Avida Land, the mid-range brand of property developer Ayala Land Inc., launched a three-tower residential project in Makati City where it expects to raise P4.3 billion from the sales of the first tower.
Avida Land said the launch of Avida Towers Makati Southpoint would strengthen its residential portfolio in the country’s main central business district.
Makati Southpoint’s first tower will rise 32 stories along Don Chino Roces Ave. in Barangay Bangkal, where the former warehouse of Wyeth Philippines was situated. It will feature 924 residential units ranging in size from studio units at 23.3 square meters to 1-bedroom units at 38.2 sqm. Price per unit ranges from P4.4 million to P8.5 million.
Makati Southpoint will be selling at P197,000 per sqm, representing an average of about 170 percent increase in residential unit values per sqm since Avida began its developments in the city.
Makati is Avida’s strongest residential territories since 2007, garnering over P11.5 billion in sales.
“We expect Makati to contribute 8 percent of our residential revenues this year. Our success here will continue with Makati Southpoint, which will fulfill the need of a changing market,” said Raquel Cruz, Avida vice president and head of corporate planning group.