CEBU CITY, Cebu — Owing to the bullishness in Cebu’s real estate landscape, Ayala Land Inc. (ALI) and affiliate Cebu Property Ventures Development Corp. (CPVDC) have earmarked P4 billion for five-tower condominium development spread in the next four to five years at the Cebu IT Park.
The new condominium development dubbed Avida Riala is an expansion of the Avida Towers Cebu, which has 1,045 units launched in 2010.
Avida Riala, siting on a 21,000 square meter property, will have a total of 3,300 condominium units of studio-type and one and two bedroom units. The rooms are priced between P1.8 million to P5.5 million.
It is located right across eBlock Tower 1, home building of JPMorgan & Chase Co.
The projects’sTower 1 to cost an estimated P800 million, will have 621 units and is set for groundbreaking in November this year. Completion target is set first quarter, 2016.
“Our success of the Avida brand in Cebu has prompted us to boost expansion with this new project, Avida Towers Riala,” said Avida Land Corp. president Christopher Maglanoc told local media.
He said the shift to a bigger residential community is due to the increasing demand for condominium properties in the area, which has a rapidly growing outsourcing sector.
Avida Riala project is a mixed-used development in partnership with the landowners, VH Properties.
On top of the residential amenities, the company will also add shopping and dining outlets to the property and a 5,000-square meter amenity area including a grand lawn, lounge pool, shooting court and jogging trail.
source: mb.com.ph
