Alveo Land allots P2B for Laguna project

Alveo Land Inc., a unit of property giant Ayala Land Inc., has allocated another P2 billion to develop its new project at Nuvali in Laguna, called Venare. The 74-hectare development would generate P5 billion in sales, Alveo president Dante M. Abando said Wednesday. On the first day of selling, Venare already sold 16 percent of the total 1,392 lots, or about P833 million, Abando said. "To anticipate demand, we had to replenish inventory, but not just new inventory, it has to be in same quality and caliber of Nuvali's active suburban lifestyle community," Alveo assistant vice president Jennylle S. Tupaz said. Tupaz said Venare will have five distinct zones — the 1.4-hectare Me Zone, one-hectare Go Zone, 1.3-hectare Green Zone, the E-Zone and the Aqua Zone. It has a 10-hectare retail area and a three-hectare central park. Of the total 74 hectares, only 39 are saleable with the rest dedicated to roadways and amenities. The lot size is 250 square meters, with an average price of P11,800 per square meter, or P3.4 million per unit including value-added tax. Abando said the company managed to exceed its sales targets for the year because of strong reception from local buyers. —Jesse Edep/VS, GMANews.TV