Market registers keen interest in new Ayala Alabang project

After a hiatus of 10 years, property developer Ayala Land, Inc. recently began development of the last of its highly successful Ayala Alabang community in Southern Metro Manila.

News about the 1.6-hectare joint venture with Bank of the Philippine Islands was released at the height of the Iraq conflict and its accompanying economic uncertainty. Nevertheless, Ayala Land assistant vice-president Bobby Dy discloses that responses to the project, designed as a distinct neighborhood, has been overwhelming.

Dy attributes the very warm public response to Tamarind Cove, which is accessible through Tamarind Street, to a number of factors. Foremost among this is the sustained development of Ayala which has evolved into a self-contained, fully integrated community with its own business district, commercial center, a number of top-rated schools, recreational and entertainment areas. It also remains the only subdivision in Southern Metro Manila with a 24-hour water supply, a testimony to its efficient property management.

"Buyers foresee that Ayala will remain a viable and successful community for a long time to come, so they feel assured their investment in Tamarind Cove will continue to grow," notes Dy. Tamarind Cove will only have 20 lots.

Since it was launched in 1977 at P240 per square meter, lots in Ayala Alabang have appreciated 83 times its original value. Going rates for lots in the community now hover from P18,000 to P22,000 per square meter in the secondary market depending on lot size, location and a number of other factors.

Over the past 25 years, prices in the village did decline as well, particularly during times of political tumult. "However, these declines were more than up for by steep increases once good times rolled around once more," notes Dy. Because land continues to remain scarce in Metro Manila, it is likely that the upward trend will continue into the future.

Market interest in Tamarind Cove has also been perked by the fact that it is a departure from other phases of the community.