MANILA, March 18 (PNA) — Avida Land Inc., the mid-market brand of listed property giant Ayala Land Inc., targets to generate Php4.4 billion in sales from its new office condominium project located in the Bonifacio Global City (BGC), banking on the steady growth of real estate market over the years.
“For the office (segment), there is a significant interest from foreign investors and they are looking at doing business here… It is still (driven by) macroeconomic fundamentals generally,” company President Christopher Maglanoc told reporters.
Following the success of its first venture into office spaces, Avida Land will formally launch on March 24 its second office project, Capital House, targeting small and medium enterprises (SMEs).
Units at the 26-storey boutique office building are for sale with prices ranging from Php9.9 million to Php25.6 million. The project will offer 222 units ranging from 62 square meters to 159 square meters.
“The offices available in this market mostly cater to BPOs (business process outsourcing) and multinationals. Capital House offers the right fit for SMEs, professional firms and those looking to have satellite offices with a BGC address,” said Pol Tanco, Avida Project and Strategic Management Group Head.
Design firms, advertising agencies, holding companies and front end offices of manufacturing and trading offices already reserved their office spaces.
Maglanoc said they hope to sell out all office units within the year.
The project is expected to be completed in December 2017 and turned over in the second quarter of 2018.
The office condominium project is among the 10 projects worth Php20 billion Avida Land targets to launch for the first half of this year across strategic locations in Bonifacio Global City, Makati City, Quezon City, Muntinlupa, Bulacan, Tagaytay, Iloilo and Tuguegarao.
Other projects include seven residential condominiums and two land and house subdivision.
Avida earlier disclosed plans on the upcoming Avida Towers in Cloverleaf, Ayala Land’s township project in Balintawak, Quezon City.
Avida’s 1.4-hectare condominium development will be adding 2,300 units residential offering that will complement the retail, business and lifestyle components of Cloverleaf. (PNA)