AVIDA LAND Corp. expects to generate P2.8 billion in sales from its newest subdivision in Imus, Cavite, as it looks to take advantage of the rising real estate prices in the province.
The property developer unveiled on Tuesday Avida Verra Settings Vermosa, a 10-hectare subdivision that sits inside parent Ayala Land, Inc.’s 700-hectare mixed-use estate Vermosa.
Avida Verra Settings will offer a total of 370 units consisting of lot-only, house-and-lot, and combined units. Combined units are a combination of house-and-lot with an adjacent lot, to give owners room for expansion.
The property is divided into three sectors, with the first two sectors covering a total of 245 units already 57% sold out.
The third and last sector, containing 125 units, will be available for sale next month. Only house-and-lot, and combined units will be made available for this portion.
Avida Verra Settings commands land prices of P38,000 per square meter (sq.m.). With this, lot only units are priced starting from P5.7 million, house-and-lots are sized from 125-138 sq.m with prices from P9-9.5 million, while combined units are priced from P12.5-14 million.
Amenities include adult and kiddie pools, a basketball court, children’s park and playground, and a clubhouse.
The company looks to attract the upper market segment with a monthly income of at least P150,000 for this project.
“The target market will be families from Cavite or within nearby areas who want to upgrade and live in a complete community, and also Metro Manila residents who are willing to relocate in a more suburban location,” Avida Land South Luzon Project Strategic Management Group Head Anne B. Jara said in press briefing in Makati yesterday.
Based on the current pace of sales, Ms. Jara said they could sell out the entire project within the year or by the first quarter of 2020.
Avida Land expects to complete land development by May 2021, with turnover scheduled for the second half of that year.
“By the time we turn over, Vermosa is already a thriving community. The mall, there’s already a school, and other additional components,” Ms. Jara said.
Vermosa’s residential components will include projects by ALI’s other brands, namely Ayala Land Premier, Alveo, and Amaia. The mixed-use estate will also house two central business districts, with Vermosa Midtown for the first phase and University Town for the second phase.
It will also have an Ayala mall with a gross leasable area of 65,000 sq.m scheduled to open by the fourth quarter of 2020; a senior high school campus operated by the De La Salle Santiago Zobel School; commercial lots, and a church. — Arra B. Francia