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Nuvoland earmarks P1.6 billion for 2010 projects

(The Philippine Star) Updated August 20, 2010 12:00 AM

MANILA, Philippines - Nuvoland president/CEO Rally Martinez announced that the firm has allocated P1.6 billion for 2010 for its various projects in Metro Manila. The funds will come from equity and internally generated cashflow.

The amount has been partly earmarked for the ongoing construction of the sold-out mixed use residential condominium project, The Infinity at Bonifacio Global City.

The Infinity, which is the tallest tower in Bonifacio Global City has a project budget of P2.2 billion. Turnover of the office and commercial units in the project is already underway, with the commercial and office occupiers already starting their improvements for opening this September.

Meantime the residential tower turnover gets underway starting December 2010 as scheduled. Martinez said the finished product of The Infinity shall reflect the high quality standards the firm espouses.

Part of Nuvoland’s 2010 capex budget shall be allocated for the ongoing construction of the Aspire Tower in Nuvocity, Libis Quezon City. The Aspire tower has a project cost of P2.5 billion. It features a commercial podium and a residential tower standing 48 storeys high.

The Aspire Tower is currently being constructed by Beton Bau Phils and CMG Solutions Inc. using the most modern prefabricated technology to achieve the highest quality of construction in a time efficient manner.

Currently the construction is at the 8th floor with a construction rate of one floor per week. Martinez pointed out that the promised start of turnover of units for Aspire Tower in the first quarter of 2012 will be met handily.

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