Alveo Land Corp., the Ayalas’ mid-income residential property arm, has debuted into condominium development in Pampanga with the launch of a P1.7-billion mid-rise residential project near the group’s Marquee shopping mall complex.
The venture into mid-rise residential tower development in Pampanga is a bet on the rise of a new central business district in that area and in line with what the Ayala Land group deems as the “growth corridor of the North”—comprising Angeles City, Subic and Bataan.
Under the first phase of the new condominium project called Marquee Residences, Alveo is selling 199 units in two towers that are targeted for turnover to buyers by the third quarter of 2014. The first tower will have eight stories and the second tower 13. The second phase of the project, which will also have two towers, will be launched next year.
Alveo expects to sell all 199 units within the year, Alveo chief operating officer Robert Lao said in a briefing Wednesday. Capital outlay for the first phase is expected to hit P800 million, but including the next phase, capital spending could reach P1.7 billion, Lao said.
“Angeles City, given its location, serves as the gateway to the north—making it the first accessible cosmopolitan district from Metro Manila that offers an impressive mix of urban conveniences, recreational options and leisure amenities,” said Aries Gonzales, division manager at Alveo Land.
Units at Marquee Residences are priced at P87,000 a square meter. This means that a 53-sqm one-bedroom unit will be sold for P4 million to P5 million. A 73-sqm two-bedroom unit will fetch P6 million to P7 million while a three-bedroom unit with an area of 105 sqm is priced at P8.5 million and P10 million.
Despite the general preference for single-detached houses with sprawling backyards in Pampanga, demand for the new residential project looked promising. In the first day of launch, Gonzales said 63 percent of tower one was taken up.—Doris C. Dumlao