Avida Land Corp., the mid-range brand of major property developer Ayala Land Inc., is spending P7.4 billion to build Avida Towers Verge, a three-tower condominium development located along Reliance Street corner Mayflower Street in Mandaluyong City.
Avida Land manager for project and strategic management group Melissa Corpuz said a in press briefing the first tower of Avida Tower Verge would be a 34-storey structure offering 1,020 residential units.
Avida Towers Verge is selling junior one-bedroom units costing between P4.2 million and P4.4 million each, while other one-bedroom units are priced between P6.7 million and P7.7 million each.
The company expects to generate P4 billion in sales from the first tower.
The launch of Avida Towers Verge follows that success of Avida Towers Centera, a four-tower condominium project also located in Mandaluyong.
Avida Centera, situated along Edsa corner Reliance Street, has nearly sold out all 2,526 residential units. Starting from P87,000 per square meter, Tanco said residential units were priced at P139,000 per sqm. at the close of the fourth tower, an almost 40-percent value appreciation since the launch.
“Mandaluyong is a prime real estate hotspot. Its condo market is the country’s most buoyant, with demand often outstripping supply,” Avida Land vice president Pol Tanco said.
“While prices of condo units significantly rise in the area over time, it continues to be at a mid-level price range compared to other cities in the country,” he added.
Avida Land said the new layouts were in response to market demand. Smaller cut units were the fastest-selling and most sought-after units among Centera buyers.
“Most of them are end-users, of which 54 percent are 35 years old and below. They were from Mandaluyong and all over Metro Manila. The market is composed mainly of young working millennials looking for units closer to their places of work,” said Tanco.
Avida Land is targeting young, upwardly mobile market working in Makati, Bonifacio Global City and Ortigas for the project as the monthly amortization ranges from P17,000 to P26,000.