By James A. Loyola
Avida Land Corporation, the mid-range brand of property giant Ayala Land, Inc., is investing P7.4 billion to build a second multi-tower residence in Mandaluyong in a bid to replicate the success of its previous project.
In a press briefing, Avida Land Vice President for Project and Strategic Management Group Pol Tanco said they are aiming for a repeat of the highly successful P5.3-billion Avida Towers Centera.
The firm has just launched Avida Towers Verge, a three-tower condominium development located along Reliance Street corner Mayflower Street, Mandaluyong.
Avida Project and Strategic Management Group Manager Melissa D. Corpuz said the neighboring structures attest to a growing market for residences closer to work locations.
Centera, standing on EDSA corner Reliance Street, has nearly sold out all 2,526 residential units. The condominium is completing turnover of residences, while the 32 retail units on the first and second levels are now over 70 percent leased and operating.
“At the close of its fourth tower, residential units were priced at P139,000 per square meter, marking almost 40 percent value appreciation since launch,” she said.
Tanco noted that, “Mandaluyong is a prime real estate hotspot. Its condo market is the country’s most buoyant, with demand often outstripping supply,” due to its proximity to the Ortigas, Makati and Fort Bonifacio business districts.
A short distance from Centera, its sequel project Verge aspires for the same success. Verge offers two types of unit layouts ranging from P4.2 to P4.4 million for a junior one-bedroom, and from P6.7 to P7.7 million for a one-bedroom residence.
Avida Land said the new layouts are in response to market demand. Smaller cut units were the fastest-selling and most sought-after units among Centera buyers.
“Most of them are end-users, of which 54 percent are 35 years old and below. They were from Mandaluyong and all over Metro Manila. The market is composed mainly of young working millennials looking for units closer to their places of work,” said Tanco.
Avida expects this young, upwardly mobile market working in Makati, BGC, and Ortigas to be drawn to Verge as well. Flexible payment terms are currently being offered by the firm with a monthly amortization starting at P17,000.
The first tower is expected to begin construction by early 2019 and is scheduled for completion in December 2023.