By Arra B. Francia, Reporter
AVIDA LAND Corp. looks to generate P4 billion in sales from the second tower of Avida Towers Cloverleaf in Quezon City, about double the revenues posted from the project’s first tower due to the appreciation of property prices in the area.
The mid-income market segment of Ayala Land, Inc. (ALI) launched the second phase of the three-tower development last September, located inside ALI’s 11-hectare mixed use estate Cloverleaf in Balintawak, Quezon City.
The second tower consists of 848 units ranging from studio at 23 square meters (sq.m.), junior one-bedroom (23 sq.m.), one-bedroom (33-37 sq.m.), and two-bedroom layouts (52 sq.m.).
Prices of units at the 36-storey building range from P4.1 to P9.9 million, or about P180,000 per sq.m.
This compares to the average selling price of P95,000 per sq.m. in the first tower, which has delivered P2.2 billion in sales since its launch in July 2015.
“Over the years, there has been an escalation in the prices of our property, and there is a high resale value. And there’s also potential for rental income,” Avida Land Estate Development Group Manager Caren Rose R. Rosales said in a press briefing in Makati yesterday.
Tower 1 offers 744 residential units with the same unit layouts. About 99% of units in the 28-storey building have already been sold, with turnover scheduled for the first quarter of 2019.
“Most of our buyers are aged 25 to 49 years old. 80% are Filipinos, 34% are coming from Quezon City, but there are also buyers from Caloocan, Manila, Malabon, and Navotas, and 36% of our buyers come from socioeconomic class B, and majority bought for end-use,” Ms. Rosales said.
Avida Land is targeting the same market for the second tower. It is banking on the project’s accessibility through the North Luzon Expressway, as well as its proximity to the Balintawak Station of LRT 1, to attract more buyers.
The company has allotted P4.5 billion to develop the three-tower Avida Towers Cloverleaf. The towers will rise on a shared parking podium, standing on a 14,214-sq.m. property. Amenities include a clubhouse, swimming pool, children’s playground, indoor gym, landscaped spaces, and serenity gardens.
Avida Towers Cloverleaf is the first residential project to rise in the mixed-use estate which will also house two phases of Ayala Malls with floors for office spaces and a retail strip. The company said 99% of Ayala Malls Cloverleaf Phase 1 has been leased out.
ALI has so far spent P15 billion to develop Cloverleaf, out of its P23-billion budget for the estate. It has completed around 42% of the developable area, including road networks.