MANILA, May 26 (PNA) — Listed property giant Ayala Land Inc. affiliate Alveo Land expects to generate Php3.7 billion in sales with the launch of the 40-hectare fifth residential subdivision project in Nuvali South in Sta. Rosa, Laguna next month.
Paulo Ong, Project Development Division Manager of Alveo Land, said the strong confidence in the economy is the key driver of high real estate demand.
Ong said they already invested Php2.3 billion for the project called Mondia, bringing the company’s cumulative investments to Php7.4 billion in the Nuvali eco-community.
With four other horizontal developments in the area –Treveia, Venare, Mirala and Lumira– Nuvali now represents 62 percent of Alveo’s total 12 horizontal residential projects in Luzon at 400 hectares.
Ong said the company will start selling 384 residential lots in Mondia’s 20-hectare first phase of development next month.
Ranging in size from 269 to 541 square meter (sqm) cuts, the average lot size would be 330 sqm. Lot prices range from Php4.8 million to Php11.8 million or Php18,500 per sqm.
He said they will launch the 20-hectare second phase of the residential subdivision project by end of the year.
”Mondia is one of the last remaining parcels of land for development in Nuvali, which makes this an opportunity that future homeowners and investors would not want to miss,” Ong noted.
Nuvali covers 2,290 hectares of business, residential, educational and recreational facilities. (PNA)