Property giant Ayala Land Inc. is investing P12 billion to build a new mixed-use community at the former site of Nestlé coffee factory in Muntinlupa City, marking the debut of its Avida brand into large-scale masterplanned development.
The 6.6-hectare development called “South Park District” along the National Road in Alabang will have eight Avida residential towers, two office buildings, a regional shopping mall and an expansive central park over the next 10 years, top officials said on Tuesday.
“We would like to be able to replicate a subset of what we’ve done in Bonifacio [Global City] and Makati into other urban locations,” ALI president Antonino Aquino said in a press briefing Tuesday.
The eight-tower residential component of South Park District will have three clusters that will bring to the property market a total of 4,000 additional residential units over the next 10 years.
The first residential condominium offering in the project, Avida Towers Altura, was opened for pre-selling last December, offering 433 units consisting of studio, one-bedroom and two-bedroom units ranging in price from P1.8 million to P6 million per unit. The total sales value of the first tower is estimated at P1.1 billion.
“South Park District will just be the first of major projects that we are launching this year,” Avida Land president Christopher Maglanoc said. “With the upbeat macroeconomic environment, low interest rates, and growing middle class, we will continue with our expansion into new geographies and new products to cater to our target market of middle class home buyers.”
About 10 percent of the available units in the first tower has been taken up since the project was launched in December, Maglanoc said.
The first tower in South Park District will have 22 storeys gradually rising to 35 storeys for the eighth and last tower in the residential cluster. Work on the first tower is expected to begin in April while turnover is seen by 2016.
South Park District will also open to the public by the fourth quarter of 2015 a regional mall that will house local and international shops and commercial establishments. Doris C. Dumlao