New Avida project caters to ‘younger, wiser’ market

Ayala Land’s midrange residential brand Avida has brought P4.3 billion worth of fresh residential inventory to the metropolis with the launch of the first tower of Avida Towers (AT) Makati Southpoint, a new residential hub at the fringe of Makati.

The 32-story Tower 1 of AT Makati Southpoint, which will rise on Don Chino Roces Avenue, offers 924 residential units priced between P4.4 million and P8.5 million. The first tower is slated for completion in 2024.

The building will offer studio units with minimum size of 23.3 square meters and 38.2 sqm for one-bedroom units.

Makati Southpoint is selling at P197,000 per sqm, up by an average of 170 percent from the levels when Avida started residential developments in Makati.

“Our target market is the younger and wiser,” Reginald Alabe, Avida Land business area head for Metro South projects, said in a briefing.

At Avida’s price points, it is targeting households with combined monthly income of P70,000 to P100,000. Makati Southpoint will have three residential towers.

Alabe, citing a research from Google Trends, said that by 2020, millennials would account for 50 percent of consumption.

Avida will launch the project this week but it started selling units last December.

Makati has been one of Avida’s strongest residential territories since 2007, posting over P11.5 billion in sales since then.

“We expect Makati to contribute 8 percent of our residential revenue this year. Our success here will continue with Makati Southpoint,” said Raquel Cruz, Avida vice president and head of corporate planning group. —DORIS DUMLAO-ABADILLA