Alveo Land, a unit of property giant Ayala Land, has brought P1.9 billion worth of new inventory to Metro Manila’s property market with the launch of the fourth and final tower of its mid-rise residential project, “The Veranda,” in Arca South, Taguig.
The last tower, “North Veranda,” offers 195 residential units in a 14-story structure. These units will be turned over to home buyers starting the fourth quarter of 2020.
“All four towers were projected to be sold out in four years. However, in less than two years, we are now launching our final tower with current inventory substantially sold out,” said Antonio Sanchez III, Alveo Land senior division manager for project development.
North Veranda—Alveo Land’s first venture in Arca South, formerly FTI complex—will offer 15 residential units per floor, with a low-density mix of studio (29-30 square meters), one-bedroom (58-75 sqm), two-bedroom (81-96 sqm) and three-bedroom units (120-147 sqm).
Prices start at P140,000 per square meter. The smallest units are selling for P4.1 million to P4.6 million and one-bedroom units, for P7.4 to P10.5 million. The two-bedroom units are priced at P11.1 million to P13.6 million and the three-bedroom units, at P15.1 million to P21.9 million.
Sanchez said North Veranda’s proposition was its location in a highly connected district being groomed as the “next BGC” as well as being in a relaxing neighborhood.
The Veranda’s estimated property value has risen by about 8 percent in just two years. The first two towers, West Veranda and South Veranda were launched at P130,000 per sqm in 2014, with East Veranda following at an average of P137,000 per sqm in 2015.
Buyers of the units in the first three towers, Sanchez said, were typically 30- to 50-year-old investors and families. Overseas buyers account for about a fourth of total sales. About 80 percent of inventory made available in the first three towers had been taken up.
About 57 percent of buyers of The Veranda are property investors while the remainder are end-users, Sanchez said.
For the smallest unit worth P4.1 million, estimated monthly amortization based on zero-interest rate in-house financing was P67,000 for 48 months with a required equity down payment of 20 percent.