AEV real estate arm unveils Compostela housing project

CEBU, Philippines – Aboitiz Land Inc., has introduced its 9th horizontal residential project in Cebu, the 60-hectare subdivision located in Compostela, northern town of Cebu.

This project called "Amoa", which will be built under a 10-year master plan will initially provide 400 units of house and lot package in the first enclave.

According to John Amon, the company's vice president for marketing, the project will have seven enclaves, the first enclave alone will make a community of 400 households.

Amoa is part of the company's nearly P4 billion capital expenditure (capex) allocated for this year.

The introduction of this gated community project followed after AboitizLand president and chief executive officer Andoni Aboitiz announced in an earlier interview that the company is doing away with condominium development as its expertise is into building horizontal residential projects.

"It is more difficult to sell condominiums versus house and lot," Aboitiz said explaining that the competition in the condominium market is very intense.

About 90 percent of Amoa's properties will be offered via house and lot package, with prices ranging from P1.7 million to P3.1 million targeted towards the middle-end market.

A minimal part of the project will be sold via lot-only package, with minimum lot cut of 120 square meters.

Prior to the official launch of the project, the company recorded an initial sales of P250 million, an indication that the market is highly receptive.

For the first quarter of this year, AboitizLand reported a 34 percent drop in core income contribution to P80.3 million from P121.1 million .

In the last 20 years, AboitizLand built over 3,000 residential units in Cebu, including the  800 residential condominium units master-planned in its Permission Towers project.

AboitizLand is the developer of luxury subdivisions like North Town Homes, Pristina North, along with other middle to high end gated community addresses located within Metro Cebu.  (FREEMAN)