AYALA Land Inc. (ALI) and affiliate Cebu Property Ventures Development Corp. (CPVDC) have earmarked P4 billion for the five-tower condominium development spread in the next four to five years at the Cebu IT Park.
A top official said the expansion of the Avida brand in Cebu was buoyed by the success of its first condominium project, Avida Towers Cebu, which has 1,045 units and was launched in 2010.
“We had brisk sales for Avida Towers Cebu, prompting us to boost expansion with this new project, Avida Towers Riala,” said Avida Land Corp. president Christopher Maglanoc in a press briefing last Friday.
Officials said Avida Riala, which sits on a 21,000-square meter property, will be the biggest residential development yet at the Cebu IT Park. It is located right across eBlock Tower 1, which is the home building of the American firm JPMorgan & Chase Co.
The five-tower condominium development will have a total of 3,300 units.
According to Maglanoc, the shift to a bigger residential community is due to the increasing demand for condominium properties in the area, which has a rapidly growing outsourcing sector.
Last Friday, Avida formally launched the first tower of Avida Riala, which has 621 units and 27 residential floors.
Maglanoc said the estimated project cost of Tower 1 is P800 million. It is targeted to be completed in the first quarter of 2016.
Seventy percent of Tower 1 are studio units at 23 sq. m; 20 percent are one-bedroom
units at 41 sq. m and the remaining ones are two bedroom units at 57 sq. m, with prices ranging from P1.8 million to P5.5 million.
Avida Riala project is a mixed-used development that is done in partnership with the landowners, VH Properties.
On top of the residential amenities, the company will also add shopping and dining outlets to the property and a 5,000-square meter amenity area that includes a grand lawn, lounge pool, shooting court and jogging trail.
Live, work, play
Maglanoc is confident Avida Riala would also get a similar reception as that of Avida Towers Cebu. He said Cebu has evolved into a cosmopolitan city.
“The acceptance (of the Cebu market) is already there. Given this, national players like ALI are coming here to offer condo products that are affordable to the middle-income market,” he said.
Maglanoc identified tourism, business process outsourcing and overseas remittances as key drivers that propelled the strong growth of the real estate sector, in addition to the low interest rates offered by banks.
According to CPVDC, the establishment of Avida Riala is part of its live, work and play concept. The project will complement eBloc 2 and 3 and other office buildings for the work component built within the Cebu IT Park.