Alveo spends P1.3B for QC project; ‘campus town’ setting offered

Alveo Land, a subsidiary of Ayala Land Inc., has gained a foothold in the Quezon City market with a project that offers townhouses in a “campus town” setting.

The company has earmarked P1.3 billion for the construction of Ferndale Villas in a five-hectare property at the back of the Quezon City campus of Far Eastern University.

The residential project is expected to generate P2 billion in revenue for Alveo, which is selling 233 residential units in this gated townhouse community.

“We want to provide a residential haven in Quezon City that mirrors a concept of intimate campus-town environs,” said Alveo project development head Jennylle Tupaz. “Given a city whose progress is only matched by its urbanization, the rarity of this type of residential concept should be noted.”

The units, which are in either duplex or triplex styles, are expected to be turned over to buyers by the third quarter of 2014. In a recent “priority selling” event, Alveo had booked reservation for 70 units in a single day, suggesting brisk demand for the project, Tupaz said.

The longer timeframe for turnover, despite this being a low-rise development, aims to give buyers more time to build up equity for the project.

The target market includes young families as well as Quezon City dwellers wishing to upgrade their homes.

These are usually “young dynamic urbanites” within the 35 to 50 age range,” Tupaz said.

The smallest of the residential units in Ferndale Villas, which is offering a modern architectural design, will have 150 square meters of space and will sell for P7.8 million on the average.

A 170-sq.m. unit is selling for about P10 million while the 185-sq.m. unit is selling for about P12 million.

“The houses are designed such that the triplex and duplex units look like one big house and you have the opportunity to buy the entire house, for extended family,” Tupaz said.

The project will have an enclave of units clustered around a common courtyard. Each unit will have three stories, three bedrooms and a two-car garage. About 80 percent of the townhouses are corner units.