Avida Towers Turf is a two-tower high rise residential development located at the North side of BGC.
There has always been a certain premium and prestige that come with living within a prime central business district (CBD).
For those willing to pay the price for a home within a CBD, that premium comes in the form of convenience, which today has become a priceless amenity.
After all, living in such a prime location means you will be at the heart of practically everything, wherein institutions, commercial centers, and offices are just a stone’s throw away. On some occasions, you will only need to walk a few minutes to get to your desired destination.
Should one decide to eventually relocate to or retire in the suburbs, a resale or lease of your residential unit will afford you better returns, given the likelihood that land values would have appreciated over time.
Rising capital values
Take the case of one of the metro’s newer CBDs: the Bonifacio Global City.
Data from Colliers International Philippines showed that prices of luxury three-bedroom units in Fort Bonifacio rose by 2.7 percent in the first quarter of the year compared to the fourth quarter of 2016.
Capital values of such a unit cut range from P110,500 to P235,500 per sqm as of end March this year as compared to the previous quarter’s range of P110,500 to P226,300 per sqm.
And capital values in Fort Bonifacio are forecasted to rise even further—by as much as 7 percent to 9 percent this year, according to Colliers.
Prime location
The availability of spaces within these prime CBDs, however, are getting scarcer as more individuals choose to invest in convenience and lifestyle, and a whole lot pricier, given the increasing demand.
Among the CBDs in Metro Manila, Fort Bonifacio is expected to have the highest inventory, accounting for 40 percent of the projected additional supply of residential condominium units between now and 2019, according to Colliers.
But more than just the availability of units, Fort Bonifacio also offers a highly attractive proposition that makes it an ideal home for many individuals and their families.
This business district offers ease of access to major thoroughfares such as Edsa and C5; a density-controlled environment; institutions and international schools; world class amenities; and a well planned infrastructure development.
Urban dwellers
It thus comes as no surprise that real estate developers are flocking to this CBD, developing mixed use projects that would cater to changing needs of today’s homebuyers.
In the case of Avida Land Corp., this property developer has projects covering a total of 3.2 hectares in BGC, with a total value of P32 billion.
Six are residential while two are office projects, including its latest project, Avida Towers Turf.
Avida Towers Turf is a two-tower high rise residential development located at the North side of BGC.
It offers a live-work-play philosophy that can cater to urban dwellers as well as investors looking for a home near their places of work, business, and education.
The first tower was launched last May 2015 and is scheduled to be completed by December 2019. The second tower is set to be unveiled this month, and is targeted for completion by October 2021.
Last opportunity
And there is a reason why this development is already 78 percent sold.
For one, the North side of BGC offers a number of pluses that will make it worth your while. Along this area are key institutions and establishments such as S&R, Kidzania, St. Michael the Archangel Parish, British School Manila, DLSU College of Law Rufino Campus, Home Depot, and The Palace Pool Club, among others.
For investors, the area is proving to be a lucrative investment as seen with the first tower of Avida Towers Turf.
Data from Avida Land showed that when the Avida Towers Turf was launched in May 2015, the price stood at P155,000 per sqm. As of end May this year, prices have risen by almost 25 percent to P193,000 per sqm.
“Condo buyers should consider Avida Towers Turf because it is the last opportunity to own an Avida condo in BGC. In fact, It is the only fresh inventory for Ayala Land within BGC,” explained Herbert M. Herrero, AVP for project and strategic management group of Avida Land.
Herrero pointed out that location wise, the Avida Towers Turf is equally accessible to North and Central BGC, being at the corner of 34th Street and 9th Avenue. Buyers are urged to consider a well thought out 56 sqm, three-bedroom unit, which he claimed to be highly suitable for families whose parents work in BGC, while kids study within nearby schools.
“The same unit size in Tower 1, which was offered then at P5.4 million, is now being sold at P6.9 million, (which) somehow gives an indication on the resale potential. And given the scarcity of plots to be developed, and the sustained demand for residential, an upside may still be likely,” Herrero concluded.