 141 sqm. A studio unit, measuring 39-41 sqm, will be sold at P4.3 million while one-bedroom units (55-57 sqm) are priced at P6.6 million each. Two-bedroom units, with a size of 85 sqm, will be offered at P10.3 million apiece. Two-to-three bedroom units (104-141 sqm) will sell for a maximum of P15.1 million.

Tupaz said the residential units, which will come with generous balconies and verandas, expansive living areas, sliding doors, a complete kitchen system and provisions for utility outlets, are slated for turnover to buyers in the third quarter of 2014.

She said the company has raised over P1.09 billion during its first day of exclusive priority selling of Kasa Luntian last Dec. 3. The company launched three buildings offering a total of 155 units, of which 150 or 97 percent had been taken up by the public in just one day.

"Entering Tagaytay with our pioneering endeavor Kasa Luntian is a groundbreaking venture for us. And we aim to bank on the city's continuous development without losing the genuine Tagaytay experience that has made the city one of the leading leisure destinations in the country," Tupaz said.

The retail component will make available a gross leasable area of 1,500 sqm. "Featuring unique shops and stores that will cater to even non-residents of Kasa Luntian, the area will house one-of-a-kind dining concepts such as organic bistros and coffee shops, as well as boutiques where people can discover special finds," she said.

Kasa Luntian will also offer a cozy treehouse, refreshing nature trails, and tranquil community lounges per building, walkways, herb gardens, coffee and citrus orchards, rain gardens, gazebos and a large, free-form pool with cascading leisure pools and jacuzzis.

The Philippine Star
15 December 2011
By: Zinnia B. Dela Peña

philippine real estate

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