AVIDA Land Corp., the mid-range brand of property developer Ayala Land Inc., on Wednesday said it launched its second three-tower project in Mandaluyong, aiming for the middle-affordable market working in the business district of Makati, Ortigas Center and Taguig.
Mellissa D. Corpuz, the company’s manager for the project and strategic management group, said the developer will spend an initial P7.4 billion for the first phase of the project called Avida Towers Verge.
The company just launched the project earlier this week and it already sold 10 percent of the total 1,020 residential units of the first tower that will have 34 storys.
“We will launch the succeeding towers in the coming years, usually when we already sold about 70 percent of the first tower,” she said in a briefing with reporters.
The development is located along Reliance Street corner Mayflower Street, Mandaluyong, and will sit side by side with the P5.3-billion Avida Towers Centera.
Verge offers two types of unit layouts ranging from P4.2 million to P4.4 million for a junior one-bedroom, and from P6.7 million to P7.7 million for a one-bedroom unit.
Avida said the new layouts are in response to market demand. Smaller units were the fastest-selling units among Centera buyers.
“Most of them are end-users, of which 54 percent are 35 years old and younger. 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 Apollo Tanco, Avida’s vice president for Project and Strategic Management Group.
Avida said it expects people working in Makati, Bonifacio Global City and Ortigas to be drawn to their development.
Flexible payment terms are currently being offered 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. Mandaluyong property values rise from the city’s strength as a central location.
Figures from Lamudi put Mandaluyong as having 10-percent increase in overall value for its condo units, with prices typically ranging from P4.5 million to P7 million.
Studies showed Mandaluyong as the top condominium market location in terms of unit take-up for the past two years.
“While prices of condo units significantly rise in the area over time, it continues to be at a mid-level price range compared to other cities in the country,” Tanco said.