[ bworldonline.com ]
AVIDA LAND Corp. will be spending P7.4 billion to build the
first phase of its multi-tower residential condominium in Mandaluyong.
The mid-range brand of listed property developer Ayala Land, Inc.
unveiled on Wednesday Avida Towers Verge, a three-tower condominium
development along Reliance Street corner Mayflower Street, Mandaluyong
City.
The first tower consists of 34 floors with a total of 1,020
residential units and seven commercial units. The units range from
junior one-bedroom, or studio units, spanning 22 to 24 square meters
(sq.m.), and one-bedroom covering 34 to 36 sq.m.
The junior one-bedrooms are priced from P4.2-4.4 million, while
one-bedroom units are sold from P6.7-7.7 million. Monthly amortization
starts at P17,000.
Avida Land Manager for Project and Strategic Management Group Melissa
D. Corpuz said the company expects to generate P4 billion from the sale
of units in the first tower, noting that 10% has been sold so far. At
this pace, Ms. Corpuz said they expect to out the tower by next year.
“We are targeting professionals and millennials. Practically for
them, a condo unit will serve as a primary or secondary home to be
closer to their place of work and socials,” Ms. Corpuz said during a
press briefing in Makati City on Wednesday.
The company will start constructing the second tower once it reaches
70% sales take-up in the first. The entire development will have more
than 2,500 units.
Construction of amenities will also be done in the first phase. This
includes a clubhouse, indoor gym, swimming pool, kiddie pool, play area,
and gazebos.
The launch of Avida Towers Verge followed the completion of Avida
Towers Centera, its four-tower condominium project also located along
EDSA in Mandaluyong. The company said it spent P5.3 billion to develop
the project.
Avida Land is currently turning over units at Avida Towers Centera, where it has nearly sold out 2,526 units.
Since its launch in 2011, Avida Land said prices of units have appreciated by as much as 40% to P139,000 per sq.m.
“Mandaluyong is a prime real estate hot spot. Its condo market is the
country’s most buoyant, with demand often outstripping supply… While
prices of condo units significantly rise in the area over time, it
continues to be at a mid-level price range compare to other cities in
the country,” Avida Land Vice-President for Project and Strategic
Management Group Apollo B. Tanco said in a statement.
The company is likewise selling the 32 retail units in the first and
second levels of the property, 70% of which have already been leased
out. — Arra B. Francia
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