BPI Cebu corporate tower 48% sold-A A +A
Friday, May 30, 2014
SEEING a demand for office units in Cebu, Ayala Land Inc. subsidiary Alveo Land introduced its first office condominium in the southern Philippines, the BPI Cebu Corporate Center.
Since its official launch in November last year, Alveo Land reported yesterday that 48 percent of the 168 total units have already been sold.
The 18-storey BPI Cebu Corporate Center stands in a 2,000-square-meter lot in Block 1 of the Cebu Business Park, just across Ayala Center Cebu. Unlike other office spaces available in the market, where units are up for lease, BPI Cebu Corporate Center’s condominium offices are available for purchase, said Alveo Land officials.
Sizes range from 120 to 140 square meters, with prices from P8 million to P16 million.
Also yesterday, Alveo Land, through its division manager for product development Paulo Ong, reported updates on their residential projects in Cebu, Sedona Parc and Solinea.
Sedona Parc is located in the Leyte Loop of Cebu Business Park. Ong said that 79 percent of the 114 units have already been sold. Solinea, its multi-tower residential development composed of towers Cyan, Turquoise and Lazuli, has also generated a positive response from the market.
Cyan is at 86 percent sold, Turquoise is at 73 percent, and Lazuli, which was launched last March this year, is at 12 percent sold. Total number of units in the entire Solinea project is 1,772.
Alveo Land has about 2,000 condominium units in Cebu and is positioned as ALI’s brand for middle-income buyers.
“The Cebu market is more of an investment market,” Ong said. An estimated 50 to 60 percent of Alveo Land’s buyers are said to be local investors while the rest are end-users.
ALI earlier disclosed that it is allotting P70 billion for projects this year. Aside from Alveo Land, it carries four other residential brands, namely, AyalaLand Premier, Avida, Amaia and Bellavita.
In the first quarter of this year, ALI stated that its profit rose to P3.46 billion from P2.76 billion in the same period last year.
To further attract investors and make Alveo Land’s projects more accessible to potential buyers, Alveo Land operates the Lifescape showrooms inside the Ayala Center Cebu. These are located in a 200-square meter space on the third level of the mall’s new wing and the other one is on the third floor of Ayala Terraces.
Alveo Land project development associate Kimberly Lao said their presence in the mall would provide investors a real feel for their projects.
A local developer in Cebu is also developing corporate towers, citing the same reason as that of Alveo Land that there is a high demand for office spaces in the metropolis.
Published in the Sun.Star Cebu newspaper on May 31, 2014.