AVIDA Land Corp., the mid-income housing subsidiary of Ayala Land Inc. (ALI), expects to rake in P5.6 billion in revenues from its lifestyle condominium towers in Tagaytay, Cavite.
The residential complex Serin West and Serin East will generate P1.6 billion and P4 billion in sales, Herbert M. Herrero, Avida project manager for South Luzon, claimed in a press briefing.
The 5-hectare Serin Tagaytay consists of a 3-hectare residential complex and a 2-hectare lot where an Ayala Mall is located.
Apollo Tanco, vice president and head of Project and Strategic Management Group., noted that Avida mostly does horizontal house and lot developments than vertical condominiums.
For the Tagaytay complex, the company has budgeted P3.6 billion – P3 billion for the residential component and P600 million for the mall.
So far, the mall and the first 10-story tower of Serin West have been established, Herrero said.
Herrero said the Serin West tower is already 70 percent sold. The buyers are 30 percent overseas Filipino workers, while the other clients are locally based executives, businessmen, and middle income families.
Herrero said Avida continues to scout for expansion opportunities in Cavite and Tagaytay, factoring in the province as the fastest growing area in the Calabarzon region.