Avida unveils P3.8B new Vertis North QC residential inventory
THE AYALAS’ Avida Land yesterday launched a new mid-income high-rise residential tower in its Vertis North mixed-use hub, bringing to the Quezon City property market P3.8 billion worth of new condominium units.
The new project – the 31-storey Avida Towers Sola – offers 1,004 residential units at around P117,000 per square meter which are targeted for turnover to buyers by 2020. This is the first of the two towers to rise as part of this new high-rise residential development.
Avida Towers Sola caters to the “mid-affordable” market of families, young professionals and investors. Unit sizes range from 22 to 61 square meters with prices starting at P2.6 million. There units for sale consist of a mix of studio, one-bedroom, two-bedroom and three-bedroom units.
With revenues exceeding P15.5 billion in 2015, Ayala Land Inc. senior division manager Jay Teodoro said there was a lot of “untapped demand” in Quezon City. The Ayala group’s development of P65-billion mixed-use Vertis North is part of the bid to fill in the dearth in central business district in this part of the metropolis.
Raquel Cruz, Avida Land corporate planning group head said in a press statement on Tuesday that the two-bedroom units would have a “multi-passenger” toilet and bath, which can be used simultaneously using separate exits.
Cruz described the market for Avida Towers Sola as “upgraders” with active lifestyles who wish to live within a city center. “They are hardworking individuals who work to get what they deserve. They are value-seekers who would want to upgrade to a better kind of life where there’s time to enjoy quality time with family and doing things that matter most,” she said.
The project is located beside the two-hectare Vertis North Gardens, which will feature a grand lawn for walking, jogging and other outdoor activities. This is also an activity lawn with sloped, terraced gardens where people can enjoy outdoor concerts and events. Beneath the gardens are parts of the district’s Stormwater Management System, which reduces stormwater run-off and prevents flooding.
With this new project, Avida hopes to build on the momentum generated by Avida’s earlier project in Vertis North – the P6.98 billion Avida Towers Vita which became one of the company’s fastest-selling projects when it was launched in 2013. “The first tower was more than 90 percent sold in three months which triggered the launch of two succeeding towers. All three towers of the development were launched within nine months and are almost sold out in less than three years,” Cruz said.
Property values have risen about 8 percent per year in Vertis North since the launch of Avida Towers Vita. “We expect values for Avida Towers Sola to rise at about the same rate. Values will rise continually as Vertis North completes development,” she added.
Initial selling price when the first tower of Avida Towers Vita was launched was at P95,000 per square meter.
The new development, Avida Towers Sola, will be adjacent to Avida Towers Vita and face EDSA highway on one side.
Vertis North is the 46-hectare district that includes Trinoma. The first phase of development is estimated to cost P25 billion. Apart from shopping centers and residential towers, it will have office towers as part of the integrated development.
