Ayala unit to build P1.4-billion twin tower condo in Cebu

MANILA, Philippines - Avida Land Inc., the affordable housing arm of property giant Ayala Land Inc. (ALI), will put up a twin-tower residential building in Cebu estimated to cost P1.4 billion, marking its entry into the Visayas-Mindanao region.

In a disclosure to the Philippine Stock Exchange, ALI said it launched yesterday Avida Towers Cebu located on a 6,262-square meter lot within the Asiatown IT Park in Cebu City. 

ALI president Antonino Aquino said Avida Towers Cebu will make available a total of 1,040 units with the first tower offering 518 studio, one-bedroom and two-bedroom units. Tower 1 will be 25-storys high with the first three floors dedicated for parking while the remaining 22 floors will be for the residential units which are slated for turnover to customers in 2013.

Unit prices for the first tower range from P1.6 million to P4.7 million each.

The project also includes retail shops, retail and residential parking units, and recreational facilities like clubhouse, swimming pool, outdoor gym, jogging paths, children’s playground and pocket parks.

Asiatown IT Park is an integrated special economic zone and modern trading center in Cebu City. This connects to major thoroughfares that lead to the Mactan International Airport and Cebu International Port.

ALI deputy compliance officer Alfonso Javier D. Reyes said Avida Towers Cebu forms part of the nearly 2,000 condominium units Avida plans to release for sale this year in various metropolitan locations.

“ALI’s expansion in the Vis-Min area is part of the company’s strategy to significantly expand its presence in various growth centers and reach out to a greater number of Filipinos across the country. Future developments in the region will include malls, hotels, BPO office buildings and other residential developments,” he said.

For this year, Avida has allotted P5 billion for its capital expenditures, P2.2 billion of which will go to the development of in-city condominiums.

Avida will be converting a 2.3-hectare property located on EDSA corner Reliance and Mayflower Sts. in Mandaluyong City into a residential community in partnership with the Philippine National Bank of taipan Lucio Tan which owns the lot. The project, with a development cost of P6 billion, will consist of up to eight residential towers. Construction of the first tower will begin in 2011 and is slated for completion within three-and-a-half years.

Like Avida’s other projects, this will be accessible to main roads, public transportation, schools, hospitals and different business establishments. Among its proposed amenities and features are adult and kiddie siwmming pools, a children’s play area, garden and clubhouse with a function hall.