Ayala Land unit introduces 1st low-rise, one-tower residence in Makati
MANILA, Philippines – Avida Land Corporation, the affordable homes segment of property giant Ayala Land Incorporated, is investing a billion pesos for its first low-rise, single-tower residence in Makati.
This is the 4th of the 15 projects Avida is planning to launch this year, which would reach a total sales value of P30 billion, according to Pol Tanco, head of Avida Land's project and strategic management group.
Avida's 6-storey residence – which will be called One Antonio – has a low density of only 198 units in a 7,059-square meter (sqm) property on Sacred Heart Street in Barangay San Antonio in Makati City.
One Antonio units start at P8 million and are being sold at P150,000 per sqm, said Herbert Herrero, Avida AVP for project and strategic management group, in a media briefing in Makati City.
Herrero said One Antonio's 198 units will have a total sales value of P1.7 billion.
Herrero added Avida is confident that fast take-up will follow for One Antonio, which boasts not only of its strategic location but of its new design.
"One Antonio will appeal to end-users seeking a home closer to the business district, who see Makati as a central location, or who may be empty nesters considering downsizing," he said.
"It is also poised to attract investors who are interested in renting out units to Makati-based professionals, or who see the high resale value of a Makati property," he added.
Avida will launch One Antonio to the public this week, but has already started offering the units to repeat clients.
"We are hoping to sell out within the year," Herrero said.
Unlike other Avida developments, One Antonio does not offer studio units.
"One Antonio units are in 2-bedroom (56-60 sqm) and 3-bedroom (62-66 sqm) cuts," Herrero said.
The construction of the Avida property is expected to start next year and will be completed in 2019.
Turnover of One Antonio units will begin in September 2019.
Overall, with 87% of the 3,354 units in Avida's launched inventory sold, the company has earned P7.85 billion in total revenue to date. – Rappler.com