Alveo Land hits record P12.7B sales in Q1

Ayala-led property developer Alveo Land Corp. on Tuesday reported a record P12.7 billion in gross take up for the first quarter of the year, which it attributed to the launches of its horizontal developments south of Metro Manila.

The latest sales for the period surpassed the previous record high of P10.8 billion recorded in the first quarter of 2019.

In a briefing, Alveo officials said its residential condominium unit sales accounted for P7.5 billion of the sales during the period, with most coming from projects in the Bonifacio Global City in Taguig with P2.0 billion.

This was followed by projects in Makati with P1.5 billion, Quezon City with P1.4 billion, Alabang and Las Piñas with P900 million, Pasig City with P800 million, and other projects in the Visayas and Mindanao area with P900 million.

Alveo Land attributed the strong takeup to its residential condominium developments such as the Park East Place in Taguig, The Lattice that borders Pasig City and Quezon City, and Nuveo in the Alabang-Las Piñas corridor.

Its residential lots accounted for P3.8 billion, which includes Sereneo Nuvali which reported P1.5 billion in year-to-date reservation sales, and Caleia Vermosa in Cavite which generated P2 billion.

According to Alveo president Joseph Carmichael Jugo, the profiles of the company’s buyers were a mix of end-users and investors, with the premium segment of the market unaffected by the elevated inflation rates.

“We need to focus on the premium segment. It’s a market that’s fairly robust, fairly resilient. One that looks really for places to invest in,” he told reporters in Makati.

“I guess clients are more selective, but they do recognize projects that have potential, projects that are mature,” he added.  —VAL, GMA Integrated News