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Ayala Land’s Alveo seeking 30-hectare site in Cebu

Posted on June 04, 2014 09:25:05 PM [ BusinessWorld Online ]

CEBU CITY -- Alveo Land Corp. is scouting for a site of at least 30 hectares for a planned residential development in Cebu, its Head of Sales Rufino Hermann S. Gutierrez said.

Mr. Gutierrez said the Ayala Land, Inc. unit is looking at locations with access roads and other improvements for the horizontal housing project, its follow-up to a five-tower condominium resort complex within Cebu Business Park now nearing completion.

“We are very bullish on Cebu. It’s the second biggest economy after Manila and it’s growing even faster than the national economy. We have to be here,” he said at the opening of a showroom here.

Sales have been robust with strong absorption rates for three residential towers launched since 2010 at the 50-hectare Ayala-owned Cebu Business Park, he added.

Alveo entered the Cebu market with the launch of the Sedona Parc boutique condominium in December 2010. As of last week, 79% of its 114 units have been sold.

The company’s first master-planned development in Cebu, Solinea, was launched in November 2011. Solinea is a five-tower resort-themed development, with a project cost of about P8 billion, across the Ayala Center Cebu mall.

The first tower, Cyan, with 591 units, is 86% sold, while the second, Turquoise, with 576 units, was launched in June 2012 and is 73% sold.

The third tower, Lazuli, was launched in March with 605 units and is 12% sold.

“We expect to launch a tower every year and turn over the units after five years,” Mr. Gutierrez said. The first tower, which was launched in late 2011, is targeted for turnover in late 2016.

Solinea will have a mix of residential, upscale retail and resort developments, including a 25-meter lap pool, leisure pool, and children’s pool plus a central clubhouse, function and game rooms, gym, as well as a bamboo garden and gazebos.

Alveo is also building the 18-storey BPI Cebu Corporate Center, its first office condominium development in the region. As of last week, 48% of its 168 units have been sold.

“We found out that Cebu is more of an investor market. The BPI Cebu Corporate Center will cater to that market,” Mr. Gutierrez said.

The building will serve as the gateway to the Cebu Business Park, being situated at the corner of Luzon and Archbishop Reyes avenues. -- Marites S. Villamor   
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