Mid-income property developer Avida Land, a unit of property giant Ayala Land, has expanded its footprint in Cavite with a P2.8-billion subdivision development that targets a higher-income segment than the market traditionally served by this brand.
“Avida Verra Settings Vermosa is our first and only Cavite subdivision within an Ayala Land estate. This allows home buyers access to all the developments in the estate while enjoying a healthy, sustainable environment,” Anne Jara, Avida Land’s South Luzon project strategic management group head, said on Tuesday.
The 10-hectare subdivision is located within Ayala Land’s 700-hectare Vermosa estate in Imus, Cavite. With Avida’s seven developments in Cavite, the province is now the second largest territory after Nuvali.
This project brings to the property market 370 house and lot units covering three phases. About 245 of these are now available for sale, of which 57 percent had been taken up. The units are targeted to be turned over to buyers by 2021.
Avida Verra Settings features bi-level homes in a modern contemporary design. The Macy model home has a minimum floor area of 67 square meters (sq m) while the Trista model has a floor area of 85 sq m. Selling price is about P38,000 per sq m.
“Aside from lots only and house and lots, we are also offering the option of a house and lot and the adjacent lot combination. This allows buyers to expand and customize their living or outdoor space as they see fit,” Jara said.
The house and lot with adjacent lot option brings up the Macy model to a minimum of 250 sqms in lot area size, while the Trista goes up to 276 sq m.
The Macy model with adjacent lot option is priced at P12.5 million while the Trista model with adjacent lot option goes for P14 million. For a house and lot, the price starts at P7.6 million. A lot-only option—open only to those who have bought an adjacent house and lot, will cost buyers an additional P5.7 million.
Avida aims to attract families seeking upgraded homes ready for future expansion. These are buyers with established professions and a monthly household income of P150,000 and above. This is higher than the usual income household bracket of P80,000 to P120,000 a month typically served by Avida developments.
While the mid-income market remains Avida’s core strength, Jara said that for this project, the company adjusted to the values within Vermosa, which has benefited from ongoing infrastructure developments. However, she said that within the Vermosa estate, this was still the “more affordable” residential offering.
“The project will attract some residents from Metro Manila as well as those who want to relocate to a sub-urban environment that encourages an active lifestyle,” Jara added.
Avida Verra Settings will have a central amenity area that features adult and kiddie pools, basketball court, children’s park/playground and clubhouse. Open space and landscaped areas will form part of this gated community.
In just five months since the launch, prices at this development have increased by 11 percent.