Alveo posts P5.5-B sales from Solinea condo in Cebu

MANILA, Philippines - Alveo Land, a unit of property giant Ayala Land, raised P5.5 billion in sales from Solinea, a residential condominium project in Cebu.

Solinea was launched in 2011.  It has since launched three of five towers, officials said in a briefing yesterday.

The latest tower is Solinea-Lazuli, launched last year and is now 53 percent sold, VC Bacungan, Alveo project development manager said.

To date, Solinea has sold 1,400 units, Bacungan said.

Total investments for launched projects have reached P7.3 billion, he said.

The Solinea residential project is located at the center of the Cebu Park District, which is composed of a business and IT park.

The project seals ALI’s vision of integrated living in Cebu, dubbed as the Queen City.

Solinea is also bounded by two major access roads—Luzon Ave. on the north and Cardinal Rosales Avenue on the east, conveniently making it near the Cebu City Marriott Hotel, Cebu City Sports Club, the Cebu Stock Exchange, and right across Ayala Center Cebu.

The Solinea development boasts of a 6,000 square meters resort zone called the Ultramarine, comprised of a clubhouse, a 1,000 sqm. pool complex, a raintree play park and children’s play area.

It will also have a retail row, Bacungan said.

The entire development will occupy a total land area of 2.6 hectares.

To date, Alveo has already launched tower 1, which is already 89 percent sold while tower 2 is 83 percent sold.

Bacungan said the third tower offers a number of upscale amenities spread across three levels for more privacy.

The tower has a total of 605 units with a mix of studio, one to three bedroom units with sizes ranging from 25 to 133 sqm.

 “Solinea is proving to be our most successful project in Cebu. It is aimed towards urban achievers, typically in their 30s to 50s, who are looking for a respite within the city and with their workplace nearby. It also cater to investors who are looking for an investment that will generate recurring income,” he said.

Bacungan said Lazuli has been accredited by the Philippine Retirement Authority.

Alveo’s other developments in Cebu include Sedona Parc, an upscale boutique condo completed just last year, and the BPI Cebu Corporate Center, (an 18-storey office for sale project).

The BPI Corporate Center is Alveo’s first office for sale venture in Cebu. It offers prime office units catering to medium and large scale enterprises as well as local and international investors.