MANILA, Philippines - In a move marking its entry into the mass housing market, the Ayala Group is investing an initial P500 million to provide high quality affordable homes through a newly-established subsidiary, South Maya Ventures Inc., under the brand Bella Vista.
In a briefing, Ayala Land president Antonino T. Aquino said Bella Vista, the group’s fifth residential brand, will roll out its first project in a 21-hectare lot in Gen. Trias, Cavite, offering around 1,378 housing units priced at P400,000 to P670,000 each. Unit sizes range from 34 to 65 square meters.
The first phase of the project, which will rise on a 5.4-hectare lot, will offer a total of 602 units, slated for completion next year. Development cost is P300 million.
“Bella Vista is making it possible for its market to experience the pride of owning a home. This project offers minimum wage earners and members of the informal business sector a chance to own housing units through very affordable monthly amortizations of less than P3,000,” Aquino said.
The project will also entail the establishment of a MallEngke concept, a 1.1 hectare strip of commercial establishments which budding entrepreneurs and small-scale business owners can readily take advantage of.
Aquino said he expects Bella Vista to become the group’s largest contributor in terms of revenues in the next 10 to 15 years as industry experts see promise in this segment which currently accounts for 34 percent of the more than 17 million households nationwide.
“This is the largest element in the pyramid, untapped by major developers. We want to take advantage of the huge demand for this type of residential projects,” Aquino said.
The housing backlog is estimated at between 3.8 million and 4.2 million units.
ALI’s four other residential brands are Ayala Land Premier (catering to the high-end segment of the market, Alveo (middle-income brand), Avida (affordable) and economic housing Amaia.