Ayala Land hikes spending for Alviera dev’t in Pampanga

MANILA, Philippines – Ayala Land Inc hiked its planned capital spending for its mixed-use township development in Porac, Pampanga.

Ayala Land raised the initial estimated spending for the 1,100-hectare Alviera development from P75 billion ($1.69 billion) to P90 billion ($2.02 billion).

Alviera increased its capital spending as the company fined-tuned the master plan, including the facilities, infrastructure, and services needed in the development of the property, said Alviera General Manager John Estacio in an interview Tuesday, May 19.

Estacio said the company decided to put up another 15 megavolt ampere for the ramp-up of developments within the property.

Capital spending for phase 1 of the project is estimated to reach P7.3 billion ($164.06 million). Phase 1 involves 207 hectares of new industrial park, the country club, two academic institutions, and 3 Ayala Land residential communities.

Project progress

Estacio said all 16 industrial lots for sale have already been taken up, while 3 clusters of ready-built, standard factory buildings (SFB) for lease are currently being offered to small and medium enterprises. 

The SFB floor area totals 20,000 square meters available for lease with monthly rental rate starting at  P150.00 ($3.37) to P200.00 ($4.48) per square meter.

First locators in the PEZA-accredited park are engaged in food manufacturing, plastic packaging, motorcycle parts, and electronics industries. The first batch of locators are expected to operate starting January 2017.

About 1,500 residential units are also set for launching under phase 1.

Avida, which is Ayala Land’s residential brand for the middle income market, recently launched its first project in the estate, Avida Settings Alviera, located across the future city center.  To date, about 85% of the project has been taken up.

Alveo Land’s residential project in Alviera will also be launched in June.

Alviera started selling shares in the planned Alviera Country Club priced at P580,000 ($13,038.83) for individual shares and P950,000 ($21,353.83) for corporate shares.

The Alviera Country Club will be managed by the same group behind Anvaya Cove and South Links Golf Club, Ayala Club Management, Inc – Rappler.com

$1 = P44.49