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.
Ong added this will be on top of Alveo’s four existing residential subdivisions in the Nuvali township — Trevela, Venare, Mirala and Lumira — which amounted to P7.4- billion investment, generating sales of over P13 billion in the past eight years.
With the addition of Mondia, he said “Alveo now accounts for about 10 percent of Nuvali” with a total investment of P9.7 billion and expected sales of up to P17 billion.
Mondia, a 40-hectare residential subdivision in NUVALI South, has lot prices ranging from P4.8 to P11.8 million or P18,500 per square meter. As Alveo’s fifth horizontal development in NUVALI, the company has now invested a cumulative total of over P7.4 billion in the area. With communities of Treveia, Venare, Mirala and Lumira, NUVALI now represents 62 percent of Alveo’s total 12 horizontal residential projects in Luzon at 400 hectares.
Ong said the whole Mondia development will be completed in the next three to four years, having over 600 lots for sale ranging from 269 square meters to 541 sqm per lot priced from P4.8 million up to P11.8 million each.
The subdivision will be developed in two phases: Phase 1 to offer 384 residential lots and other amenities to be turned over in the next two years, while the rest of the lots will be handed out in Phase 2, the last development year for the project.
About 384 residential lots will be available in Mondia’s first phase of development.
Ranging in size from 269 to 541 sqm cuts, the average lot size would be 330 sqm, future residents will enjoy the calm of pocket parks that will be situated within a 250-meter radius of every lot.
Available amenities to be completed in Phase 1 include the 1,000-sqm modern clubhouse, 1.7-hectare open park, 500-sqm pool and a 100-sqm function room. The subdivision will cater mostly to young start-up families and driven professionals who adopt active lifestyles.
Aside from Mondia, Ong said commercial retail mall Solenad 3 will be soft-opened in June this year, adding up to the existing Solenad 1 and 2 in the area. This will add 40,000 sqm of gross leasable area equivalent to 408 stores, which will also have four cinemas, home and family zone, as well as open outdoor and lifestyle area. ALI has invested P2 billion in Solenad 3.
Other additional openings in Nuvali are the 12,000-sqm S&R Membership Shopping to be completed by the fourth quarter of the year, as well as the 100-bed QualiMed hospital having a total land area of 10,000 sqm that will open in the third quarter of 2016.
To date, about 64 percent of the 2,290 hectares of Nuvali are already developed, Ong said.
Alveo programs P10-billion capital spending yearly. This year, it targets P35 billion to P40 billion worth of project launches for the whole year of 2015, of which six projects out of the planned 10 projects this year will be launched in the first six months of 2015. This target is an increase from the nine projects worth P33 billion launched last year.
To date, Alveo has 36 existing projects in 10 locations, mostly central business districts in Metro Manila and in Cebu, Davao, Pampanga, Cavite, Laguna and Tagaytay.
It is the upscale and high-end residential and commercial offices brand under the Ayala property umbrella, with others being involved in luxury market (Ayala Land Premier), middle market (Avida Land Corp.) and in economic housing (Amaia Land Corp.).