AVIDA Land Corp. will invest around P4 billion in another condominium project at the Asiatown IT Park in barangay Lahug, Cebu City.
The firm made the investment after the success of its first condominium project, Avida Towers Cebu, also at the Asiatown IT park, said Christopher B. Maglanoc, president of Avida Land Corp., subsidiary of Ayala Land Corp.
“The project is called Avida Towers Riala, which will be located in a 2.1 hectare property within Cebu IT Park. It will have five towers that’s designed to become like an oasis right in the middle of the busy hustle and bustle in the city,” said Reggie Alabe, Avida Land Corp. project manager.
The company has allocated P800 million for the first tower, which is a 27-story tower with 621 residential units, said Maglanoc.
“In the property, we also have Shops at Riala. 16 units in the first tower are for commercial establishments under the Shops and Riala,” he said.
Price ranges of the units starts from P1.8 million for the studio units to P5.5 million for the two bedroom units.
“Seventy percent are studio units, 21 percent are one-bedroom and 9 percent are two-bedroom units,” said Alabe.
The first tower will break ground on November and is targeted for completion and delivery by first quarter of 2016.
“We are looking at developing the whole property within a five-year period and stretch the budget within that span of time. The project will have a total of 3,300 units,” said Maglanoc.
Maglanoc said the firm is confident of the Cebu market and that middle market is ready for their brand.
“When we decided to come to Cebu is 2010, we already think the market is ready. Cebu as a whole has already evolved into a cosmopolitan and urban living is already well preferred and with our products, a condominium unit is already very affordable and reachable by the middle income earners segment,” said Maglanoc.
He also cited the low interest rates in banks as a factor to fuel more growth in the real estate industry because people would be more confident to seek loan for properties.
He also cited the remittances of the Overseas Filipino Workers and the strong business process outsourcing industry in Cebu as factors to fuel growth in the sector./Reporter Aileen Garcia-Yap