Avida Land to invest P7.4B in Mandaluyong development

Avida Land Corp. on Wednesday said it is set to invest an initial P7.4 billion in a new three-tower development in Mandaluyong City.

In a press conference in Makati City, Avida manager Melissa Corpuz said the company will invest P7.4 billion for the first phase of Avida Towers Centera.

Located at the corner of Reliance and Mayflower Streets, the first Centera tower could potentially generate as much as P4 billion in sales, according to the company.

“From this project, we’re anticipating around P1 billion in sales from tower one. For the other towers, wala pang price,” Corpuz said.

A tower one unit of 22 to 24 square meters has been priced at P4.2 to P4.7 million, while a unit measuring 34 to 36 sqm has been priced at P6.7 to P7.7 million

Avida is banking on Mandaluyong as a real estate hotspot.

“It’s condo market is the country’s most buoyant, with demand often outstripping supply,” said Avida Land vice president Pol Tanco.

The first tower will start construction in 2019, and is scheduled for completion in December 2023.

“Most of the end-users or 54 percent are 35 years old and below. They are from Mandaluyong and all over Metro Manila,” Tanco said.

“The market is composed mainly of young working millennials looking for units closer to their places of work,” he added.

Avida Land is a subsidiary of Ayala Land Inc. —VDS, GMA News