By Rizal Raoul Reyes
ALVEO Land Corp. (Alveo), a subsidiary of Ayala Land Inc., continues to become a dominant force in Cebu, especially in the Cebu Park District, by offering a diverse portfolio of office and residential developments.
VC Bacungan, project development officer of Alveo, shared that the company catapulted to the top of the Cebu property market in a span of five years after entering the market in 2010 with the residential project Sedona Parc.
“Less than one year later, it launched Solinea, a multitower residential development across Ayala Center Cebu. Solinea recently bagged the award for 2015 Best Condominium Development in Cebu from the Philippines Property Awards with its unique proposition of city resort living in Cebu Business Park. Alveo has successfully launched three towers in 2011, 2012 and 2014, namely, Cyan, Turquoise and Lazuli, respectively,” said Bacungan.
Bacungan said that Alveo launched the BPI Cebu Corporate Center, which is the first office for sale venture in Cebu—an 18-storey office condominium development located in the gateway of Cebu Business Park. It offers prime office units for sale rather than for lease.
The response on the first project of Alveo was overwhelming. Sedona Park, the first project, is virtually sold out. Finished in 2014 Bacungan said that 95 percent of the sold units have been turned over to and accepted by unit owners. It currently has a community of 47 residents.
Furthermore, Bacungan said the first and second Solinea towers are in the middle of construction. He noted Tower 1 is expected to be finished by the fourth quarter of 2016 and Tower is expected to be done by the third quarter of 2017. Pre-selling of Tower 1 is brisk with 88 percent sold while Tower 2 is 82-percent sold. Lazuli Tower, the third tower is 44 percent sold.
Meanwhile, Bacungan reported the BPI Cebu Corporate Center has been constructed 22 percent of the way. It is now 51 percent sold.
“After its successful launch in November 2013, we decided to hold on to the remaining units in the second half of 2014 to help build our leasing portfolio. Due to incessant demand, we opted to open selected units to the market at a 6-percent price premium,” he said.
Solinea is a special project for Alveo because it wanted to give Cebu urbanites an opportunity to experience resort life without going to the suburbs. At the core of Solinea is the Ultramarine, a 6,000-(sq m) resort area that has a clubhouse; 1,000-sq m multi-experiential pool; and a rain tree play park and children’s play area. Furthermore, the Ultramarine clubhouse will also have a lobby, function rooms, gym, pocket garden, game room, dance studio and a roof deck. To allow residents to have shopping convenience, Solinea will have its own retail spaces with several dining, shopping and leisure options.
Mid-level amenities on the seventh floor Garden Level include conversation pits, a meditation area, covered walk, open lawn, outdoor deck and board game area. The upper level amenities on the 25th floor include an outdoor lounge, hammock seating, and lounge areas.
“Solinea is aimed towards urban achievers, typically in their 30s to 50s, who are looking for a respite within the city and with their workplace nearby. We also cater to investors who are looking for an investment that will generate recurring income,” Bacungan said.
Bacungan said Lazuli will offer top of the line amenities in three different levels for increased privacy. The lower level amenities include hammock cabanas by the Ultramarine, a Yin and Yang meditation pod, a function room, and a Me Nook.
Lazuli, the third tower in the development, will be especially attractive as it is the only single-tower development in Solinea, situated on the quiet side of the development. It will be directly adjacent to and oriented towards the Ultramarine. Lazuli Tower lies along Negros Avenue in Cebu Business Park.
The 31-story Lazuli offers a mix of studio, one bedroom, two bedroom and three bedroom units. He said Alveo offered special units called Urban Villas, which were immediately sold out. Lazuli offers a total of 605 units ranging in size from 25 to 133 sq m. Residences range from P2.6 million for a 25-sq m studio, to P18.8 million for a 150-sq m three-bedroom penthouse unit.
He said the target market for Solinea, which combines the Cebu IT Park and Cebu Business Park, presented the ideal location for such a development.
The 18-story BPI Cebu Corporate Center has a roof deck rising on a property 2,689-sq m large. It has 168 units serviced by five passenger elevators and one service elevator. The building features 100-percent back-up power, closed-circuit television, fire detection and smoke-alarm systems and telecoms and broadband provisions.
Sustainable features include 70 percent glass ratio for maximized natural lighting, LED lighting for common areas, dual-flush common toilets and a materials recovery facility.
Meanwhile, Alveo has allotted the ground level to retail establishments. It has six levels of parking with 200 regular parking slots, 30 SUV parking slots and two handicap parking slots. Two sides of the building face the sea, and another side provides mountain views.