COMMERCIAL lots are selling briskly at its Westborough project at Metro Manila’s south, Alveo Land Corp., the high-end development arm of property giant Ayala Land Inc., said on Tuesday.
In a statement, Alveo Land said the project, a joint venture with Cathay Land Inc., a leading developer focusing on the south of Metro Manila, has so far sold commercial lots worth P3.89 billion.
The firm said Westborough Park Square, the final phase of the 33-hectare commercial development, was sold out on the day it was launched in December.
The Westborough project is located along the Sta. Rosa-Tagaytay-Silang growth corridor and is composed of three commercial phases—Westborough Commercial Strips, Westborough Town Center, and the final phase, Westborough Park Square.
Westborough Park Square consists of 41 lots worth over P800 million.
“The development has an average lot size of 636 square meters, priced at about P30,000 per square meter, and will be ready for turnover by the last quarter of 2018,” Alveo Land said.
Paulo Ong, Alveo Land’s division manager for project development group, said the fast take-up of the last commercial phase of the project was due to its strategic location.
“The property lies in the midst of several existing built-up communities, such as Ayala Westgrove and Cathay Land’s South Forbes,” Ong said. “Investors have a captive market of over 6,500 households, not to mention the property’s close proximity to Laguna Technopark and Nuvali,” Ong said.
Nuvali is another community project of Ayala Land in Sta. Rosa, Laguna.
The Laguna Technopark, three kilometers away from the Westborough district, is home to about 240 enterprises that employ over 101,000 people.
“Westborough Park Square’s commercial lots are right-sized for SMEs, start-ups and private investors seeking a neighborhood locale for their products and services,” Ong said. “The district not only provides an immediate market and growth opportunity, but a locale that has been master planned to become a thriving community.”
Sales for the Westborough project began in 2013, when it launched the Westborough Commercial Strips, composed of three commercial strips along South Boulevard.
The second phase of the project, the Westborough Town Center, was launched a year later, and has sold out its 45 commercial lots worth P1.8 billion.
“Central to the district, this 14-hectare portion will feature a mini lake,” Alveo said. “It will also have an array of lifestyle shops and restaurants, a supermarket, and an activity park for neighborhood events like bazaars, concerts, and other seasonal activities.”
Westborough is the first joint venture between Alveo and Cathay Land, which developed the South Forbes Golf City.