MANILA – Ayala Land's top-end seaside community Anvaya Cove in Morong, Bataan has already sold nearly P9 billion worth of its inventory, just nine years since it was launched.
Anvaya Cove, a 470-hectare property, was Ayala Land Premier's first venture into leisure real estate development when it was launched in late 2005.
Now, the project offers a beach resort, an 18-hole golf course with views of both the mountain and the sea and various residential options from lots to condos.
ALP head Jose Juan Jugo said the company is happy with the success of Anvaya Cove, especially since it mainly caters to the secondary home market.
"I would say Anvaya Cove is a testament to the market for secondary homes, if ALP can do something like this in Morong, Bataan. The reception has been very successful. People are building 10 homes a year... It's a testament really to how good the market is for a very good leisure product," he said in a press briefing.
This year alone, Jugo said they have seen a 58 percent increase in sales from real estate and golf club shares worth P400 million, both from local and foreign investors.
Anvaya Cove offers low-rise condominiums at Seabreeze Verandas and maisonettes at Seascape Ridge ranging from P6 million to P25 million, while lots start at P5 million.
For the neighborhood lots, ALP said 80 percent has already been taken up. So far, 58 homes have been built in Anvaya Cove and 17 more to be completed by 2015.
The low-rise condominium Seabreeze Veranda has already sold out three buildings, and a fourth one has started pre-selling this month. The fourth building has a sales value of P850 million and will be formally launched next month.
On the other hand, P345 million worth of units at Seascape Ridge have already been sold.
"There are a handful of full-time residents, retirees who have made Anvaya their home... (But) most use their homes and condos on the weekends or they choose to make a yield out of it and put it in the leasing program... But as development progresses towards the north, we will see more residents in Anvaya," Jugo said.
Anvaya Cove Clubhouse
Property owners have to buy either beach club shares starting at P800,000 or golf club shares starting at P1.45 million. The reciprocity agreement for club shares allows golf club shareholders to use all the amenities at the beach club, while beach club shareholders have access to all the golf club facilities except for the golf course.
The 18-hole Anvaya Cove golf course was recently recognized as the “Best New Course in Asia” by Asian Golf Monthly magazine, a member of the Asia Pacific Golf Group.
"Typically when developers build a golf course, they turn whatever is left into a golf course. In Anvaya, what we did was we identified some of the best areas for the golf course," Jugo said.
Jugo admitted it would be tough to replicate the project's sucess.
"Projects like Anvaya come few and far in between. Primarily, the site has to be excellent. We found it with our partners," he said, referring to Sudeco, Ayala Land's partner for the project.
"I think the success factor we have here is we have a very good product, so therefore, the market comes. The challenge is to continue developing Anvaya in the same way. We don't want to compromise the way we do things," he added.
Asked if there are plans to expand Anvaya Cove, Jugo said they are always open to opportunities to acquire land in the area.
"We are always looking for more land. If there are opportunities in surrounding areas, we will take a look at it," he said.