By Zinnia B. Dela PeÑa Updated May 12, 2009 12:00 AM [ philstar.com ]
MANILA, Philippines – Encouraged by a resurgent middle-income market and steady inflow of OFW remittances, Avida Land Corp., the affordable housing unit of real estate giant Ayala Land Inc., unveiled yesterday its newest project in Makati, estimated to cost around P1.5 billion.
The project – Avida Towers San Lorenzo – will rise on an 8,070- square meter property along Pasong Tamo Extension, offering a total of 1,132 studio, one-bedroom and two-bedroom units.
A joint venture with Makati Greenbelt Palms Land, Avida Towers San Lorenzo will have two towers with the first comprising of 30 storys, to be constructed in July or August this year and slated for completion in the first quarter of 2013. Each floor will occupy 22 units.
Construction of the second tower, which will have 26 floors, will begin depending on the sales take-up of the first tower’s units, totaling 605. The second tower, on the other hand, will make available a total of 527 units.
Christopher Maglanoc, vice-president and head of Avida’s Project and Strategic Management Group said this is the company’s first high-rise residential project this year and expects to keep the momentum going for its middle-income residential projects as it launches new phases of existing ones.
Maglanoc said the company is targeting start -up families, young urban professionals and executives seeking a place to stay at in Makati.
He noted an increasing number of 21 to 30 year olds purchasing units for their use, some of them working in the offshoring and outsourcing sector.
Dez Cruz, head of Avida’s Residential Buildings, said the company has so far sold 34 units and expects sales to grow further with the official launch of the project.
Ricky Celis, Avida vice-president for sales and marketing said OFWs remain a significant market for the company, pointing out Avida San Lorenzo’s strategic and superior location.
Celis noted that young professionals prefer to live close to where they work and to where they seek recreation.
“We’ve been looking at this site for close to five years. We feel it’s a good location. We’re very confident of this property, “ said Maglanoc.
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