DAVAO CITY — Avida Land Corp, the mid-range brand of property giant Ayala Land Inc, (ALI), has launched its second condominium project here, targeting young and single professionals as a major market.
The upcoming Avida Towers Abreeza will be located across the 10-hectare Abreeza complex, a mixed-use joint venture between ALI and homegrown firm Anflo Management and Investment Corporation (ANFLOCOR).
In an interview, Maria Teresa A. Tatco, Avida marketing head, said the project is capturing millennials, which currently comprise about 25% of their buyers.
“These are those who want to be in a live-play-work (community that is) just a walking distance. In fact, as early as 2012, when no one was delivering or saying that this can be a potential market… Our main market then was the typical 35 to 45 years old like young families, but we saw that this market (millennials) are actually buying,” she said.
Ms. Tatco said Avida designed a campaign to counter perception that young professionals could not possibly afford an Ayala-developed property.
“They thought they cannot buy an Ayala property because of the thinking that it is too expensive, but we explained that this is a stretched downpayment and you can own a unit for as low as P15,000 in a horizon of three years,” she said.
The Avida Towers Abreeza will initially have one building, with an investment cost of about P1.7 billion. It will have 736 residential units in 23 floors and three podium parking floors. It will also have commercial units on the ground floor.
The units range from 22 to 52 square meters, with prices ranging from P2.9 million to P7.7 million.
Herbert M. Herrero, Avida Land assistant vice president of project and strategic management group, said construction is expected to start in the first quarter of next year and turnover of units will be in 2023.
The first Avida project in Davao City, the Avida Towers, is located at the downtown area.
“It is good that we are launching again because we felt that the reception of the market of our first development medyo maganda (quite good), and now we still feel the same reception,” said Mr. Herrero.
Mr. Herrero also said the company is now looking at available properties for a horizontal residential project.
“We are really on the lookout. Avida is looking at 20 hectares optimum for a subdivision development. Hopefully, we get to purchase a property. We don’t rush things, we talk to everybody also,” he said. — Maya M. Padillo and Carmelito Q. Francisco