By Zinnia B. Dela Peña (The Philippine Star) Updated June 30, 2011 12:00 AM
MANILA, Philippines - Alveo Land, a unit of property giant Ayala Land Inc., is looking at P1 billion in sales from Marquee Residences, its first residential condominium development in the burgeoning Subic-Clark corridor.
In a briefing yesterday, Alveo Land chief operating officer Robert Lao said Marquee Residences, which sits on a 6,605-square meter property in Pampanga, will be a four-tower mid-rise development that will house a total of 199 units priced at between P4 million and P10 million each.
Lao said the four-tower project, with an investment of P1.6 billion to P1.7 billion, forms part of the planned residential and commercial enclave within the 53-hectare Marquee community as it aims to capitalize on the increasing activity and growth in the area. The first phase of the project will entail the development of first two towers which are targeted for turnover to buyers by the third quarter of 2014.
Around 30 percent or 54 units had already been sold valued at P370 million in just a month, Lao said, pointing out it can sell all units this year.
Lao said the company is upbeat on its prospects this year as it aims to make Marquee Residences the premiere lifestyle destination in the north.
Aries Gonzales, division manager for project development of Alveo Land, said one-bedroom units, with an average size of 53 square meters, are priced at P4 million-P5 million while two-bedroom units will sell at P6 million-P7 million. Three-bedroom units, with a size of 105 square meters, will cost between P8.5 million and P10 million.
“Marquee Residences is easily accessible from Metro Manila via the North Luzon Expressway and is conveniently near some of the most premier schools, recreational destinations, and approximate to other provinces and cities such as Tarlac, Subic, Bataan and Clark,” Gonzales said.
Lao said the company has also allotted space for commercial and office development. First to rise in the area is the Marquee Place, a 35-hectare residential community launched in 2007 followed by the three-floor shopping center Marquee Mall, which is home to more than 250 stores and restaurants.
Gonzales said both Marquee Mall and Marquee Place were very well-received by the market in Pampanga.
Alveo, which caters to the middle-income market, is also looking to penetrate new areas such as Davao, Tagaytay, Baguio and Quezon City.
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