Ayala Land subsidiary hikes selling prices

MANILA, Philippines - Alveo Land Corp., a subsidiary of property giant Ayala Land Inc., has increased the prices of its units being sold in its Celadon project in Manila. Rufino Gutierrez, division manager for Project development of Alveo, told reporters that the rising prices of construction materials prompted the company to also jack up its selling price. “We had to increase our prices because of (higher prices of) construction materials. But the increase was less than 5 percent," he said. But Gutierrez added that pre-selling has still been brisk despite the mortgage crisis in the US. “Selling has been stable. The subprime crisis has a limited impact on us," he said. Celadon, which is a six-hectare mixed-use development in Tayuman, Manila, has residential, commercial and retail components. Gutierrez added that Celadon Residences, which are made up of 202 townhouse units, are already 80-percent sold. The units will be turned over next month and will be fully completed next year. The units, which have an area of between 168 square meters to 204 square meters, are being sold at between being sold at P9.5 million to P12.5 million each. Revenues from the townhouses are expected to reach P2 billion. The condominium units, called Celadon Park, will be housed in four towers. The first tower, which is already 60-percent sold, will have 127 units in 21 floors. Construction is 14-percent completed. “The second to fourth towers are still being planned and will depend on the take-up of the first tower," Gutierrez said. He also disclosed that contact center operator Convergys has already committed to locate in Celadon's offices. The retail and business process outsourcing components, which will have two towers with 14 storeys each, are expected to be turned over in the last quarter of the year. For the retail part, the first phase to be constructed would support the office operations such as fast food restaurants and convenience stores while the second phase would be for the lifestyle shops such as spas. GMANews.TV