Alveo Land sees Tagaytay project sales done by 1Q

Alveo Land Corp., the mid- to upper-level property unit of Ayala Land Inc., has enjoyed brisk take-up for its maiden leisure development in Tagaytay and expects to sell out the first phase of the project early next year.

Jennylle Tupaz, head of project development for Alveo Land, said the real estate developer sold 150 units valued at P1.09 billion covering the first three of the six mid-rise buildings of Kasa Luntian in an exclusive priority selling event early this month.

The company offered 155 units of the 3.8-hectare leisure development worth P1.13 billion during the preselling event. To date, only three units are available for sale, Tupaz said.

Most of the buyers of the leisure project with a total sales value of P2.5 billion were families from Metro Manila.

"A lot of people have expressed interest for the next phase. We're hoping that by February it will be sold out as well," said Tupaz.

"We sold limited units and there is demand for an Ayala product in Tagaytay. They were really waiting for it," she added.

Because of robust take-up, Alveo Land has beefed up its land bank in the area with the acquisition of seven more hectares of land. It intends to purchase an additional three hectares to accommodate the future phases of Kasa Luntian.

Alveo Land will spend P1.5 billion to develop Kasa Luntian, which will offer 343 units to the market with prices ranging from P4.3 million to P15.1 million. More than half of the available units will be 39 to 41 square meter studio units and 55 to 57 square meter one-bedroom units. It also houses two-bedroom units at 85 square meters and three-bedroom units at 104 to 141 square meters.

The property developer will also set guidelines for leasing operations, allowing homebuyers to rent out their units when they are not in use.

Kasa Luntian will offer a treehouse, nature trails, and community lounges per building. Future residents can also take pleasure in exclusive outdoor amenities such as trellised walkways, herb gardens, coffee and citrus orchards, rain gardens, gazebos and a large, free-form pool with cascading leisure pools and Jacuzzis.

ALI shares rose to P15.40 each on Wednesday from P15.28 each on Tuesday.

The Manila Times
15 December 2011
By: Krista Angela M. Montealegre

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