An artist’s rendition of Broadfield
Ayala-owned property developer Alveo Land has unveiled a new commercial district in Biñan, 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 planning to put up their own building or develop mid-rise condominium towers, Alveo has allocated 36.6 hectares for commercial use for the first phase of the project. Sales value of this first phase is estimated at P18 billion.
Overall, Broadfield is a 120-hectare master-planned, mixed-use district with 80 hectares earmarked for commercial and mixed-use development and 40 hectares 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 square meters (sq m) at an average selling price of P105,000 a sq m. Prices range from P68,000 to P162,000 a sq m.
Average list price for commercial lot amounted to P185 million. Some P2.8 billion of these lots were sold on launch day.
In a briefing on Thursday, Alveo chief operating office Rufino 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 master plan that applies the best practices of Ayala Land in property development. This district will be innovative, sustainable and progressive,” Guttierez said.
Guttierez said Alveo was targeting to sell the commercial lots to local investors and entrepreneurs. The buyers are in the construction, pharmaceutical, automotive and agricultural sectors.
Floor area ratio ranges from four to 10 times the lot size. This means that at the most, the buyers can build 10 to 12 story buildings.