AN integrated master planned community of Avida Land Corp. is moving forward in Alabang, which is expected to improve the other half of the area where Alabang Town Center is located.
Two years after it was officially launched in 2013, the 6.6-hectare South Park District is 56 percent developed encompassing 3.7 hectares of the project, said Raquel S. Cruz, Avida Corporate Planning Group Head.
Avida Land is the corporate brand of Ayala Land Inc. for affordable homes.
The company has spent some P5.4 billion of the P12-billion budget for South Park to cover the first phase of development of the master planned community. The P6.6 billion of the budget has been earmarked for capital expenditures covering the second phase of development.
The first phase or first five years of development covers an 8,000 square meter (sqm) Central Park, Ayala Malls South Park, South Park Corporate Center, transport terminal, and two residential buildings of Avida Towers Altura.
Altura Tower 1 is now 71-percent sold. Avida said the Altura Tower 2 is now 73-percent sold.
Cruz noted a good demand for the residential units in South Park. “In terms of take up, we see a lot of investors and end users. Investors are buying studio type units, while end users buy the bigger ones,” she said.
South Park is a 10-year development project and investors are buying residential units due to the appreciation of land values in the area, according to Avida.
“Overtime, land prices here grew 8.2 percent over the past 10 years. Alabang is now valued at P97,000 per sqm from the P75,000 per sqm…” Cruz said.
“Unit owners in Avida Towers Altura can also maximize the opportunity for leasing income and increased property value with the presence of commercial and business establishments,” she added.
Beyond the first five years of development, Avida is setting its sights to make the second phase a residential-centric development, apart from the consideration for an office building and a hotel.