Ayala fast tracks Avida construction

CEBU, Philippines - The strong take-up of units of the Ayala-developed condominium project Avida, prompted the developer to fast track the construction five months ahead of schedule.

The Avida Towers Cebu, located at the Asiatown IT Park in Lahug, is the first affordable Ayala condominium community in the region.

“Avida Land is looking forward to reaching (out to) more Filipinos with its strategic geographic expansion. Cebu, being one of the most dynamic cities in the Philippines and strategically located at the center of the archipelago, will be the home to Avida’s first venture in the VisMin region,” states Leo Montenegro, president and CEO of Avida Land Corporation.

Montenegro said since the selling period started last June 2, Avida Towers Cebu received an overwhelming response from the market. In fact, the tower sold units within three days. The first of the two towers of Avida is currently 60% sold out.

Avida Towers Cebu was launched last June 15 with over 600 guests. It is a joint venture project of Avida Land Corporation and Asian I Office Properties (AIO).

AIO is a subsidiary of Cebu Property Ventures and Development Corporation which owns and manages Asiatown IT Park.

Avida Land Corp. is the affordable property developer of Ayala Land Inc. Its success in providing quality homes with an affordable price has been proven in the 32 projects and about 26,000 house and lot and condominium units in Luzon since it first started in 1990.

Hosting 13,000 full-time jobs mostly from leading BPO in the country, Asiatown IT Park in Lahug, Cebu City is the top IT space provider in the region. It is the ideal address for many Cebuanos and thousands others who have come to call the resort-island their home.

Positioned to address the needs of a growing market in Cebu, Avida Towers Cebu redefines life with exciting options for its future residents to enjoy the benefits of Home, Office and Play inside the most vibrant address in town for young professionals and families.

It offers 518 units equipped with telephone, cable and internet, as well as fire protection systems.

With Ayala’s superior brand of property management through Ayala Property Management Corporation, Avida Towers Cebu will be well-maintained to ensure value appreciation.

The two towers which will provide a total of over a thousand condominium units are designed with amenities for the community to enjoy like adult and children’s swimming pool, clubhouse with function room, children’s play area, an outdoor gym, garden area and jogging path.

Avida Towers Cebu has Studio, 1-Bedroom and 2-Bedroom units with a price range of P1.6 to P4.4M. Interested buyers may avail of these units for a monthly amortization that is as low as P14, 500.

Avida Land Corporation, a wholly-owned subsidiary of the Ayala Land Inc. (ALI) will invest approximately P5 billion this year, P2.2 billion of which is expected to be allocated for the development of in-city condominiums, including its latest project in Cebu.

The Cebu project, which is in partnership with the Asian I Office (AIO), will incur the company about P1.4 billion expenditure spread in the construction of the two towers, Montenegro said.