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Ayala Land mid-income developer expects P5.5-B sales from Cavite project

Posted on July 07, 2015 10:17:00 PM [ BusinessWorld Online ]
MIDDLE-income property developer Avida Land Corp. expects roughly P5.5 billion in sales from its maiden condominium project in Cavite province. 



The company, a unit of property giant Ayala Land, Inc. (ALI), yesterday unveiled the second phase of its Tagaytay development dubbed Serin East. 
The project will generate “close to P4 billion” in sales from a total of 1,343 residential units, said Herbert M. Herrero, the company’s project and strategic management manager for South Luzon. 
Avida is spending P2 billion to develop the four-tower Serin East, Mr. Herrero said. Its initial tower is offering 235 units ranging from 23-square-meter (sqm) units priced at P2.6 million to 62-sqm unit priced at P6.3 million. 
Since its launch in 2012, Avida has sold 70% of the two-tower Serin West development that brought to the market 480 units worth P1.5 billion. 
“For a vacation-condominium, that’s an acceptable pace,” Mr. Herrero said. 
Avida expects to sell out the east phase in five years. 
Turnover of the units in the west phase will start in 2016, while units in the east phase will be delivered beginning 2018. 
The mid-rise development will have a clubhouse, adult and children’s swimming pools, trellised walkways, lounge and sitting areas, gardens plus a viewing deck. 
Located along the Tagaytay-Nasugbu Highway, the Serin development is master planned to include the two-hectare Ayala Malls Serin, which is across the Our Lady of Lourdes Church. 
The Tagaytay project completes Avida’s residential product line in Cavite, which now consists of house and lots, lots-only and condominium units. 
Avida has invested P4.7 billion in the last five years to develop its projects in Cavite, which now account for roughly a tenth of the company’s business, said Apollo B. Tanco, Avida vice-president and head of project and strategic management group. 
Since entering the Cavite market in 2002 with Avida Residences Sta. Catalina -- a 38-hectare house-and-lot development -- Avida has expanded its project portfolio in the area to five residential villages covering 116 hectares established across DasmariƱas, Bacoor and Imus. 
Avida’s residential villages across the province are 86% sold. 
“Since its initial lot-only offering in 2009, lot value has appreciated from P8,500 per square meter to P15,500 per square meter, marking a 12% annual growth rate,” Mr. Herrero said. 

Avida is encouraged to invest in Cavite, a strong growth center in Southern Luzon, given its proximity to Metro Manila, established industrial estates, and growing number of commercial centers and school as well as the development of new infrastructure projects, Mr. Herrero said. -- Krista Angela M. Montealegre
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