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Alveo Land eyes over P11 billion in revenues from new project in Cebu

 Posted on October 20, 2015 10:07:00 PM [ BusinessWorld Online ]

ALVEO LAND Corp. is looking at generating up to P11.4 billion in revenues from its master planned development in Cebu Business Park, citing strong demand from the local market.

AN artist’s rendition of Alveo Land Corp.’s Solinea project in Cebu.

The three residential towers at the 2.6-hectare Solinea are expected to be sold out by 2017, prompting the high-end unit of property giant Ayala Land, Inc. to launch two more towers, Alveo Project Development Manager Vincent Carl C. Bacungan told a media briefing yesterday.

The first, second, and third towers are now 89%, 83% and 53% sold, respectively, bringing latest sales figure to P5.5 billion.

Located across Ayala Center Cebu, Solinea will also have a retail strip, a 6,000 square-meter (sq.m.) resort with a clubhouse, 1,000 sq.m. pool, raintree play park and children’s play area.

“Solinea is built around the concept of a city resort lifestyle: a highly strategic residential location with a careful selection of resort-inspired amenities,” Alveo said in a separate statement yesterday.

“Composed of the Cebu Business Park and Cebu IT Park (formerly known as Asiatown IT Park), it has long since brought Ayala Land’s vision of integrated living in Cebu to life.”

Mr. Bacungan said the third residential tower, Lazuli, is its “most successful project in Cebu.”

“It is aimed towards urban achievers, typically in their 30s to 50s, who are looking for a respite within the city and with their workplace nearby,” he explained, adding that it also caters to investors looking for investments with recurring income.

Around 60% of Solinea’s buyers are investors, with the rest being end-users.

Alveo is also offering the upscale boutique condominium Sedona Parc and the 18-storey BPI Cebu Corporate Center, both located in Cebu Business Park. -- Daphne J. Magturo

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