HOMEGROWN property developer Athecor Land is diversifying into condominium development as land in the city center becomes scarce.
Last Monday, the company began the construction of Aizen Flats, a walkup condominium project located on PJ Burgos St., Barangay Alang-Alang in Mandaue City.
The condominium project will have three low-rise towers with 161 units, with prices ranging from P1.2 million to P1.8 million. Of the total units, 14 are loft units (30 square meters) while the rest are studio units (20 sq.m).
Haydee King, president of Athecor Land, they would have wanted to build a house-and-lot project in the area, but land scarcity and high appreciation made them rethink their initial plan.
“When we studied the land, we saw a condominium as a more fitting project to build,” said King, adding that they, too, wanted to build a high-rise building in that area but its location within Mandaue City’s heritage zone prevented them from building high towers.
Aizen Flats sits on 2,000-square-meter property. It is slated for completion in two years’ time.
Athecor Land has been building houses since 1995. Its first project is the 16-unit Athecor Homes in Basak, Mandaue City. The company built six more horizontal developments in Talisay City, Mandaue City and Talamban.
King reported fast sales takeup of their first condominium project. She said Aizen Flats got sold out a month after it was up for sale, with majority of the buyers coming from the neighborhood.
King said buyers are mostly families who are end-users, while others are investors.
Aizen Flats will have commercial spaces on the ground floor. It also features 1.5-meter-wide hallways, LED lightning, covered parking spaces, finished tiled units, a common garden and units ready for cable TV/internet connections.
Looking ahead, King disclosed the family still owns a number of properties within Mandaue City that they plan to turn into income-generating ventures.
King said they are also open to partner with other real estate giants to build more residential projects in Mandaue City.
Athecor Land has built and currently manages Athecor Homes in Basak, Athecor K&S Bldg. in Tipolo, and East Covina Homes in Paknaan, all of which are in Mandaue City.
Athecor Land also shares Villa Sebastiana as a joint project with AIDFAZ Development Corp. and 88 Canduman Place with J. Nitton Development Corp.
According to the company, Athecor Land was formally incorporated in 1993 with plans to develop real estate acquisitions of what used to be a agricultural land.