Westborough: Alveo & Cathay Land venture yields P3.89B in commercial lot sales
Alveo Land Corp. has announced that Westborough, its 33-hectare joint venture with Cathay Land, has sold over P3.89 billion in commercial lots.
Situated along the Sta. Rosa-Tagaytay-Silang growth corridor, this project comprises of three commercial phases—Westborough Commercial Strips, Westborough Town Center, and the final phase, Westborough Park Square.
Launched just last December with 41 in total lot inventory worth over P800 million, Westborough Park Square commercial lots sold out on its first day of selling. The development has an average lot size of 636 sqm., priced at about P30,000 per sqm, and will be ready for turnover by the last quarter of 2018.
Mr. Paulo Ong, Division Manager for the Project Development Group of Alveo Land, attributes the fast pick-up of inventory to Westborough’s strategic location. “The property lies in the midst of several existing built-up communities such as Ayala Westgrove and Cathay Land’s South Forbes. Investors have a captive market of over 6,500 households, not to mention the property’s close proximity to Laguna Technopark and NUVALI,” he said.
Laguna Technopark has approximately 240 locators and over 101,000 employees. The industrial estate is just 5 minutes or 3 kilometers away from the Westborough district.
“Westborough Park Square’s commercial lots are right-sized for SMEs, start-ups and private investors seeking a neighborhood locale for their products and services. The district not only provides an immediate market and growth opportunity, but a locale that has been master planned to become a thriving community,” Ong said.
Westborough sales began in 2013 with three commercial strips along South Boulevard—Commercial Strips 1, Commercial Strips 2 and Rodeo Drive. Some 42 lots worth almost P1 billion in total were sold on its first day of selling.
This was followed a year later by the launch of Westborough Town Center, which has sold out its 45 commercial lots worth P1.8 billion. Central to the district, this 14-hectare portion will feature a mini lake. It will also have an array of lifestyle shops and restaurants, a supermarket and an activity park for neighborhood events like bazaars, concerts and other seasonal activities.
Westborough is the first joint venture between Alveo and Cathay Land. Alveo is the innovative property development arm of real estate giant Ayala Land. Its partner Cathay Land is the developer of South Forbes Golf City, and is the distinguished real estate arm of the Cathay Group of Companies.