ALI raises P9B from Anvaya project

MANILA, Philippines–Property giant Ayala Land Inc. has sold about 85 percent of its property inventory amounting to nearly P9 billion in upscale leisure estate Anvaya Cove in Morong, Bataan.

In a press briefing on Wednesday, head of ALI’s upscale residential brand Ayala Land Premier Jose Juan Jugo said the 470-hectare Anvaya—which means “family” in Sanskrit—was a testament to what kind of market there was for secondary homes and how robust the market was for a good leisure project.

Launched in late 2005, Anvaya Cove is Ayala Land Premier’s first venture into leisure real estate development. It is both a seaside resort and a mountain retreat with a 3.5-kilometer coastline with two private coves.

The exclusive property offers a variety of living space options from low-rise condominiums and maisonettes, ranging from P6 million to P25 million; to residential lots with cuts of 400 to 1,500 square meters starting at P5 million, where residents can build their own houses.

To date, 58 homes in the low-density area called “neighborhoods” have been built and an additional 17 are expected to be completed by 2015. It is from this upscale village that ALI unlocked the bulk of the property values made out of Anvaya thus far, estimated at P6 billion.

Lots at the “neighborhoods” are currently going for as low as P13,000 a sqm but those with a view of the sea are the most expensive at P40,000/sqm. Lots closer to the golf course are selling for P17,000 to P20,000 without value-added tax.

“Sales started from the Anvaya launch in 2005. Velocity picked up since we formally opened the beach and nature club in 2008. Then, it continued to perform well especially when we opened the golf and sports club, too,” Jugo said.

Residents have the option to buy either beach club shares, starting at P800,000, or golf club shares starting at P1.45 million. Since its grand launch in Dec. 2013, Anvaya Cove Golf and Sports Club has sold 750 shares while the Anvaya Cove Beach and Nature Club reached 1,650 shares.

“This year, we have also seen a 58 percent year-on-year growth spike in sales from real estate and golf club shares worth P400 million, attributed to both domestic and foreign investors,” Jugo said.

The 18-hole Anvaya golf course was recently recognized as the “best new course in Asia” by Asian Golf Monthly magazine. The golf club, which offers spectacular views of both the sea and the mountains, was built at an estimated cost of P1 billion.–Doris C. Dumlao