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Home Business Corporate News ALI unit to invest P15-B each in new locations

ALI unit to invest P15-B each in new locations

 

AYALA Land Premier (ALP), the luxury brand of property giant Ayala Land, Inc. (ALI) said it will develop three new locations this year and will invest between P10 billion and P15 billion per location.

“We are launching three more new locations this year,” Ayala Land Premier sales and marketing head Paolo Viray told a news conference in Makati City on Wednesday.

Details on the specific areas where the new projects will rise were not disclosed, but Viray said ALP is now in talks with firms for potential partnerships.


The land bank has been secured already, he added.

“The permitting process takes about six months before we can launch it… We’re still planning it,” Viray said.

The Residences Tower 2 is seen to generate P3-B sales.

Meanwhile, ALP also said it was able to generate P2.6 billion in sales from the first tower of The Residences in Azuela Cove in Davao.

The Residences is a two-tower, 21-story development located on a 10,000-square-meter (sqm) area in Azuela Cove estate. The first tower, called the North Tower, was launched in May this year. The company said it was sold out upon launch date.

The first tower offers 70 three-bedroom units with sizes ranging from 181 sqm to 196 sqm, and two four-bedroom units at the penthouse level. All units come with 13-sqm and 25-sqm balconies, respectively.

Prices per unit range from P33 million to P81 million, while the average price per sqm stands at P194,000, including value-added tax and parking fee.

Viray said approximately 70 percent of the first tower was taken up by Davao residents, while 15 percent was purchased by Manila residents and 15 percent from other provinces and abroad.

Meanwhile, ALP expects the second tower to ring up P3 billion in sales as prices are seen to increase by up to 10 percent then.

The second tower will have up to 20 levels comprising 77 residential units with gardens. Excavation has already commenced.

Viray said the group expects the same strong demand for the second building.

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