Avida launches another tower

A UNIT of one of the country’s top property developer launched on Saturday the second tower of a residential condominium development at the Asiatown IT Park.

Avida Land Corp. launched Tower 2 of Avida Towers Riala, a 21,246-square-meter residential development in Asiatown IT Park in Lahug, Cebu City.

Avida Towers Riala project officer Carlo Aldaba described the project as a portal to the IT Park, a strong commercial and business district in Cebu.

Like the first tower, the new building will have 621 units divided into 432 studio type models of 22.62 square meters to 23.87 sq.m. each, priced from P1.9 million to P2.2 million; 135 one-bedroom units of 40.91 sq.m. to 41.84 sq.m. each priced from P4.1 million to P4.4 million; and 54 two-bedroom units of 56.58 sq.m to 56.82 sq.m each priced from P5.5 million to P5.9 million.

Avida Land marketing manager Maria Teresa Tatco said 40 percent of Riala’s buyers belong to the 40-to 50-year-old bracket.

Aldaba said the project’s potential market is a balance of local and overseas clients, including Filipino workers in Asia and seafarers.

He said more than half buy units as investments because of its location.

He said the value of their company’s ventures in Cebu has increased from P73,000 per square meter with Avida Towers Cebu to P89,000 per square meter with Avida Towers Riala.

With Tower 2 directed towards the younger segment, Tatco said they stretched the payment plan to 36 months at a 20 percent downpayment with a monthly amortization of as low as P10,800.

Financing could also be arranged with a regular bank.

Company officials said Tower 1 is 80 percent sold as of January and is scheduled for completion by November 2015. The units are scheduled to be turned over to owners by first quarter of 2016. Tower 2 is expected to be completed by July 2016 with units scheduled for turnover in the fourth quarter of 2016.

Officials said the two towers are are part of the P5 billion Ayala Land investment in Cebu for 2013, each budgeted at P1.1 billion and P1.2 billion.

Avida Towers Riala will have five towers, officials said.

The company said the project was recently given the Best Lifestyle Community Award by international company Ringier AG and Myproperty.ph, a real estate classifieds company managed by Summit Media, because of its quality, amenities and location.