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Ayala Land eyes P4B from Abrio

Vol. XXII, No. 34 [ BusinessWorld Online ]
Thursday, September 11, 2008 | MANILA, PHILIPPINES

AYALA LAND, Inc. expects to generate more than P4 billion from its residential project in Canlubang, Laguna.

Bobby Dy, head of Ayala Land Premier, noted that since Abrio took off last year, only 40 of the 380 lots are available. "We are on track to sell everything by yearend," Mr. Dy said.

The lots are sold for P14,000 to P15, 000 per square meter relatively higher than the ones sold earlier because these are closer to the club house, he added.

The 17-hectare residential neighborhood offers homeowners large lots ranging from 800 to 1,200 square meters, with vast spaces between houses as a result of a 16-meter carriageway and a four-meter bicycle lane.

Mr. Dy said the roads had been designed to include generous bike paths and pedestrian walkways to reduce people’s dependence on automobiles and motivate them to walk. He added that the company was rolling out an incentive program where the first 15 owners who will build their houses there will get rebates.

The company is giving as much as P2 million in rebates to the first five homeowners, while the next five will get P1.5 million. The remaining five homeowners will get P1 million in rebates. "This is to encourage owners to build their houses," Mr. Dy said.

He said they had received 400 letters of intent for the first phase of Abrio. Launched in the third quarter of last year, Abrio’s 113 lots under the first phase were sold out in just two hours. The properties will be turned over in March next year. The high-end property developer generated P1.2 billion in sales. Rex Mendoza, senior vice-president of Ayala Land, said most of their customers were rich.

Aside from the lots and open spaces, lot owners may also enroll their children at Xavier School, which Mr. Dy said would build a campus in Nuvali. The school will open in 2011.

Abrio, which Ayala Land claims is just a 50-minute drive from Makati City, is one of the three residential enclaves of Ayala Land’s 1,700-hectare property in Nuvali in Laguna. Last year, the company said it was building Nuvali’s 30-year master plan. Its other subsidiaries, Alveo Land and Avida Land, will also have their own projects in Nuvali. Avida Land, Ayala Land’s vehicle for affordable residential projects, will develop the Avida Settings, while Alveo Land will build Treveia.

Nuvali will have a mix of residential, retail and office areas and will be developed as a community that will allow people to walk, use a bike, or take a water taxi to most places. A man-made lake that will serve as a fire reserve for the community feature prominently in the development.

In a separate briefing, Alveo Land launched the second high-rise section of the Two Serendra development, one of the fastest selling development of Alveo Land. The first one is Aston, 84% of which has been sold.

The 40-storey Red Oak will have 520 units ranging from 41 square meters to 267 square meters and will cost P4 million to P20 million. — Kristine Jane R. Liu

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