Thursday, August 28, 2008 [ manilatimes.net ]
By Katrina Mennen A. Valdez
AMID an economic slowdown, the mid-market unit of Ayala Land Inc. (ALI) said it is bullish about meeting its revenue goal for its first Manila-based property development.
In a briefing, Dan Abando, Alveo president, said the company expects to meet this year’s sales target since Celadon Manila, which it launched Wednesday, is ALI’s first integrated development in Manila.
“Though there is an [economic] slowdown these developments in Manila will address the high demand for residential, retail and office facilities since the city itself has very scarce facilities and space,” Abando said.
The company is spending P5 billion and is expected to generate sales of at least twice the project cost once fully realized.
Of the six-hectare development, Celadon Residences, the townhouse facility, which is 90 percent completed and will commence turn over next month, is already 80 percent sold, Abando said.
Celadon Residences has a total of 202 horizontal units, with floor areas ranging from 168 square meters to 204 square meters, and prices starting at P9.5 million to P12.5 million.
“For the townhouse facility alone [we] are eyeing a P2-billion sales revenue,” the executive said.
The project’s business process outsourcing (BPO) office space and retail facilities will comprise two 14-story towers respectively, and is expected to be operational in the first quarter of next year.
“Convergys has already committed to locate one of [their] offices here,” Abando said, referring to the US-headquartered BPO giant.
The retail building, which is divided into two phases, would support the requirements of the BPO locater, such as fast food stores, convenience stores, and computer shops. The second phase will address the lifestyle needs of the entire project such as a spa, gym and other amenities.
Of the four condominium towers, the first tower is already 60 percent taken up, while the remaining three towers have yet to commence construction. This would depend on the take up of the first tower that will be turned over in 2011.
“Though [we] are not affected by the economic slowdown, [we] have increased [our] prices by less than 5 percent due to the jack up in the prices of construction materials,” Abando said.
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