THE MID-SCALE development arm of property giant Ayala Land Inc. has debuted on Tagaytay’s residential condominium market with the launch of leisure-oriented “Serin,” a complex of six medium-rise buildings with a combined inventory worth P5.5 billion.
Avida Land has unveiled “Serin East,” bringing to the property market 1,343 residential condominium units in four mid-rise buildings valued at around P4 billion.
The first tower of Serin East will have 480 units, with the smallest sized at 23-square meter studio units and the biggest at 80-sqm two-bedroom units with a loft and a balcony. Prices start at P2.6 million while the most expensive units, located at the topmost floors, are priced at P9 million. About 40 percent are studio units.
Avida is expected to invest P2 billion to develop Serin East in the next five years.
Located along the Tagaytay-Nasugbu Highway, Serin Tagaytay is situated between Ayala Malls Serin and Our Lady of Lourdes Church. The complex will have 10 to 16 storeys.
“With the three-hectare Serin, Avid now offers a complete residential product line in Cavite,” Avida vice president Apollo Tanco and head of project and strategic management group said in a press statement. “Whether a customer considers a house and lot purchase, lot only or a condo unit, Avida will have it all in Cavite.”
Herbert Herrero, Avida Land property and strategic management group senior division manager, said in a press briefing on Tuesday that the earlier phase, Serin West, was launched in 2012. Serin West offered 480 units in two towers, of which 70 percent have now been sold. Total inventory in Serin West is valued at P1.5 billion and turnover will start by 2016.
Serin Tagaytay will have a clubhouse, adult and children’s swimming pools, trellised walkways, lounge and sitting areas, gardens plus a viewing deck. The East and West developments will have separate amenity areas.
Along with Laguna, Cavite is a strategic focus of investment for Avida. The property unit’s investments in Cavite – the province south of Luzon closest to Metro Manila – had topped P4.7 billion for the last five years.
Avida has cemented its foothold in Cavite’s residential village development with a footprint of 116 hectares across Dasmariñas, Bacoor and Imus. The company first entered Cavite’s property market in 2002 with Avida Residences Sta. Catalina, a 38-hectare development offering house and lots and lots only. This was followed by Avida Village Sta. Cecilia, Avida Residences Dasmariñas, Avida Settings Cavite in Bacoor and Southgrove Estates. Avida has some 4,203 residential units in Cavite.
As a whole, Avida’s residential villages across the province are 86% sold. “Since its initial lot only offering in 2009, lot value has appreciated here from P8,500/sqm. to P15,500/sqm., marking a 12 percent annual growth rate,” Herrero said. “The province remains a top residential choice for many Avida buyers.”