MANILA – Ayala-led property developer Avida Land Corp. expects to generate PHP4 billion in sales from the second tower of its multi-tower residence in Cloverleaf in Balintawak, Quezon City, mainly driven by an increasing demand for housing across the country.
“The total number of housing units’ experts estimate to address the nation’s affordable housing backlog (reach) 7.67 million,” Caren Rose Rosales, Avida Land Manager of Estate Development Group, said in a press briefing on Tuesday.
Rosales said they thus expect to fully sell-out the 848 residential units of the second tower of Avida Towers Cloverleaf by 2020, or earlier, after the project’s launch last September.
The company said the second tower will be the development’s highest at 36 stories high, with 33 residential floors. It will rise in the 11-hectare mixed-use estate of Cloverleaf.
Rosales said the first tower is 99 percent sold out with majority of the buyers coming from the local market.
Raquel Cruz, Avida Land Vice President and Corporate Planning Group Head said gross sales revenues for the first tower reached PHP2 billion.
The first tower at 31 stories high, with 28 residential floors, is set for completion by the second half of 2019.
Cruz said it is expected to be ready for turnover by the second half of 2019. (PNA)
