Alveo spending P1B to build 2nd Lerato tower

Alveo Land, the middle-income residential property arm of the Ayala group, is investing P1 billion to build the second tower of high-rise residential project The Lerato in Makati.

The 24-tower building offers 360 condominium units for an average selling price of P4.7 million or about P115,000 per square meter. With the second tower, the Ayala Land unit will be bringing into the property market P1.4 billion worth of inventory.

The units will be turned over to buyers by the third quarter of 2016. The company said the first of The Lerato towers, which was launched last year, was 91 percent sold.

In the case of the second tower, 118 units were taken up on the first day of preselling, Alveo project development head Jennylle Tupaz said in a briefing.

A studio unit at The Lerato’s second tower is selling for about P3.5 million while the one- and two-bedroom units have tag prices of P5.5 million and P8.5 million, respectively.

The Lerato targets as its main market young urban professionals, 65 percent of whom will likely hail from Metro Manila, 15 percent from the provinces and 20 percent from overseas, Tupaz said.

The company is offering a “step-up” financing program for those buying until end-August, Tupaz said. Under this, in lieu of a down payment, the buyer will pay P20,000 per month for the first year, P25,000 for the second year, P30,000 for the third year and P35,000 for the fourth year.—Doris Dumlao