Avida builds P7.4B residence for second Mandaluyong project
Avida Land Corp., the mid-range brand of property giant Ayala Land, Inc., is aiming for a repeat of its highly successful Mandaluyong project by building a second multi-tower residence in the city. Following the P5.3 billion Avida Towers Centera, the company has invested P7.4 billion for Avida Towers Verge, a three-tower condominium development located along Reliance Street corner Mayflower Street, Mandaluyong.
The neighboring structures attest to a growing market for residences closer to work locations. Centera, standing on EDSA corner Reliance Street, has nearly sold out all 2,526 residential units. The condominium is completing turnover of residences, while the 32 retail units on the first and second levels are now over 70% leased and operating. At the close of its fourth tower, residential units were priced at P139,000 per sqm., marking almost 40% value appreciation since launch.
Mandaluyong property values rise from the city’s inherent strength as a central location. Mandaluyong is bordered by Makati, Manila, and Quezon City, and has well-developed business and economic activities. It also benefits from transport infrastructure such as the MRT line, EDSA, and the upcoming Sta. Monica – Lawton Bridge, providing easy accessibility to the Ortigas Center, Makati, and BGC central business districts.
“Mandaluyong is a prime real estate hotspot,” said Pol Tanco, Avida Land Vice President for Project and Strategic Management Group. “Its condo market is the country’s most buoyant, with demand often outstripping supply.”Figures from Lamudi put Mandaluyong as having 10% increase in overall value for its condo units, with prices typically ranging from P4.5 to P7 million. Studies from Colliers International further support this, with Mandaluyong as the top condominium market location in terms of unit take-up for the past two years.
“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,” said Tanco.
A short distance from Centera, its sequel project Verge aspires for the same success. Verge offers two types of unit layouts ranging from P4.2 to P4.4 million for a junior one-bedroom, and from P6.7 to P7.7 million for a one-bedroom residence.
Avida Land said the new layouts are 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% 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 expects this young, upwardly mobile market working in Makati, BGC, and Ortigas to be drawn to Verge as well. In fact, flexible payment terms are currently being offered with a monthly amortization starting at P17,000. The first tower is expected to begin construction by early 2019 and is scheduled for completion in December 2023.