Avida Land starts last residential project in BGC
AYALA-LED Avida Land Corp. On Tuesday unveiled what could be its final project in the booming Bonifacio Global City property market: the Avida Towers Turf BGC which brings P7 billion worth of new residential inventory.
Avida has started selling units in the first of the two towers of Avida Towers Turf—its eighth high-rise project in BGC—for about P150,000 per square meter or a total of P3.4 billion in sales value.
Since the launch of its first residential project in BGC for P89,000 per sqm in 2010, the selling price of Avida’s residential units in BGC has surged by 68.5 percent. That first project, Avida Towers BGC 9th Avenue, was completed in 2014.
The first tower of Avida Towers Turf offers 537 residences in one-, two- and three-bedroom configurations on 30 residential floors, plus six levels of podium parking. Units range from 37 to 58 sqm in size. Selling prices per unit are between P5.2 and P10 million.
Units in the first tower are scheduled for turnover by the first quarter of 2020. The two-tower condominium will rise on 9th Avenue corner Lane S.
Avida expects to launch the second tower next year.
“Historically, Avida has been launching one tower a year,” said Herbert Herrero, Avida senior division manager, project and strategic management group and South Luzon Area head.
Including the units in the second tower, this project will have an inventory of 1,074 residential units.
“This project has only 18 residential units to a floor, which has relatively low density in our class,” Herrero said, thereby ensuring the privacy of residents. Avida’s residential projects typically have 25 to 30 units per floor.
This may be Avida’s final project in BGC given the few remaining parcels of land meant for residential development in this booming property market.
Avida expects rosy prospects in BGC to translate to strong demand for this project, especially among end-users. To date, about P400 million worth of residential units had been sold since selling started in the third week of October.
