Ayala, partner increase Alviera capex to P100b
Ayala Land Inc. and joint venture partner Leonio Land Holdings Inc. have upgraded the capital spending for Alviera, a large-scale, mixed-use estate in Porac, Pampanga province, to P100 billion from P90 billion.
Alviera general manager John Estacio said in a briefing Tuesday the joint venture partners recently infused additional 700 hectares into Alviera, expanding the development to 1,800 hectares.
Alviera will also have a new component—leisure and tourism well as the expansion of the industrial estate development.
Estacio said Alviera was in talks with several foreign locators that would offer leisure projects, including medical tourism and other entertainment facilities.
The estate recently signed an agreement with De La Salle Philippines to develop the 23-hectare La Salle Botanical Gardens. Envisioned as a world-class botanical center with a collection of at least 25 themed garden patches, the project draws inspiration from internationally-renowned gardens such as the Jardin Botanique de Lyon in France and the Kew Royal Botanic Gardens in London.
Alviera is also set to open the second phase of the industrial estate development as a result of the 95 percent sales take-up of the first phase of the Alviera Industrial Park.
The second phase of of the industrial estate development will cover 32 hectares and attract logistics, food manufacturing, warehousing motorcycle assembly and packaging firms.
Estacio said Alviera’s initial residential offering through its two residential brands Alveo Land and Avida Land had sold 74 percent of the total inventory of the first phase.
The residential projects have seen values appreciate by 20 percent in the past two years as the estate continues to rise.
Ayala Land’s high-end residential brand Ayala Land Premier will soon launch a residential subdivision steeped in the estate’s natural green spaces. It will sit beside the Alviera Country Club scheduled to open in the fourth quarter of 2018.
The turnover of the phase 1 residential units and industrial lots will be complemented with the completion of the roadworks and utilities toward the end of the year.
Estacio said new opportunities for investment and business would be made available in Alviera East Commercial, a seven-hectare commercial hub situated next to an institution, the industrial park and the 180-hectare residential communities.