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Alveo Land to launch P40 billion worth of projects this year.

ALVEO Land Corp., the middle-range brand of property developer Ayala Land Inc., said on Tuesday it will launch some P40 billion worth of projects this year. The projects include its developments in northern Luzon and Mindanao, two new markets for the firm.

The amount is 20-percent higher than last year's P33.2 billion in project launches, according to Alveo Land President Jennylle S. Tupaz.

'We hope to exceed last year's sales this year,' Tupaz said.

'We are going to be expanding our footprints. We will be serving new markets. In areas that we are at, we just continue to strengthen our foothold. And then the new projects that we will be launching this year will be in North Luzon, specifically in Bulacan and then we are going to be in Cagayan de Oro this year. And all the other projects, will be in the existing areas,' she added.

Last year the company had P45.6 billion in combined sales take-up, also a 20-percent growth over the previous year.

Alveo marked its 15th year in the property development business as a brand with 11 project launches of residential and office products all across the country.

A total of 3,018 units went on the block worth P33.2 billion, with more than half of the new inventory already sold to date, it said.

Residential lots proved popular among Alveo buyers in 2017, increasing 29 percent in take-up to P8.2 billion in 2017, from P6.4 billion in 2016. Condominium units' take-up grew 24 percent to P26.3 billion, from P21.3 billion and Alveo's office-for-sale portfolio had a P10.8 billion take-up, 7-percent higher than the previous year. In terms of location, Makati posted the highest growth of 48 percent in take-up, largely due to Alveo's success in Circuit Makati, the former Santa Ana racetrack.

The company already has three main projects in this Ayala Land-owned estate. These are residential buildings Solstice and Callisto, and The Stiles Enterprise Plaza for its office offering.

'For 2017 Alveo marketed several residential and office projects in Makati, Pasig, Quezon City and South Luzon,' Tupaz said. 'In terms of overall take-up, Makati continues to be a preferred location by both local and foreign markets.'

Alveo also had successful launches in newer territories last year, including the 395 residential lots for The Residences at Evo City, a mixed-use estate in Kawit, Cavite.

The lots in the said development have an average size of 326 square meters and an average total contract price of P9.7 million.

The project completely sold out in one day, and is now the fastest and highest-selling subdivision project in Alveo's history.

'Majority of our projects are integrated within key Ayala Land mixed-use estates all over the country, which is a great advantage that we always take into consideration,' Tupaz said. 'Being in such highly strategic locations provides the best overall investment value for our customers in the long-term.'

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Publication:Business Mirror (Makati City, Philippines)
Geographic Code:9PHIL
Date:Feb 27, 2018
Words:563
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