Thursday, July 19, 2007 Firm to build 16 residential condos in metro
AS PART of their goal to address the growing need for affordable housing in the metropolis, Avida Land Corporation has earmarked P7 billion for the construction of 16 residential towers in four prime areas in Metro Manila.
Avida president Leo Montenegro said the new 16 towers will target young professionals, small families as well as the lower and middle segments of the market.
"We will finance our development projects through internally-generated funds," Montenegro said.
He said the areas they have chosen for these projects include Sucat, Paraaque City; New Manila, Quezon City; Sta. Cruz, Manila and Makati City. Construction will take four years.
During the soft launch of the Avida Towers Makati West in San Antonio Village in Makati City, company officials said will construct 1,800 residential units this year alone in various locations with access to public transportation and retail centers.
Each tower will cost an average if P500 million with 375 units or 6,000 units total. Buyers of Avida towers will have the option of selecting from a studio, one and two-bedroom, garden and penthouse units.
Last year, Avida launched eight towers over the last four years in three key cities in Metro Manila.
Montenegro said the Avida Towers in Makati City will be the crown jewel of the company because of its proximity to Makati??s business district.
Christopher Maglanoc, Avida assistant vice president for project and strategic management group, said the company is expecting to fully sell the latest project within the year.
Currently, Avida has 27 projects in 13 cities and provinces, including Batangas, Naga, Lucena, Cabanatuan and Pampanga. They are also looking at project sites in Mandaluyong and Pasig cities. (MSN/Sunnex)
