Ayala Land launches 2nd phase of ‘The Courtyards’

The upscale residential development arm of Ayala Land Inc. has rolled out P4 billion worth of lot inventory as part of the 130-hectare “The Courtyards” project in Cavite.

Jose Juan Jugo, head of Ayala Land Premier (ALP), said in a briefing on Wednesday that due to the warm reception to the first phase of “The Courtyards,” the group was encouraged to bring to the property market the second phase of the development.

Some P3 billion worth of lots were offered in the first phase.

The area of the first 431 lots ranged from 470 to 1,947 square meters. These were sold at between P25,000 and P41,000 a square meter—making “The Courtyards” ALI’s most expensive residential lot offering to date.

The second phase brings to market an additional P4 billion worth of inventory, which is expected to be fully taken up by the middle of next year. “We’re confident that with strong demand, that will go very fast,” Jugo said. Turnover to buyers for both phase 1 and 2 is expected by 2016.

Jugo said there was pent-up demand from the residential market in southern Metro Manila.

“Our target market is mainly composed of ‘full nesters,’ meaning families with one or more children, or couples that are planning to add more to their brood, and this is reflected in the success of our sales thus far,” Jugo said.

To cater to the different activities and lifestyle of the target market, “The Courtyards” has dedicated almost five hectares to a community center, multi-purpose court, swimming pool and an open playfield.

An average of six to eight lots are clustered within a courtyard, essentially a cul-de-sac that allows for two-way traffic and has an island of greenery in the middle, ensuring privacy and tranquility in the living spaces.

Jugo said that for this particular project, lot buyers would be allowed to design their own homes as opposed to earlier developments where architectural themes were prescribed. Height limit was set at 9 meters.

The areas south of Manila, most notably Cavite, have experienced rapid economic and employment growth with the establishment of the Cavite Export Processing Zone (CEPZ) and the Manila-Cavite Expressway.

Cavite posted a 90.5-percent employment rate in 2011, becoming the most industrialized province in the country, according to the Department of Labor and Employment. Because of this, real estate property values in the area have appreciated over the years.

Lot values in Ayala Alabang, for instance, sold at around P400 per square meter when it was launched in the late 1970s but values have since surged to P40,000-P70,000.

Prices per square meter in Sonera in Bacoor, Cavite, launched by ALI in 2006, have increased fourfold from P10,000 to P35,000-40,000.