Ayala Land unit sees P3-B sales from Makati project

By Rizal Raoul Reyes, BusinessMirror

Posted at Aug 18 2011 08:57 AM | Updated as of Aug 18 2011 04:57 PM

MANILA, Philippines - Ayala Land Inc. (ALI) affiliate Alveo on Wednesday said it is projecting a total sales of P3 billion for the two towers of The Lerato condominium project.

In a briefing held in Makati City, Alveo vice president for project development Jennyllle Tupaz said the company is currently selling the second tower of The Lerato after successfully selling practically majority of the units in Tower 1. “Almost 91 percent of the units in Tower One has been sold out,” said Tupaz.

From Tower 1, Alveo expects to generate sales of around P1.6 billion while sales of units in Tower 2 is expected to have a sales value of P1.4 billion, Tupaz said. Development cost for the two towers has so far reach P2 billion.

Tupaz said the sales tally in Tower 1 is an indication that demand for quality residential projects in the real estate market continues to grow.

The second tower, a 24-floor building, will offer three types of dwellings—studio, 1-bedroom unit and 2-bedroom unit. A studio unit will have an average size of 30 to 31 square meters (sq.m) while a one-bedroom unit will have an approximate size of 48 to 54 sq.m. The two-bedroom unit will average from 78 to 85 sq.m.

Tupaz said 118 units or 32 percent out of the total 360 units of Tower 2 have been sold out. Prices at the Tower average P115,000/ sq.m while Tower One is priced around P112,000/sq.m.

To entice buyers to invest in an Ayala property, Alveo launched a financing program geared for urban professionals who want to pursue an active professional lifestyle with an emphasis on the pursuit of various social activities.

Tupaz said the Homestarter Financing Program would boost in expanding the market range of Alveo. She added this program will buyers flexibility in payments because it is done in long and flexible terms.

Tupaz said the Lerato is positioned as a place that emphasizes lifestyle but is strongly anchored on retail and convenience. She added the completion of Lerato will make the northern part of Makati a hub for young and successful professionals as well as startup families.

She said the second tower is set to mirror the same ideals that its predecessor while strengthening the retail component.

Gilbert Berba, innovation and design group head, said shops at The Lerato will be a multifaceted locale—home to quaint boutiques and specialty dining destinations that are complemented by a variety of galleries, art spaces and lush green parks.