Urban property developer Alveo Land, a unit of Ayala Land Inc., is cashing in on a robust Cebu property market that has led to the surge in land values in Cebu Business Park.
Alveo’s Solinea, the first multi-tower development in Cebu, has sold P6.1 billion worth of residential units to date, equivalent to 1,400 units or 75 percent of total inventory, Alveo Land project development manager Vicent Carl Bacungan said in a briefing on Tuesday.
Launched only a year apart, Solinea Tower 1 is 89 percent sold and Tower 2 is 83 percent taken up while Lazuli, the third tower launched in 2014, is 53 percent sold. Alveo has so far invested P7.3 billion in these residential projects.
“Solinea is proving to be our most successful project in Cebu. It is aimed towards urban achievers, typically in their 30s to 50s, who are looking for a respite within the city and with their workplace nearby. It also caters to investors who are looking for an investment that will generate recurring income,” he said.
The Alveo executive said land values in Cebu Business Park were now at around P150,000 per square meter compared to P40,000-P50,000/sq m in 2010.
This area now commands one of the highest premium in metropolitan Cebu next to Cebu IT Park, which now has a land value of around P160,000/sq m, he estimated. Doris Dumlao-Abadilla