ALVEO Land, a unit of Ayala Land Inc. that caters to the upper-mid housing market, has embarked on its first condominium project in Angeles City through the P1.6-billion Marquee Residences.

Robert S. Lao, Alveo vice president and Group head, said the two-building Phase 1 was launched early this month and has already sold 63 percent of the 199 unit. Unit prices range from P4 million to P10 million.

The Marquee Residences will rise on a 35-hectare property within Angeles City close to the Marquee Place residential community and the three-story Marquee Mall.  The first phase of Marquee Residences will consist of two mid-rise buildings, with eight floors in Tower A and 13 levels in Tower B.

Lao said the said project is the fourth of Alveo’s scheduled 12 new launches this year.

“In the first half of the year, we grew 80 percent with 1,200 units sold,” Lao said.

He said Alveo is targeting to contribute 30 percent to the total Ayala Land revenues for the year.

The first phase of Marquee Residences is expected to be completed in three years. The second phase is scheduled for launch next year.

Lao said Alveo Land opted for a condominium as a follow-up to the Marquee Place subdivision as the cost of property in the areas has already become too expensive for horizontal developments.