Ayala launches new residential tower

Ayala group residential arm Avida Land has rolled out P1.7 billion worth of additional residential inventory in South Park District in Alabang, representing the second residential condominium tower to rise in this former coffee factory compound that is being developed into a mixed-use estate.

In an interview, Avida Land corporate planning group head Raquel Cruz said the second phase of Avida Towers Altura was launched after the property developer was able to sell 71 percent of the first tower equivalent to P1.06 billion worth of inventory.

Launched in 2013, the first tower of Avida offers 433 units valued at P1.2 billion and will be turned over to buyers by the end of 2016 in time for the completion of a new Ayala shopping complex in this Alabang complex.  The second tower will have 621 residential units valued at P1.7 billion which will be turned over to homebuyers by 2018.

Avida is now selling studio units at Altura for P2.2 million with a footprint of 22 square meters (sqm).  The 37-sqm, one-bedroom units are selling for P3.7 million and 61-sqmn two-bedroom units, for P5.7 million, Cruz said.

Seven more residential buildings will be developed by Avida in the residential cluster under the second phase of this P12-billion South Park District project.