Ayala Land unit allots P2B for new project

YALA Land Inc. (ALI) unit Alveo has allocated another P2 billion for a new development in the Nuvali project in Laguna.

Called Venare, the 74-hectare development is expected to bring in another P5 billion in sales to Alveo and ensure it will have enough inventory to maintain its market-leading share in Laguna residential developments.

 

Alveo president Dante M. Abando said on the first day of selling, Venare already sold 16 percent of the total 1,392 lots for sale, amounting to about P833 million. Road works in the area, at the south side of Nuvali, have already started.

“To anticipate demand, we had to replenish inventory, but not just new inventory, it has to be in same quality and caliber of Nuvali’s active suburban lifestyle community,” Jennylle S. Tupaz, Alveo assistant vice president, told reporters.

Tupaz said Venare will have five distinct zones—the 1.4-hectare Me Zone, one-hectare Go Zone, 1.3-hectare Green Zone, the E-Zone and the Aqua Zone. It will also feature a 10-hectare retail area and three-hectare central park.

Of the 74 hectares in total land area, only 39 hectares are saleable, with the rest will be dedicated to roadways and amenities. The model lot size is 250 square meters, with an average price of P11,800 per square meter, or P3.4 million per unit, including value-added tax.

The Venare is the fourth project Alveo launched this year.

Two more projects, both of them vertical types, are set for launch within the year—one in Angeles, Pampanga and the other in Quezon City. Abando said these two projects are in existing ALI developments, which means these will be part of integrated enclaves.

Abando said the company managed to exceed its sales targets for the year, due mainly to strong reception from local buyers. By: Bussiness Mirror