By Zinnia B. Dela Peña (The Philippine Star) Updated July 15, 2010 12:00 AM
MANILA, Philippines - Alveo Land Corp., a wholly-owned unit of Ayala Land Inc. that targets start-up families and young urban professionals, is hoping to book P5 billion in sales from a new residential project within Nuvali, a 1,700-hectare masterplanned community in Sta. Rosa, Laguna.
The new project, to be called Venare, is making available a total of 1,392 lots which will be sold at about P11,800 per square meter or P3.4 million (including value added tax) for each lot with a an average size of 250 square meters.
Dante Abando, president of Alveo, said Alveo will be spending P2 billion for the development of the 74.4-hectare Venare, the fourth residential project of the company for this year and its second within Nuvali.
The company has already launched Meranti at Two Serendra, a leading development in Bonifacio Global City; Ametta (a boutique townhouse in Pasig City), and Lerato in Makati City.
Abando said P833 million worth of lots were sold during Venare’s first day of sales, manifesting strong demand for its products following the successful Treveia whose lots were sold out three years after its launch.
He said lot prices in Nuvali have steadily gone up during the past several years with Treveia starting with only P8,000 per square meter.
In fact, Abando said the company has already exceeded its first half, half income target by 11 percent.
Jennylle Tupaz, assistant vice-president for project development group at Alveo, said the company, which accounts for 16 percent of Ayala Land’s total net income, is currently the market leader in Laguna.
Of the 74.4 hectares, 39.3 hectares are dedicated for residential lots while 10 hectares are reserved for commercial development. A big chunk of the property has also been set aside for various amenities including a three-hectare Central Park Complex which will house multi-active zones that will guarantee hobbyists and adventurous souls a broad range of vigorous sports activities.
“Urban families will never run out of leisure choices with a variety of lifestyle venues right at their doorstep. All of these are inspired to fulfill whatever lifestyle pursuits our future residents wish to accomplish – from dynamic sports to outdoor recreation and even the rejuvenation of body and mind,” Abando said.
Abando said Alveo is building two more residential projects for the rest of the year - one in Angeles, Pampanga and while the other is in in Quezon City.
Aside from Venare and Treveia, other ongoing and completed projects of Alveo include the Marquee Place (a residential development in the North), Ametta Place (which pioneered the boutique townhouse living concept in Pasig, Celadon Manila (the company’s first integrated development in Manila) and The Columns on Ayala Avenue in Makati.
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