MANILA, Philippines - The middle income housing unit of property giant Ayala Land Inc. (ALI) is spending P12 billion for its first mixed-use community and commercial project in Alabang, Muntinlupa.
Avida Land Corp.’s development of the 6.6-hectare South Park District forms part of ALI’s expansion south of Metro Manila, company officials said.
“You are now seeing that in our developments, there will be less of the stand-alone type and more of the integrated developments,†ALI president and CEO Antonino T. Aquino said in a briefing.
The project will rise on the former site of a Nestlé coffee factory along the National Road in Alabang.
The 10-year development of South Park District, which will host seven residential towers, two office buildings and a shopping mall, will cost P12 billion, Aquino said.
“South Park District expands our footprint in the Muntinlupa area and builds on ALI’s long tradition of building exceptional integrated mixed-use communities,†he said.
The mixed-use project will boost the business atmosphere in the Alabang area once the office buildings and shopping mall that will house 400 shops open in 2015.
It will also complement ALI’s roster of developments in the area including the Ayala Alabang Village, Madrigal Business Park, Alabang Town Center, Ayala Southvale and Avida Towers Alabang.
“South Park District will just be the first of major projects that we are launching this year,†said Avida Land president Christopher Maglanoc.
“With the upbeat macroeconomic environment, low interest rates, and growing middle class, we will continue with our expansion into new geographies and new products to cater to our target market of middle class home buyers,†Maglanoc added.
Avida Land expects to develop 6,000 new units through seven residential towers in South Park District. Studio units (22 square meters) will be sold at P1.8 million, one-bedroom (35 sqm) at P2.54 million and two-bedroom (55 sqm) at P6 million.
South Park District forms part of Avida Land’s P10-billion capital spending this year, up from P7.5 billion last year, Maglanoc said.
The ALI subsidiary will launch 10,000 residential units from 29 projects this year, higher than the 8,000 units in 19 projects launched in 2012, Maglanoc added.