MANILA -- Avida Land, the mid-range brand of property giant Ayala Land Inc., targets to book PHP12.9 billion from the sales of units in its three-tower residential condominium development in Makati City, banking on upbeat consumer spending propelling housing demand.
“There is still a big demand in terms of residential, both building and housing… We still believe that a good portion of the economy, meaning consumer spending, is still there even though there are some economic, political issues that are rising. Inflows are still very strong,” company's Metro South Projects business area head Reginald Alabe said in an interview Tuesday.
He said the market continues to grow due to a rising housing backlog.
In a press briefing, Alabe said the company expects PHP4.3 billion in sales for each tower of Avida Towers (AT) Makati Southpoint, which is located on Don Chino Roces Avenue in Brgy. Bangkal.
He noted that 40 percent of the inventory in project’s first tower was sold on the first month they were offered.
Alabe said they expect to sell out the first tower within 12 to 18 months.
Makati Southpoint’s first tower, which will be formally launched on Thursday, will rise 32 storeys high and feature 924 residential units. It is set for completion by 2024.
Alabe said the second tower is targeted to be launched by late next year or early 2021. (PNA)
