ALVEO LAND Corp. is developing a 120-hectare mixed-use commercial district in Biñan, Laguna, where it has so far sold P2.8 billion of the property in its initial sales launch last week.
In a media briefing in its office in Taguig City yesterday, the upscale unit of Ayala Land, Inc. (ALI) presented its biggest commercial district project to date, Broadfield in Laguna, located four kilometers from development complex Nuvali and 21 kilometers from Alabang.
The company is targeting to raise P17.7-18 billion from selling the 36.6-hectare Phase 1 of the project. It will have a total of 87 lots, of which 35 lots have been offered last week for an average list price of P185 million. Turnover of this segment is scheduled in 2023.
“Our target markets are local investors and local entrepreneurs… They plan to either build their own building and have a commercial space under, or for the investors, sometimes they lease the land to other companies,” Alveo Land Chief Operating Officer Rufino S. Gutierrez said.
Phase 2 of the project, which covers the remaining 43 hectares of the whole Broadfield land, will be built once the company hits 70-80% of the target P17.7 billion sales from Phase 1. Further details of this segment haven’t been laid out by the company yet.
Mr. Gutierrez said Alveo Land is optimistic about the growth of the southern district for both residential and commercial use, noting residential land prices have more than tripled in the past 12 years and commercial land prices have quadrupled in the past decade.
“Very positive yung outlook because of the infrastructure (The company’s outlook is very positive because of the infrastructure),” he said, referring to the Cavite-Laguna-Batangas area, south of Metro Manila.
Mr. Gutierrez said the toll road projects under construction, specifically the Cavite-Laguna Expressway and the proposed Cavite-Tagaytay-Batangas Expressway, will help improve connectivity to the commercial district once it opens.
“Plus the surrounding immediate area niya, very thriving. Ang daming residential, ang daming companies, businesses, industries (The surrounding area is also thriving, filled with residential spaces and various companies, businesses and industries),” Mr. Gutierrez added.
Once completed, Broadfield will be equal to half the size of Bonifacio Global City in Taguig (240 hectares). Its main roads will be designed similarly, with bike lanes, walkways and tree-lined streets.
About 80 hectares of the total land area will be allocated to commercial spaces while 40 hectares will be dedicated to residential use. — Denise A. Valdez