By Arra B. Francia, Reporter
AVIDA LAND Corp. sees at least P12.9 billion in sales from its fifth residential project in Makati City, where it hopes to attract young Filipino millennials working in the area.
Located along Chino Roces Avenue, Barangay Bangkal in Makati City, Avida Towers (AT) Makati Southpoint will feature three 32-storey buildings offering a total of 924 residential units.
The midrange brand of property giant Ayala Land, Inc. (ALI) said the first tower alone is expected to generate P4.3 billion in sales.
Units come in studio layouts covering 23.3 square meters (sq.m.) and one-bedroom sized at 38.2 sq.m. The company also offers a junior one-bedroom configuration, or a studio unit that comes with an additional partition for the bedroom.
Prices range from P4.4 million to P8.5 million, indicating a price of P197,000 per sq.m. Buyers must have a total household income of at least P70,000 to P100,000 every month.
Amenities include a central lobby for all three towers, swimming pool, clubhouse, children’s play area, indoor gym, jogging path, and linear park.
Avida Land Business Area Head for Metro South Properties Reginald D. Alabe said they started selling units for the first tower in December, ahead of its formal launch on Thursday.
“We started selling as early as December. Of the launched units, 40% have been sold. We are reserving some units for price optimization,” Mr. Alabe said in a press briefing in Makati yesterday.
Mr. Alabe said they expect to sell out the first tower within a year and a half, and to complete it by 2024. The second tower is set to be unveiled by late next year or early 2021, depending on the pace of sales in the first tower.
“If sales velocity jumps up, we will be pulling forward also the launches of the succeeding towers,” Mr. Alabe said.
The Avida Land executive noted that they have been experiencing brisk sales take-up for its residential properties in Makati since 2007, when the company launched the two-tower AT Makati West. The company has already sold out AT Makati West alongside AT San Lorenzo.
Avida Land is also nearing completion of two other projects in Makati, namely AT Asten and One Antonio.
“We expect Makati to contribute 8% of our residential revenues this year. Our success here will continue with Makati Southpoint, which will fulfill the need of a changing market,” Avida Land Vice-President and Head of Corporate Planning Group Raquel S. Cruz was quoted as saying in a statement.
Mr. Alabe said the ratio of buyers are equally split between end-users and for investment purposes, while also noting that they adhere to the foreign buyer limit of 40% for all properties.