Land Corp., the upper-middle brand of Ayala Land Inc. targets to launch at least five projects in the second half of the year, a company official said.
In an interview, Alveo Land Vice President and head of Sales Rufino Hermann Gutierrez told The Manila Times most of the firm’s upcoming projects will cater to the residential market.
“Both residential and office are doing well this year. We will just be launching more residential now in different areas in the Philippines. Because if you will launch office developments, its limited to Makati or BGC,” Gutierrez said.
“Mostly in Manila area. Then we also have in Cebu, also in Davao, and another part of Mindanao, but not yet certain if we will launch this year,” Gutierrez noted.
Despite the number of projects in the pipeline, Gutierrez emphasized that the launch would depend on the license approvals for the projects.
In a recent interview, KMC Mag Group head of Research Antonn Nordberg noted a slightly less optimistic outlook for the residential market this year.
“Residential market, I’m seeing signs of a slowdown. There are still a lot of inventories left. Developers, they need to sell first before launching new projects,” Nordberg said.
Asked about a possible slowdown in the residential market, Gutierrez noted Alveo has a different outlook for the sector driven by the strong take-up of residential projects despite the price appreciation.
“We’re bullish about the residential, specifically because there was a strong take up in what we’ve launched,” Gutierrez said.
Earlier this week, Alveo launched The Gentry Residences, the residential component of its latest mixed-use development in the Makati Central Business District.
The residential project is expected to rake in P5 billion worth of sales, on a P3-billion investment.