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Alveo eyes over P11B sales revenue from Cebu property dev’t

Chrisee Dela Paz

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Alveo eyes over P11B sales revenue from Cebu property dev’t
The Ayala Land-unit has already generated P5.5 billion ($118.71-million) in sales from Solinea residential condominiums

MANILA, Philippines – Alveo Land Corporation, the upscale subsidiary of property giant Ayala Land Incorporated (ALI), expects about P11.4-billion ($246.07-million) sales revenue from its diverse property portfolio in Cebu, including Solinea, its multi-tower residential development.

To date, Alveo Land has generated P5.5-billion ($118.71-million) worth of sales from 5-towered Solinea residential condominiums.

The subsidiary of ALI is expecting more take up in the next few years from the Japanese retiree community in its residential projects in Cebu after securing an accreditation from the Philippine Retirement Authority (PRA), Vincent Carl Bacungan, project development manager of Alveo projects in Cebu, said in a briefing on Tuesday, October 20.

JAPANESE RETIREES. Bacungan said the 10% take up from the Solinea residential towers were from retirees, mainly Japanese. Image from Alveo Land

Retirees, investors

The PRA accreditation was won in September, which is seen attracting retired Japanese individuals wanting to settle in a leisurely tropical country, particularly away from the hustle and bustle of a metropolitan area.

Bacungan said the 10% take up from the Solinea residential towers were from retirees, mainly Japanese.

At present, the take up in the 3 towers of Solinea comprise of 60% investors and 40% end-users. 

In terms of nationalities, 60% were Cebuanos; 20% were foreign buyers from the US, Japan, and Singapore; and 20% were Filipino buyers from the rest of the country.

Other than Solinea, Alveo has two more projects in Cebu Business Park: the Sedona Parc residential tower, and the office condominium building BPI Corporate Center.

Ayala Group’s 50-hectare Cebu Business Park has already 32 existing buildings (12 of which are under construction) and has 465,778 square meters (sq m) of completed gross floor area.

CITY RESORT. Solinea is built around the concept of a city resort lifestyle: a highly strategic residential location with a careful selection of resort-inspired amenities. Image from Alveo Land

Business park development

Ayala Land has poured over P30.5 billion ($658.35 million) in the business park, which is home to 150 local and foreign companies.

Bacungan said gross floor area (GFA) will surge by 75% in the next 5 years, which composed of Ayala Land’s ongoing projects.

For Alveo’s part of development, Bacungan said his firm has poured about P9-billion ($194.15-million) investment in its launched projects – 3 of Solinea and the BPI Corporate Center.

There are still two towers left to complete the Solinea residential project, which is expected to be launched next year, Alveo’s Bacungan said.

Out of the 50-hectare Cebu Business Park, Alveo owns 3 hectares, of which 7,000 sq m were allotted for Solinea’s two remaining towers.

To date, Solinea’s Tower 1 is 89% sold, while Tower 2 is 83% sold. Lazuli, the third tower launched in 2014, is now 53% sold. (READ: Ayala Land strategy: Follow the infrastructure)

Alveo programs P10 billion ($215.67 million) capital spending every year.

This year, it targets P35 billion ($746.31 million) to P40 billion ($853.18 million) worth of project launches. Six projects out of the planned 10 this year were already launched in the first half of 2015.

To date, Alveo has 36 existing projects in 10 locations, mostly central business districts in the metropolis and in Cavite, Cebu, Davao, Laguna, Pampanga, and Tagaytay.

Alveo is the upscale and high-end residential and commercial offices brand under the Ayala property umbrella, with others being involved in luxury market (Ayala Land Premier), middle market (Avida Land Corporation), and in economic housing (Amaia Land Corporation). – Rappler.com

 $1 = P46.21 

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