Alveo Land Corp., the upper middle brand of Ayala Land Inc., is set to launch the fourth tower of its Taguig City residential project three years ahead of schedule.
The company said the decision was prompted by the fast take-up of the first three towers.
In a media briefing Tuesday, Alveo Land Senior Division Manager for Project Development Antonio Sanchez III told reporters the original plan was to sell all units of the four-tower Veranda project in four years.
“We’re ahead of schedule. Originally, the four towers of the Veranda was a four-year pipeline for us. But only after two years, we’re launching our last tower na,” Sanchez said.Alveo launched the West Veranda and South Veranda in 2014. The third tower, East Veranda, was launched last year.
Sanchez noted the first three towers of The Veranda are already 80 percent sold.
“The first three towers, we were expecting … to be sold out within … three years, but now we are experiencing a faster take-up at 25 to 30 units per month. For the fourth tower … I think it’s going to take another 12 months,” Sanchez said.
The residential development is projected to rake in P8.2 billion in sales, with the fourth tower generating P1.9 billion.
Alveo noted prices appreciated by 8 percent since the first two towers were launched in 2014 and were priced at P130,000 per square meter.
“North Veranda will launch this September with an average price of P140,000 per square meter,” Alveo said.
It is investing P5 billion to develop the entire project.