Amaia pours P1.5 billion into Novaliches project

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Located in Novaliches, Amaia Square Nova offers 41 shophouses.

AYALA LAND, Inc.’s economic housing unit has invested P1.5 billion to develop townhouses, mid-rise condominium buildings, and a shophouse district on a 20-hectare property in Novaliches.

“Our project is actually located in the heart of Novaliches. This is about 5 kilometers away from (SM Fairview). We have our thriving neighborhood… All of these are integrated into one community,” Ayla Reyes, Amaia Land Corp. Associate for Project Development, said in a press briefing in Quezon City on Monday.

Amaia Nova Estate is a mixed-use community composed of Amaia Square Nova, Amaia Steps and Amaia Series.

The P150-million Amaia Square Nova features 41 shophouses in either two- or three-storey units with the general rule that the ground floor for each unit will be allotted for retail space. Owners have the option to turn the second and third floors into retail spaces or as a residential area.

Launched in 2014, the company is now turning over Amaia Square units to buyers. A two-storey unit with 69 square meters (sq.m.) of space is priced at P5.9 million each, while a three-storey unit with floor space of 89.1 sq.m. is sold for P6.9 million.

“What we want to do here is they no longer have the desire to need to go as far as SM Fairview or Fairview Terraces by having within themselves Amaia Square Nova… We realized that our project was not located in a prime location. So what we decided to do is prime up the location and make their lives easier and more convenient for them by putting the shophouse,” Ms. Reyes said.

Ms. Reyes noted that the demand for shophouses is coming from well-established business owners in the Novaliches area, investors who want to lease out the unit, as well as entrepreneurs who want to take advantage of the growing community.

Amaia has already completed over 300 units for Sector 1 of Amaia Series, its townhouse development in the estate. Of this, Amaia has already turned over 100 houses. This forms part of the six out of 10 hectares Amaia has developed under the brand. Once completed, Amaia will have a total of 836 townhouse units.

“With the high take-up rate of Amaia Series, we’ve already launched Sector 2 last December of 2016, and we’re preparing the launch of Sector 3 within the year,” Ms. Reyes said.

Four buildings for Amaia Steps, which is the company’s first mid-rise condominium building, is now ready for occupancy, with more than 280 households already residing in the development. Its amenities include a clubhouse with two function rooms, a basketball court, playground, and swimming pool. Over 2,500 residents are expected to reside inside Amaia Steps. — Arra B. Francia