AVIDA Land Corp., the mid market brand of Ayala Land Inc. (ALI), is targeting to generate P20 billion in sales from 10 new project launches scheduled for the first half of the year.
In the first half of last year Avida launched only seven projects, which rose to 14 projects by the end of the year and generated close to P30 billion in sales.
In a press briefing on Wednesday, Avida President Christopher Maglanoc said the demand from the mid range market and from small and medium enterprises (SME) for office space remains strong.
“We see bigger prospects for Avida this year as we aim to launch more projects in various strategic locations nationwide. All of this is part of our commitment as we diversify and expand our product offerings to create better lifestyle opportunities for our target market,” Maglanoc said.
The 10 projects in the pipeline are seven residential condominiums, two subdivisions and an office building. They are situated across strategic locations including Bonifacio Global City (BGC), Makati City, Quezon City, Muntinlupa, Bulacan, Tagaytay, Iloilo and Tuguegarao.
At the briefing, Avida launched its second office tower, the P4.4 billion Capital House, located in the north part of BGC near Turf BGC.
The company said its first office tower project, the P3.5-billion One Park Drive, is almost sold out.
Herbert M. Herrero, senior division manager of Avida’s Project and Strategic Management Group, said Capital House is a 26-storey office tower with 222 units to be offered to SMEs and with a gross leasing area of 2,066 square meters.
He said office units range in size from 62 sq m to 1,439 sq m, with prices starting at P10 million all the way to P26 million.
The office tower has already generated interest and reservations from design firms, ad agencies, holding companies, and front-end offices of manufacturing and trading offices which need smaller cut units for five to 20 employees.
“It is a very interesting market because these SME types need to have a presence in BGC which is an opportunity for us. We’re one of the few that have offered and is selling smaller cut office units from the typical leasing type. The units are sold because it is also a part of diversification in the office portfolio of the group,” Maglanoc said.
Capital House is expected to be completed in December 2017 and turned over in the second quarter of 2018.
Herrera said being in the mid market segment has made it easier for Avida to enter more locations in the southern part of the Philippines and in the provinces.
Now in its 25th year, Avida has already built 60,000 housing units to date within 73 projects in 29 locations nationwide, making it the ALI subsidiary with the most number of projects.
Besides Avida, other residential and commercial and office brands under the Ayala property umbrella include Ayala Land Premier in the luxury market, Alveo Land Corp. in the upscale and high-end market, and Amaia in the economic and affordable housing segment.