Ayala eyes P4B sales from Avida’s The Verge towers in Mandaluyong
MANILA — The mid-range brand of property giant Ayala Land Inc. expects to generate P4 billion in sales from its residential project in Mandaluyong City, targeting business process outsourcing (BPO) employees and other office workers.
Melissa Corpuz, Project Development Manager for North Luzon of Avida Land Corp., told reporters Wednesday they expect the residential units at second multi-tower residence, Avida Towers Verge, to be sold by next year.
Corpuz is optimistic about the sales growth despite concerns on inflation and interest rates.
“So far, we have no experience in terms of the inflation. (Avida Towers) Centera really did well, it’s almost sold out,” she added.
Marvinson Moyon, North Luzon Business Area Head, said they were also concerned about the high interest rate.
“(But) the market is still upbeat,” he said.
Avida Towers Verge is a three-tower, high-rise condominium development located in Brgy. Highway Hills, Mandaluyong.
Pol Tanco, Avida Land Vice President-Project and Strategic Management Group, said: “Most of them are end-users, of which 54 percent are 35 years old and below. They are from Mandaluyong and all over Metro Manila. The market is composed mainly of young working millennials looking for units closer to their places of work.”
Construction of the first tower is expected to begin by early 2019, and is scheduled for completion in December 2023. (PNA)