Upscale homes hitting record-high sales

MANILA, Philippines — Alveo Land, the upscale developer under real estate giant Ayala Land Inc., posted record reservation sales in the first quarter of the year on the strong reception of its newest horizontal developments.

Mike Jugo, Alveo Land president, told reporters on Tuesday that reservation sales from January to March had surged by 41 percent to a historic high of P12.7 billion.

This is also 17 percent higher than its previous record of P10.8 billion recorded prepandemic.

The announcement came at a time when the inflation rate had quickened to 3.8 percent in April from 3.7 percent in March. Despite this, Jugo explained that the upscale residential segment was “less affected,” thus driving growth.

“It’s a market that’s very robust, resilient, and one that looks for places to invest [in],” he said.

“The macro environment—inflation, higher interest rates—affects everyone. But in this market, it affects people less,” Jugo added.

READ: Ayala Land’s Alveo returns to BGC

Alveo Land launched in March Sereneo Nuvali, its sixth project within the eco-estate in Laguna province, from which the company generated nearly P1.5 billion in year-to-date reservation sales.

The 41-hectare development offers residential lots with a typical size of 275 square meters (sqm).

Caleia Vermosa, the second development at Ayala Land’s Vermosa lifestyle estate in Cavite province, posted around P2 billion in reservation sales. Caleia was also launched in March and offers 250-sqm lots.

Both Sereneo and Caleia offer lots for around P13 million to P22 million each, depending on the package.

READ: Where the location sells itself

Meanwhile, residential condominium sales accounted for P7.5 billion of the total, driven by the stronger performance of three projects: Park East Place in Taguig City, The Lattice in Pasig City and Nuveo in Las Piñas City.

Jugo said they expected to continue the upward trajectory this year, considering the record-high reservation sales for the quarter.

This year, Ayala Land plans to launch P100 billion worth of projects, with 80 percent of launches coming from its premium brands, including Alveo Land. —Meg J. Adonis INQ