ALP enters Davao market

An artist’s rendition of The Residences at Azuela Cove

Luxury residential developer Ayala Land Premier (ALP) made its debut in Davao’s thriving property market with a P5.6-billion two-tower seaside condominium offering at Azuela Cove.

All 70 units in the first tower of ALP’s low-density project “The Residences at Azuela Cove” —valued at P2.6 billion—had been sold out on launch day.

The brisk take-up of this waterside residential project —which pitches generous balconies that open up to unobstructed views of Davao Gulf and Samal Island—suggests an untapped affluent consumer market in Davao.

With the first tower sold at an average price of P194,000 per square meter, this is the most expensive residential property in Davao to date. Unit prices range from P33.1 million (for a 181-square-meter three-bedroom unit) to P80.8 million each for the two penthouse level villas (with 377 sqm, four bedrooms).

The second tower will offer 77 units and fetch prices that are 8 to 10 percent higher than the first for total sales of about P3 billion. The second tower will be launched later this year.

ALP’s parent company, Ayala Land, has been investing in Davao since 2009.

The P20-billion 25-hectare Azuela Cove in Lanang, Davao, is being developed by Aviana Development Corp., a joint venture between Ayala Land and the Alcantara Group, one of Davao’s most established business houses.

Azuela Cove as envisioned by Ayala Land