Alveo Land Corp., the upscale residential developer of Ayala Land Inc. (ALI), has set aside P2.3 billion for its new residential subdivision project within the 2,290-hectare Nuvali in Santa Rosa, Laguna, to cater to growing demand in residential spaces in the area.

Paulo Rizaldo Ong, division manager for project development at Alveo, said in a news briefing on Tuesday that the firm will invest P2.3 billion in the 40-hectare Mondia, a new residential subdivision that is expected to generate a total of P3.7-billion sales.

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