Avida Land's Capital House project in Bonifacio Global City.
MANILA, Philippines - Avida Land, the mid-market brand of Ayala Land, is launching 10 new projects worth P20 billion in the first half of 2015.
Avida Land president Christopher Maglanoc said the company is launching 7 residential condominiums, 2 subdivisions, and 1 office condominium.
The condominium projects will be located in Bonifacio Global City, Makati City, Quezon City, Muntinlupa, Tagaytay and Iloilo. The two subdivisions will be in Tuguegarao and Pulilan, Bulacan.
Last year, Avida launched 14 projects, worth close to P30 billion.
Maglanoc is confident there is still strong demand for Avida projects, particularly from overseas Filipino workers in United States, Middle East and Southeast Asia.
"(OFW market) is very significant. I think 40 percent of our sales are from OFs. It's a mix, condo pa rin... It's a big attraction kasi for them to have a place in Metro Manila. Some of them, say they buy a condo as a halfway house in Metro Manila, they don't want to stay in hotels or with relatives, especially for long trips. Others naman they send their kids to study here," he said.
On Wednesday, Avida officials bared plans for its second office project, Capital House, located in the "Active North" district in Bonifacio Global City.
Herbert Herrero, Avida Land property development manager for South Metro Manila and South Luzon, said Capital House is a sequel of sorts to Avida's first office project, One Park Drive.
Capital House is a 26-storey boutique office, with 222 units ranging from 62 sqm to 159 sqm and special whole floor units at 1,400 sqm. The prices of the units range from P9.9 million to P25.6 million, with the project's total value pegged at P4.4 billion.
Capital House is set to break ground next month. The project is expected to be completed by December 2017 and turned over in the second quarter of 2018.
Herrero said Capital House aims to attract small and medium enterprises, professional firms such as design firms and ad agencies, and companies who want to have satellite offices with a BGC address.
The project, which will be officially launched on March 24, already has a 12 percent take-up rate.
So why should entrepreneurs invest in units at the Capital House?
"We found out that businesses who think they will exist beyond 10 years, it would be reasonable for them to just buy a unit. Somehow it mirrors their monthly rental if they buy a unit at Capital House," Herrero said.
"For investors, we're seeing potentially a yield, single digit yield of around 8 percent if they are able to lease out the office spaces at around P950 per square meter, once the building is completed," he added.
Capital House is located near the Turf BGC football field, Flying Trapeze PH, Active Park and the upcoming BGC Sports Complex and Kidzania, as well as Avida Land’s five residential offerings and One Park Drive.
Earlier this week, the company bared plans for Avida Towers in Cloverleaf, Ayala Land’s township project in Balintawak, Quezon City.
Avida’s 1.4 hectare condominium development will add 2,300 units residential offering that will complement the retail, business and lifestyle components of Cloverleaf.