ALI's Alveo Land eyes P2-B sales from first QC residential development

MANILA, Philippines - Alveo Land Corp., the middle-income residential arm of property giant Ayala Land Inc., is eyeing P2 billion in sales from its first and newest residential development in Quezon City.

The project, dubbed Ferndale Villas, will rise on a five-hectare lot along Sampaguita Road at the back of Far Eastern University inside Don Antonio Heights, offering 233 duplex and triplex units grouped around a common courtyard. Development will cost around P1.3 billion.

The units, which will be sold at a price ranging from P7.8 million to P12 million, are slated for turnover to buyers in the third quarter of 2014.

In a briefing yesterday, Jennylle S. Tupaz, vice-president and project development group head at Alveo, said the company has already raised P700 million from priority selling, equivalent to 70 reservations.

Tupaz said Ferndale Villas is targeting Quezon City upgraders who are looking for a new subdivision with better amenities and security. Around 80 percent of the residences will be corner units.

The project will feature a 520-sqm clubhouse with function rooms with a total area of 160 sqm.

“We want to provide a residential haven in Quezon City that mirrors a concept of intimate campus-town environs. Every facet of this community, from the development of the neighborhood to the architecture of the structures is designed to embace its ideals,” Tupaz said.