By Ma. Elisa P. Osorio (The Philippine Star) Updated April 29, 2010 12:00 AM
MANILA, Philippines - Ayala Land Corp. will spend P3 billion for its new development, The Lerato at the Makati central business district (MCBD) North.
In an interview at the launch of The Lerato yesterday, Alveo Land President Dante M. Abando said that they have earmarked P3 billion for the three tower residential development and retail area of The Lerato.
During their pre-selling last April 15, Abando reported that they have sold 115 of the 540 residential units of the first tower. This amounted to P500 million in sales and is a quarter of the entire inventory of the first tower. The first tower is expected to be completed by fourth quarter of 2015.
The first tower is composed of 420 studio units and 120 one bedroom unit. The studio is 30 square meters with an average price of P3 million while the one bedroom is 55 square meters for P5.5 million. Once sold completely, revenue for the first tower is expected to reach P1.65 billion.
Abando said they are targeting young urban achievers and small families whose monthly income ranges between P100,000 and P120,000 per month. He said earlier sales were mostly from local buyers and not the Overseas Filipino Market (OFW).
The entire project stands in a 9,800-square meter lot near the Reposo Area. It is close to commercial, retail and institutional landmarks like the Ayala malls, Ateneo Graduate School and De La Salle Graduate School of Business.
“Simply put, The Lerato is for the new Makati resident,” Abando said. “One that sees Makati not just as a corporate arena but appreciates it as a new frontier that combines work and recreation.”
The MCDB North is Ayala Land’s newest district in Makati. Abando said they will develop it as an integrated mixed use district.
Last year, Alveo Land contributed 31 percent of the total income of the residential business of the Ayala Group with P655 million net income after tax.
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