Ayala unit posts P4B in sales take-up

Ayala-led Alveo Land Corp. has chalked up P4 billion in real estate sales take-up from a robust “southside” portfolio from January to September this year, cementing its position as the leading property developer in South Luzon.

This year, Alveo reported that its signature horizontal communities in the region—Verdana Homes Mamplasan, Treveia Nuvali, Venare Nuvali and the recently launched Mirala Nuvali—have captured 66 percent of the Laguna market based on statistics from Colliers International Philippines. In addition, its first leisure estate development in Tagaytay City called Casa Luntian has acquired 21 percent of the city’s condominium market less than a year after its December 2011 launch.

“We always think about it as having a homecourt advantage in the region,” Alveo division manager Antonio Sanchez III said in a briefing. “Nobody else is serving the market as much as we are in this region.”

About P1.7 billion of the nine-month sales take-up reported by Alveo for the first nine months came from the newest project Mirala Nuvali—a 29.5-hectare tree-lined development. About 75 percent of lot units available for sale were taken up in the first weekend since preselling started in September, Sanchez said.  “It’s one of our most successful projects,” he said, adding that 95 percent of the project would likely be taken up before the year ends.

For Mirala Nuvali, Alveo brought to the property market 360 lots with bigger cuts of 300 to 500 square meters. “It’s the lowest density (project) we’ve ever created,” Sanchez said. Half of the land area is devoted to open space.

Buyers are given the option to build their own houses subject to Alveo’s requirements such as a height limit of nine meters. This means that houses will likely have two floors plus an attic, Sanchez said. “We noticed that our market would really prefer to build their own houses because these are upwardly mobile, urban achievers who really have the capacity to build their own dream home and create their first home,” Sanchez said.

Alveo is expected to complete the land development and clubhouse in Mirala Nuvali in 2014. Sanchez said the buyers of the project were mostly end-users or parents buying for their children. The end-users are usually in their 30s, 40s or 50s.

Mirala Nuvali is selling at P16,000 a square meter, one of the highest prices within Alveo’s portfolio. The previously launched project Venare, for instance, was selling at P12,000 to P15,000 a square meter.

Overall, Alveo reported that its southside portfolio accounted for about 100 unit sales a month this year, with sales value of about P4 billion for the first three quarters. The firm did not provide the comparative level for 2011.

From January to September, Treveia sold 33 lots worth P152 million while Venare sold 313 units for P1.3 billion. Launched in October 2007, Treveia is now 98 percent sold while Venare, which was launched in June 2010, is now 97 percent sold.

Nuvali is Ayala Land’s 1,860-hectare flagship eco-city in Laguna. Doris C. Dumlao