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Alveo Land to put up first QC condo

Posted on July 14, 2011 08:55:02 PM [ BusinessWorld Online ]

AYALA LAND, Inc., which had cut its teeth developing sites in Makati City, is looking to step up its presence in Quezon City with its upper and middle-income segment residential arm Alveo Land Corp. entering the field.
“This is our first project in Quezon City,” Jenylle S. Tupaz, vice-president of the project development group of Alveo Land, said in a briefing yesterday, referring to the planned P1.3-billion Ferndale Villas it will turn over to buyers in late 2014.

So far, Alveo Land has sold 70 duplex and triplex units in Ferndale Villas worth P700 million.

Given brisk sales, the company wants to be more active in the northern part of the metropolis.

“If there is opportunity to buy land in that scale, we would like to see it,” Ms. Tupaz said.

“Quezon City is a highly developed area so if there is an opportunity, yes we will [build] if not a townhouse, a condominium development,” Ms. Tupaz added.

Ayala Land already has subdivisions and townhouse complexes in Quezon City and a rising condominium under the Avida mass housing brand. It also owns commercial sites TriNoma mall and the 38-hectare UP-Ayala Land Technohub along Commonwealth Avenue on top of a lease contract for the development of a 7.4-hectare property that is the site of the University of the Philippines Integrated School along Katipunan Ave.

Alveo Land is targeting to sell some 3,000 units in both vertical and horizontal developments under the Alveo Land segment versus the 974 units sold in 2010.

Ayala Land operates four major brands -- Ayala Land Premier for the high-end segment, Alveo for the upper and middle-income market, Avida for “affordable” units and Amaia for mass housing. The developer is also into shopping centers, office space rental, and the tourism and hotel businesses.

Parent firm Ayala Land has earmarked a record P33 billion for capital expenditures this year to bankroll aggressive expansion.

Due to continued demand for residential products, Ayala Land had said it will launch more than 20,000 units across all residential brands -- double from last year -- with an estimated sales value of P57 billion.

Shares in Ayala Land climbed by 1.26% or to P16.10 each yesterday. -- N. J. C. Morales
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