Avida launches condo project in I.T. Park

CEBU, Philippines - Ayala Group’s middle-income residential brand Avida launched the other day its first residential project in Cebu.

 The group’s latest project will provide a total of 1,045 condominium units in Cebu, with the establishment of two Avida Towers at the Asia IT Park in Lahug.

The first tower which was formally launched Tuesday will bring in a total of 518 condo units, 40 percent of which had already been sold.

Avida Land Corporation president and chief executive officer (CEO) Leo Montenegro said that the 22-story Avida Tower I is set for completion by 2013. The construction of Tower II will follow thereafter.

Avida Land Corporation, a wholly-owned subsidiary of the Ayala Land Inc. (ALI) will invest approximately P5 billion this year, P2.2 billion of which is expected to be allocated for the development of in-city condominiums, including its latest project in Cebu.

The Cebu project, which is in partnership with the Asian I Office (AIO), will cost the company about P1.4 billion expenditure for the construction of the two towers, Montenegro said.

Over the last five years, Avida has launched 18 towers in four key cities in Metro Manila and will expand in the Visayas and Mindanao area with Cebu as its strategic entry point into the region.

Avida Towers Cebu will be situated on a 6,262 square meters property with enough open space for homebuyers and their families to move freely and live comfortably.

“Avida condominiums address the needs of hardworking middle-class managers, professionals, and employees for high-quality, affordable housing in attractive locations,” said ALI president and chief executive officer Tony Aquino.

Jay Visco head for marketing and sales for ALI Vismin said that surprisingly, the pre-selling campaign for Avida Tower I which started in the last few weeks, attracted local buyers, an indication that there is money in the local market.

Moreover, Visco said most buyers opted to buy the bigger units (one to two bedroom) which cost between P2.5 million to P4 million.

“We believe that our location and Ayala’s brand integrity is one of the few advantages over other developments,” said AIO president and CEO Francis O. Monera.

Avida Towers Cebu is a joint venture project of Avida Land Corporation and AOI. AOI is a subsidiary of Cebu Property Ventures and Development Corporation, which owns and manages the Asiatown IT Park.

After Avida, other Ayala Group’s residential brands like Ayala Premier, Alveo and Amaya will also make its presence in Cebu.