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Alveo expects to generate P18B from phase one of biggest commercial dev’t in Southern Luzon
Alveo Land Corp. on Thursday said it is on track to generate some P18 billion in sales from the first phase of its Broadfield development, the company’s biggest commercial project in Southern Luzon so far.
The company seeks to generate P17.7 billion from 36.6 hectares of land for commercial use, Alveo chief operating officer Rufino Gutierrez said in an interview with reporters.
“Broadfield’s location sets it at the heart of South Luzon’s thriving residential, leisure, industrial and manufacturing center,” he told reporters at the company’s showroom in Taguig City.
Located in Laguna, Broadfield is a 120-hectare master-planned, mixed-use district—80 hectares for commercial development, and 40 hectares for residential projects.
It is 4 kilometers from Nuvali, and 21 kilometers from Alabang, and is accessible from the South Luzon Expressway (SLEX). The development is close to an exit of the Cavite-Laguna Expressway (CALAX) which is 45.18% complete as of July 18, 2019.
Scheduled to be completed by 2023, the first phase of Broadfield covers a total of 37 hectares divided into 87 lots with an average area of 1,782 square meters.
Gutierrez said that during the first day of selling on Friday, October 11, the company sold P2.8-billion worth of lots.
“Basically, the market wants this product and it was, on our side, a successful launch,” he said.
Commercial buildings will be allowed to up to 10 to 12 stories on average, and investors may lease out to other businesses, Gutierrez noted.
The target market for the development, he said, includes local investors and entrepreneurs. Those who have already bought are involved in real estate, construction, pharmaceuticals, automotive, and agriculture.
Gutierrez said the company will wait for phase one sales to reach 70-80% before rolling out Phase 2, which will cover 43 hectares. —VDS, GMA News
