Ayala Land Inc., through mid-range brand Avida Land Corp., said it was spending about P7.4 billion for Avida Towers Verge, a three-tower project on Reliance Street corner Mayflower Street.
The builder said that the first tower, which will have 34 floors with over 1,000 units on offer, is expected to begin construction by early 2019 and is scheduled for completion in December 2023.
“Mandaluyong is a prime real estate hotspot,” Pol Tanco, Avida Land Vice President for Project and Strategic Management Group, said on Wednesday. “Its condo market is the country’s most buoyant, with demand often outstripping supply.”
ALI said Verge would offer two types of unit layouts ranging from P4.2 to P4.4 million for a junior one-bedroom, and from P6.7 to P7.7 million for a one-bedroom residence.
The new layouts are in response to market demand, the developer said.
“Most of them are end-users, of which 54 percent are 35 years old and below. They were from Mandaluyong and all over Metro Manila. The market is composed mainly of young working millennials looking for units closer to their places of work,” Tanco said.
ALI signaled its bullishness on the project as it cited the sales success of Avida Towers Centera.
“Mandaluyong property values rise from the city’s inherent strength as a central location,” ALI said, citing its location near Makati, Manila, and Quezon City and access to mass transportation.
“While prices of condo units significantly rise in the area over time, it continues to be at a midlevel price range compared to other cities in the country,” Tanco said.