Ayala's Avida to spend P7B for property projects

Avida Land Inc., a wholly-owned subsidiary of listed Ayala Land Inc., announced that it will be spending some P7 billion for the next four years to put up 16 residential towers in various parts of Metro Manila. Leo Montenegro, Avida president, told reporters that the 16 towers will house 6,000 new units that will cater to the lower middle class segment of the market, which the company says consists of young professionals and start-up families. "We intend to finance our development costs through internal funds, " Montenegro said. The projects will be located in Sucat, Paranaque; New Manila, Quezon City; Sta. Cruz, Manila and Makati City. At the soft launch of the Avida Towers Makati West, located along Malugay corner Lumbayao cor ner Yakal, San Antonio Village in Makati City, company officials said they are seeking to construct some 1,800 residential units this year alone in various metropolitan locations with access to public transportation and retail centers. In 2006, Avida launched eight towers over the last four years in three key cities in Metro Manila. The latest residential project, Montenegro said, will occupy a 6,400 square meter lot property. It will have two towers that will house 861 units. Units will have a price range of P1.3 million to P3.6 million. The first tower, which will have 462 units, is expected to be fully constructed within three years. Christopher Maglanoc, Avida assistant vice president for the project and strategic management group, said the company is expecting to fully sell the latest project within the year. He revealed that since the company launched an informal sales pitch this month, 140 units have already been reserved. The company will spend P1 billion for the development of the two towers. Avida accounts for 8 percent of Ayala Land's total sales so far this year. - Cheryl Arcibal, GMANews.TV