Strong demand jacks up Nuvali land value
Property giant Ayala Land Inc. has reported a strong demand for upscale residential units south of Metro Manila, resulting in brisk sales and surging land values in Nuvali in Laguna.
Luscara, the fifth residential development of ALI’s upscale brand, Ayala Land Premier (ALP), in “eco city” Nuvali is now more than 90 percent taken up, ALP officials said in a briefing yesterday. Luscara was rolled out in the first quarter of this year. Of the 220 available slots, about 200 have already been sold.
The southern residential portfolio of ALP in the Calabarzon (Cavite-Laguna-Batangas-Quezon) growth corridor, which includes Nuvali, can contribute to additional sales accounting for about 600 to 700 upscale residential lots per year, said ALP head Jose Juan Jugo.
This year, ALP sees sales rising by double-digit levels over the all-time high level of P25-billion posted in 2012. ALP contributed P2.1 billion in net income to ALI last year, which the upscale unit expects to top this year.
“The market is very strong. We just got two investment grade rating from Fitch and S&P. There’s a lot more international money coming in… People are coming back home,” Jugo said.
Lot sizes at Luscara range from 600 square meters to 2,100 sqm.
ALP has been launching one new residential development in Nuvali every year in the last five years. Luscara is now selling at a range of P17,000 to P22,000 per sqm, double that of maiden Nuvali project Abrio, which sold for P9,000 per sqm five years ago.
Other projects launched since then in the area were Montecito, Santierra and Elaro.
The 1,860-hectare Nuvali is located in Sta. Rosa, Calamba and the Municipality of Cabuyao in Laguna. It can be accessed through several exits along the South Luzon Expressway. Doris C. Dumlao
