The resort will be formally launched this Thursday. By the end of the month, ALI will get its license to sell membership shares, a requirement for buyers of resort lots.
"Anvaya Cove is a joint venture between ALI and SUDECO. This is our first foray in leisure communities that cater to the recreational and retirement needs of our traditional high-end customers. Admittedly, we are not the trailblazer in this area but we will make sure that we will raise the bar, not just for ourselves but for the industry as well, " said president and chief executive officer Jaime Ayala.
"Its a unique proposition of both mountain and sea environments not otherwise present in existing resort projects. It is also minutes away from the bustling Subic Bay Freeport," said vice-president and group head for leisure and lifestyle communities Ma. Victoria Anonuevo.
The resort will be developed by clusters.
Cluster 1, which is called the Cliffside, will be the first to be developed. Consisting of 15 neighborhoods or phases with 138 lots, it will account for more than half of the resort.
Lots range in size from 475 to 1,600 square meters and are priced anywhere from P6,900 to P12,800. Without VAT per square meter, depending on the view.
Cluster 1 is estimated to cost around P3.2 billion to develop and will be open by 2007, with the completion of the clubhouse and the construction of some houses of early buyers.
"The development of the entire property will take 10 to 15 years. When fully completed, the entire resort will contain 2,000 to 2,500 houses," said Anonuevo.
"Our proven strengths are innovation, commitment to quality, and the ability to move with scale," said chairman Fernando Zobel de Ayala and Jaime Ayala in the companys 2004 annual report. "The industry has been exhibiting encouraging signs of renewed vigor, thanks to factors such as record inflows of OFW remittances invested in real estate properties, low interest rates, steadily growing consumer retail spending, and a fast-growing service sector nichesbusiness process outsourcing."
ALIs response to market trends has been to expand away from its traditional market in Makati City and to diversify its product range to include leisure communities.