MANILA, Philippines–The Ayala Group’s Alveo Land expects to bring to the property market this year new residential and office condominium inventory valued at P40 billion, citing resilient prospects for the real estate sector.
After growing sales takeup by an average of 21 percent in the last three years, Alveo Land president Robert Lao said that robust demand would sustain growth of at least 20 percent for the company this year.
Alveo, which has become one of the major contributors of property giant Ayala Land Inc., launched nine new projects worth P33 billion in 2014. Sales takeup last year amounted to a record high of P36 billion.
Alveo will continue its aggressive tack in introducing key developments throughout the country, averaging about 10 project launches a year, Lao said.
In the first half of 2015 alone, project launches would amount to at least P25 billion worth of new inventory in Makati, Bonifacio Global City/Taguig, Quezon City, Nuvali, and Pampanga.
In terms of footprint, Alveo has undertaken 36 projects in 10 key locations around the country.
About 65 percent of Alveo’s business currently comes from high-rise residential development, while 20 percent comes from office condominium development. Subdivision development accounts for the remaining 15 percent, said Jennylle Tupaz of Alveo Land.
Alveo’s residential units in BGC are selling for up to P175,000 per square meter.
For end-users of residential units, Alveo’s target market consists of households with a combined monthly net income of up to P200,000. —Doris C. Dumlao