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Ayala Land unit expects strong sales for first condo project

Posted on May 05, 2013 09:46:59 PM [ BusinessWorld Online ]
ALVEO LAND Corp., Ayala Land, Inc.’s middle-income market arm, aims to sell within this month half of units at the first tower of Solstice, Alveo Land’s first condominium development at Circuit Makati.
Circuit Makati is Ayala Land’s latest mixed-use hub in Makati City.
“We’re expecting it (Solstice Tower One) to be 50% sold within the month, which is around P2 billion in sales. The first building is around P4 billion in sales value,” Robert S. Lao, Alveo Land president, told reporters on the sidelines of Solstice Tower One’s sales launch at the Globe Circuit Event Grounds in Makati City on Saturday last week.
“We had our first selling before Holy Week, on March 21… since then, we’ve already had P1 billion sales,” Aris C. Gonzales, Alveo Land project development division manager, told reporters separately.
In a statement last Saturday, Alveo said Solstice Tower One, a 41-storey condominium targeted for turnover in the third quarter of 2018, will offer 461 residential units in studio, one-, two- and three-bedroom configurations, ranging from 32 to 132 square meters in size.
Amenities at Solstice will include a function room, lap and lounge pools, juice bar, lounge area, kids’ play area and pool, indoor and outdoor fitness gymnasiums, landscaped pocket gardens, lawn areas, the statement noted.
ON TRACK
“The plan will be around 16 buildings for Alveo. For the second tower, we’re looking at the first quarter of next year,” Mr. Lao said when asked when Alveo Land expects to launch the next Solstice tower.
“We’re on track to launch one tower every year.”
Solstice will be located at the center of Circuit Makati, a mixed-use development at the site of the former Sta. Ana Race Track that was marked for Ayala Land’s P60- billion redevelopment plan for Makati City.
That plan entails development of six districts in the city for mixed residential, commercial, and office use.
Alveo Land, formerly known as Community Innovations, Inc., was registered with the Securities and Exchange Commission in 1995, according to its Web site. It is in charge of Ayala Land’s middle-income residential brand, Alveo.
Mr. Lao said Alveo Land is poised to rack up higher reservation sales this year compared to 2012.
“It’s good. It’s going to be better than last year, about 15% better in reservation sales,” Mr. Lao said when asked about prospects this year, adding that the firm ended 2012 with around P25 billion in reservation sales.
“Right now, we have a good pipeline -- one project per month, so around 12 projects this year. Last year we only had around 10 projects.”
Ayala Land was organized in 1988 when parent Ayala Corp. decided to spin off its real estate division into an independent subsidiary to enhance management focus on real estate.
Ayala Land has earmarked P65.5 billion for capital expenditures this year -- P46 billion for project completion and roughly P20 billion for land banking -- partly to help bankroll about 69 property projects collectively worth some P129 billion.
Ayala Land grew its net income by 27.69% to a record P10.33 billion last year from P8.09 billion in 2011, driven by strong sales. Revenues -- consisting of real estate sales, interest and investment income, equity in net earnings of associates, and other income -- rose 23.32% to P54.52 billion from P44.21 billion, while costs and expenses increased by 23.28% to P41.30 billion from P33.50 billion.
Ayala Land shares gained 75 centavos or 2.36% to close at P32.55 apiece on Friday last week. -- F. J. G. de la Fuente
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