Ayala Land Inc. expects to generate P4.5 billion in sales this year for its newly-launched luxury garden living condominiums Arbor Lanes, making it the highest selling high-end project in 2017.
Ayala Land Premier managing director Mike Jugo said in a press briefing the company so far had sold P39 billion or 74 percent of the first three residential blocks of Arbor Lanes with a combined inventory value of P12.4 billion for 594 units.
Jugo said Ayala Land Premier was surprised to learn Arbor Lanes had been its best selling project this year, even surpassing the sales performance of Park Central Tower in Makati, whose units are being sold at a higher price per square meter against that of Arbor Lanes.
Jugo said the company planned to launch the next two residential blocks in Arbor Lanes over the next two years given the strong sales performance of the project.
Jugo attributed the strong sales of Arbor Lane of the good location, superior access and scale of the whole development.
Units in Arbor Lanes’ first residential block range from P11 million for a 60 square-meter unit and P85 million for a penthouse unit with over 300 sq. m.
Arbor Lanes Block 1 will begin turnover by the first quarter of 2018. Phase 2 follows in 2019.
Arbor Lanes is located within the 74-hectare Arca South, the fast-rising mixed-use business and lifestyle district of Ayala Land located at the old Food Terminal.
The P80-billion Arca South development is envisioned to be a major gateway through its direct Skyway link and the extension of the C5 and C6 highways.
Jugo expects residential sales of Arbor Lanes to further pick up as other components of the Arca South are set for completion by 2019.
Aside from residential developments, Ayala Land is also set to build lifestyle mall with 72,000 sq. m. of leasable space, six office buildings catering to business process outsourcing companies with 15,000 sq. m. leasable space and a 265-room Seda hotel.
These are are also slated for completion by 2019.
Target market for Arbor Lanes include local investors and end-users as well.