MANILA, Philippines – Ayala Land on Thursday, May 11, unveiled Phase 1 of Evo City in Kawit, Cavite, the first of 3 planned estate launches this year.
The 200-hectare mixed-use estate is being positioned as a new central business district in the south which will take advantage of several major infrastructure projects in the area.
Under Phase 1, there will be pre-selling of 395 lots in its 41-hectare low density residential district, dubbed The Residences at Evo City. The lot area is 326 square meters (sqm).
The indicative average selling price is P30,000/sqm while the average contract price is P9.7 million.
The developer has set a target of P7.4 billion in sales for the residential area, with the turnover of the lots scheduled for 2020.
"The residential area is targeted towards the more affluent locals in Cavite as we limited the number of lots available so this will be the prime residential subdivision in the area," said Alveo Land president Jenylle Tupaz at the launch.
Tupaz added that while Cavite has a population of 8 million, the company is also eyeing clients from outside the province.
"Right now, even if you live in Manila, it's very rare to have the opportunity to buy a parcel of land near a commercial district and this will be only 30 to 40 meters away," she said.
Ayala Land also noted that Evo City is strategically located along several major infrastructure projects to provide access to Greater Metro Manila.
The estate sits on an area bordered by Centennial Road, Kalayaan, and the future Cavite-Laguna Expressway (CALAX). It is also near the Manila-Cavite Expressway (Cavitex) and the newly built NAIA Expressway.
The area can be accessed through Cavitex, C5, and EDSA. In addition, future projects seen to improve accessibility to the site include the Cavite C5 southlink and the Southwest Integrated Transport System.
Beyond accessibility, Ayala Land said the residences will also offer amenities such as multiple parks, a clubhouse, and a pool.
Ayala Land has pinned a lot of its hopes for 2017 on new estates as it plans to spend P88 billion in capital expenditure for this purpose.
Aside from Evo City, it plans to launch the 25-hectare Azuela Cove in Davao City, and a 35-hectare joint venture project with the Lucio Tan Group in between Pasig City and Quezon City this year.
The property firm of the Ayala group is off to a good start in 2017, reporting a first quarter net income of P5.56 billion, up by 18% from P4.71 billion in the same period last year.
Consolidated revenues reached P31.64 billion, 17% higher than last year's P26.97 billion, driven by property development, commercial leasing, and services businesses.
Meanwhile, property sales take-up also increased 10% to P27.3 billion, which the firm attributed to continued demand for residential and office for sale products. – Rappler.com