P2.8B in lots sold on first day of ‘Broadfield’ launch by Alveo

Ayala-owned property developer Alveo Land has unveiled a new commercial district in Binan, Laguna as part of its mixed-use estate called “Broadfield,” bringing to the property market P18 billion worth of fresh commercial lot inventory.

Targeting business enterprises that want to put up their own building or develop mid-rise condominium towers, Alveo has allocated 36.6 hectares for the first phase of the commercial district.  The P18 billion inventory refers to the sales value for the first phase of the project.

Broadfield is a 120-hectare master-planned, mixed-use estate with a total of 80 hectares earmarked for commercial and mixed-use development while 40 hectares are for residential subdivisions.

For the commercial and mixed-use district, Alveo has initially offered a total of 35 commercial lots ranging in size from 1,324 to 2,915 meters at an average selling price of P105,000 per square meter.  Pricing ranges between P68,000 and P162,000 per square meter. Average list price per commercial lot is P185 million. At least P2.8 billion of these lots have been sold on the first day of launch.

In a press briefing on Thursday, Oct. 17,  Alveo chief operating office Rufino Gutierrez said Alveo was targeting local investors and entrepreneurs as commercial lot buyers.

Those who had already bought lots in the project were in the construction, pharmaceutical, automotive and agricultural sectors. “You can do office or residential in this area,” said Gutierrez.

Average list price per commercial lot amounted to P185 million.  About P2.8 billion of these lots have been sold on the first day of launch.

Gutierrez noted that in the last 10 years, commercial land values south of Metro Manila had quadrupled while residential land values had more than tripled.

“Broadfield’s location sets it at the heart of South Luzon’s thriving residential, leisure, industrial and manufacturing center. We have a well-designed masterplan that applies the best practices of Ayala Land in property development. This district will be innovative, sustainable and progressive,” Guttierez said.

Phase 1 of Broadfield is expected to be completed by 2023.

About eight hectares or 10 percent of the total estate will be devoted to open space, including parks and amenity areas.

Broadfield is four kilometers away from Ayala Land’s other estate Nuvali and 21 kilometers from Alabang. It is accessible from the South Luzon Expressway through the main roads of Governor’s Drive and the Sta. Rosa-Tagaytay Road. Accessibility is seen to further improve upon completion of the Cavite-Laguna Expressway and the planned Cavite-Tagaytay-Batangas Expressway.

The new estate is also near the Laguna Technopark and the Laguna International Industrial Park. For educational institutions, Broadfield is adjacent to the De La Salle University Laguna campus./TSB

An artist’s rendition of Broadfield district