Posted on May 19, 2015 11:00:00 PM [ BusinessWorld Online ]
AYALA Land, Inc. (ALI) is raising its investment in its Alviera township in Porac, Pampanga -- its largest mixed-use community in Central Luzon -- after citing strong demand for residential and industrial lots within the estate.
ARTIST’s rendition of Ayala Land’s Alviera in Pampanga -- ALVIERA.PH
In a briefing yesterday, Alviera General Manager John R. Estacio said the 1,100-hectare mixed-use development will be built at a cost of P90 billion, higher than the P75 billion that was previously announced in September 2014.
“We just did initial estimates [when we launched the project last year].
Along the way, there was certain fine-tuning,” Mr. Estacio said, noting that there were no changes to the township’s master plan.
Ayala Land is spending P7.3 billion over a three-year period to develop the first phase of the project covering some 207 hectares. It comprises roughly 1,500 residential units from three Ayala Land communities, a 31-hectare industrial park, a six-hectare country club and two academic institutions such as Holy Angel University and Miriam College.
All 16 lots for sale at the Alviera Industrial Park have already been taken up, said Patrick John C. Avila, department manager of the commercial business group, with locators in the Philippine Economic Zone Authority-accredited park engaged in the food manufacturing, plastic packaging, motorcycle parts and electronics industries.
The first tranche of locators are expected to operate starting January 2017, Mr. Avila added.
Three clusters of ready-built, standard factory buildings (SFB) for lease are currently being offered to small and medium enterprises.
The SFB floor area totals 20,000 square meters available for lease with rental rate starting at P150-P200 per square meter per month.
Affordable housing unit Avida Land recently launched Avida Settings Alviera, the first residential project to be launched in the estate. To date, about 85% of the project, offering 563 lots and house-and-lot packages, has been taken up.
Upper-mid brand Alveo Land is set to launch a 784-lots only project next month, while upscale brand AyalaLand Premier will unveil a 530-lots only development located beside the Alviera Country Club in the third quarter of 2015.
Ayala Land is pouring in P1 billion to build The Alviera Country Club, managed by Ayala Club Management, Inc. -- the same group behind Anvaya Cove and South Links Golf Club. The club, which features a number of world-class facilities, is targeted for completion in 2018.
Up to 2,000 club shares will be available for sale priced at P580,000 for individual shares and P950,000 for corporate shares.
ALI shares fell 0.85% or 35 centavos to close at P40.65 apiece. -- Krista Angela M. Montealegre