Alveo Land-Cathay Land project sees fast take-up

MANILA, Philippines – The project development subsidiary of Ayala Land, Incorporated saw fast take-up for commercial lots of Westborough, its new 33-hectare joint venture project with Cathay Land, Incorporated.

Alveo Land Corporation said Westborough has already sold over P3.89 billion ($81.70 million) in commercial lots.

Situated along the Sta Rosa-Tagaytay-Silang growth corridor, the project has 3 commercial phases: Westborough Commercial Strips, Westborough Town Center, and the Westborough Park Square.

Westborough Park Square was launched in December 2015 with 41 in total lot inventory worth over P800 million ($16.80 million).

Alveo Land said its commercial lots were sold out on its first day of selling. 

The development has an average lot size of 636 square meters (sqm) and is priced at about P30,000 ($630.05) per sqm.

Alveo Land said it will be ready for turnover by the last quarter of 2018.

Paulo Ong, division manager for the Project Development Group of Alveo Land, attributes the fast pick-up of inventory to Westborough’s strategic location. 

“The property lies in the midst of several existing built-up communities such as Ayala Westgrove and Cathay Land’s South Forbes. 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.

Laguna Technopark has approximately 240 locators and over 101,000 employees. The industrial estate is just 5 minutes or 3 kilometers away from the Westborough district.

“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.

Westborough sales began in 2013 with 3 commercial strips along South Boulevard: Commercial Strip 1, Commercial Strip 2 and Rodeo Drive.  

Some 42 lots worth a total of almost P1 billion ($21 million) were sold on the first day of selling.

This was followed a year later by the launch of Westborough Town Center, which has sold out its 45 commercial lots worth P1.8 billion ($37.80 million). 

Central to the district, this 14-hectare portion will feature a mini-lake. 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. 

Cathay Land is the developer of South Forbes Golf City, and is the real estate arm of the Cathay Group of Companies. – Rappler.com

$1 = P47.61