Avida Towers attracts investors

Residential condominium units catering to the middle class are emerging as a favored investment vehicle of a growing group of entrepreneurs and investors. Counting on the strong demand for housing by the Philippines’ young population in Metro Manila, they are purchasing units which they intend to lease out to newlyweds and young professionals just starting out on their own.

Businesswoman Vicky Ong, for instance, is confident that the leasing market for units in well-planned developments will help her build a retirement fund. She particularly appreciates the good lighting and layout of Avida units and has purchased four residences in Avida Towers Sucat. Avida is the affordable housing arm of property giant Ayala Land. She adds: “I like Avida because it is backed up by Ayala Land. You can expect quality homes delivered on time.” Ong intends to rent out some of her units once they are turned over to her.

Dez Cruz, Avida head for residential buildings, relates that a good number of Avida Towers Sucat owners think like Ong. About 20 per cent of the residences there are being leased out by their owners. For an approximate investment of P1 million, they are able to rent out an unfurnished studio for an average of P10,000 a month. Cruz points out that such returns beat those being offered by financial institutions.

Avida Towers residents — both lessees and unit owners — also very much appreciate the security in their developments. Security features include the presence of a guard or other personnel at the lobby of each building so that only those with official business can take the elevators. Those renting units in well-maintained residential condos like Avida Towers Sucat have this edge over those in traditional apartment complexes with individual access from the street, notes Cruz. She also observes that Avida units are well managed and are more likely to sustain their value over the long term because it draws from the expertise of Ayala Land in property management.

Among the Avida Towers projects, Avida Sucat benefits from its proximity to the airport and attracts frequent travelers as well as Overseas Filipino Workers. Still another attraction is a mall located across the development.

Ong, who is from a family of 10 children, learned the value of hard work and frugality from her parents who built up their own food enterprise. Unfortunately, they lost their business because of lack of education. Ong did not make it beyond the sixth grade. There was not enough money for her schooling.

For more information on Avida Towers Sucat, please call 848-5200.