ALVEO Land Inc., the middle-income brand of property developer Ayala Land Inc., is completing its four-tower development in Arca South, the former Food Terminal Inc. (FTI) complex in Taguig.
The company said it will launch by middle of next month the P1.9-billion North Veranda Tower in Arca South, a complex that Ayala Land is developing as the next alternative central business district to Makati.
“All four towers were initially projected to sell out in four years. However, in less than two years, we are now launching our final tower with current inventory substantially sold out,” Antonio Sanchez III, Alveo senior division manager for project development, said in a briefing with reporters.
The company first launched the first of the Veranda towers in 2014 as a midrise residential project.
North Veranda, in particular, will offer 195 residences at only 15 units per floor, with a low-density mix of studio, one-bedroom, two-bedroom and three-bedroom units.
The Veranda complex of buildings covers a 12,988-square-meter parcel, with 40 percent of the total land area allocated to atrium gardens, open spaces and amenities, such as a gym, game room, function room, board room and children’s play area.
It will also be the first to feature a system that increases natural light and air flows throughout the property, Sanchez said.
The Veranda’s estimated property value has risen to about 8 percent in just two years, he said.
The first two towers—West Veranda and South Veranda—launched at P130,000 per square meters in 2014, with East Veranda following at an average of P137,000 per square meters in 2015.
This year North Veranda is set to launch with an average price of P140,000 per square meter.
Unit price for the latest building ranges from P4.1 million for a studio room at 29 square meters to P29.1 million for a three-bedroom unit.
Turnover will be by the fourth quarter of 2020, Sanchez said.
Arca South is a 74-hectare mixed-use estate with Ayala Land pumping in P80 billion for its first phase alone.
This will include various shopping malls, including one with a transportation hub, Arca South Corporate Center, Seda Hotel and a 250-bed Qualimed hospital.
About 40 percent of the district will be connected via integrated basement parking, freeing up majority of the streets for walking.
Another 40-percent above ground will be dedicated to parks and landscaped spaces. Buildings, such as Arca South Corporate Center’s six towers for the business-process outsourcing sector, will only be 15-to-18 stories high, as the development has adopted an “in-city campus” concept.
Right beside the estate will be the South Intermodal Transport System terminal, a multimodal transport facility, a P5.2-billion project that was also bagged by Ayala Land.
The six-story structure will have a centralized ticketing facility, passenger waiting areas, trip information displays, retail establishments and a car park.
Access to and from the estate will be improved by the upcoming Skyway and C-5/C-6 connector roadway, which will provide another exit to various districts, such as Makati City and Bonifacio Global City in Taguig.
The groundbreaking of the project is expected later this year.