ALVEO LAND Corp. reported P45.6 billion in sales take-up in 2017, breaching its initial target of P40 billion for the year, boosted by the robust take-up for residential lots and condominium units.

The wholly owned unit of Ayala Land, Inc. (ALI) said this is 20% higher than the P38-billion sales take-up recorded in 2016.

“The market segment is still very robust. There’s a lot of resources in terms of cash, domestically. So there’s a lot of confidence there in the market… The demand will continue to be there,” Alveo Land President Jennylle S. Tupaz said in a press briefing on Tuesday.

The company saw the fastest growth in sales for residential lots at 29% to P8.2 billion. The fastest-selling among Alveo Land’s projects were residential lots inside The Residences at Evo City, ALI’s mixed use estate in Kawit, Cavite. It was able to sell out all of the 395 lots, priced at an average of P9.7 million each, in one day.

Condominium units, meanwhile, made up bulk of the company’s sales for the year at P26.3 billion, up 24% from the P21.3-billion sales recorded a year ago. Offices also grew 7% to P10.8 billion.

Alveo Land started 2017 with an inventory or P25.8 billion, supplementing it with P33.2 billion in launches, for a total inventory of P59 billion for the year. Of the total take-up for 2017, P29.2 billion came from its sustaining inventory, while P16.4 billion came from new launches.

Most of the properties sold were located in Makati City, which the company attributed to the performance of ALI’s mixed-use estate in the area called Circuit Makati. Alveo Land’s projects in the 21-hectare estate include residential buildings Solstice and Callisto, and an office project called The Stiles Enterprise Plaza.

“For 2017, Alveo actively marketed several residential and office projects in Makati, Pasig, Quezon City, and South Luzon. In terms of overall take-up, Makati continues to be a preferred location by both local and foreign markets,” Ms. Tupaz said in a statement.

International sales, meanwhile, accounted for 26% of total sales for the year, led by China, Hong Kong, and North America. The company said investor confidence in the economy is attracting foreigners to purchase property here.

This year, Alveo Land looks to launch over P40 billion worth of projects consisting of around 6,000 units. This is double the number of units the company launched in 2017, as it pursues more horizontal projects outside Metro Manila.

The company will be entering two new areas this year — Bulacan and Cagayan de Oro — where it will sell residential lots.

Asked for the company’s target sales take-up for the year, Ms. Tupaz said it wants to “stay at that level or even higher than that.”

“We have to source our growth not just in the CBDs (central business districts) where land is limited so we’re really gonna have to go out and tap new markets. And it’s good, maganda ang economy ngayon (the economy is doing well),” Ms. Tupaz said. — Arra B. Francia