Ayala Land’s Alveo eyes P4B in sales

Property giant Ayala Land, Inc. expects to book P4 billion in sales from its P2.1-billion high-rise condominium at the Bonifacio Global City until 2015. The 40-storey, 717-unit Meranti, the third of four towers in the Two Serendra project of Ayala Land’s Alveo brand, marks the biggest single-tower project of Alveo to date, officials said in a briefing. The company seeks to launch up to four more projects this year to cater to increasing demand. “We will reach the P4-billion mark for Miranti in terms of total sales," Alveo President Dante M. Abando told reporters. Ayala Land Senior Vice-President Rex A. Mendoza said priority sales last week reached almost P750 million consisting of 90 units. "We are expecting that to go over P1 billion in the launching [next week]," he added. There will be 178 36- to 42-square-meter studio-type, 424 51- to 61-sq. m. one bedroom, 83 two-bedroom and 32 three-bedroom units, each costing about P110,000 per sq. m. Meranti is targeting the middle and upper income segments. Turnover will start in the fourth quarter of 2015. “Based on our experience in Aston and Red Oak, the one-bedroom unit is the most sought after," Abando said. The first two towers in the two-hectare Two Serendra — the Aston and Red Oak — have 400 units and 520 units, respectively. Abando said the fourth and last tower would be the tallest. Projects of the eight-year-old brand includes the four-hectare boutique townhouse Ametta Place in Pasig, the 60-hectare upscale subdivision Treveia in Laguna, towers and residential units in Celadon Manila, The Columns in Ayala Avenue and Two Serendra. Last year, Alveo launched three projects and contributed P655 million or 16 percent of the total net profits of the residential business group, Mendoza said. Alveo accounted for about a third of the total property value. Ayala Land operates under three major brands — Ayala Land Premier for the high-end segment, Alveo Land for the middle-income segment, and Avida for the affordable market. Ayala Land will launch its economic housing unit Amaia this year. Ayala Land is aiming to sell 9,000 residential units this year worth roughly P40 billion. It is concentrating on the Alveo and Avida brands. Mendoza noted that the share of Ayala Land Premier in terms of value dropped to about a third from 80 percent a few years ago. Profits of Ayala Land slid by more than a tenth last year as the global economic slump dampened demand for housing units. Ayala Land shares dropped by 25 centavos yesterday to P11 apiece. — Neil Jerome C. Morales, BusinessWorld