MANILA -- Property developer Alveo Land targets to generate PHP18 billion in sales from the first phase of its new commercial district in Biñan, Laguna, as it banks on high demand amid strong confidence in the economy.
Rufino Gutierrez, chief operating officer of Alveo Land, said the firm is developing Broadfield, a 120-hectare master planned, mixed-use district that has allocated 36.6 hectares for commercial use for its first phase.
Gutierrez said tranche 1 of the district’s first phase has a total of 35 commercial lots, in which about PHP2.8 billion of these lots were sold on the first day of launch last Friday.
“The market is good. Maybe within three years (we can sell-out the units). The confidence in the economy is strong so investors are positive on the outlook,” he told reporters on Thursday.
Gutierrez said those who bought the commercial lots were local investors and entrepreneurs engaged in real estate and construction, pharmaceutical, automotive, and agriculture sectors.
“These are commercial so you could either do office or residential,” he added.
Phase 1 of Broadfield, Alveo’s biggest commercial district in the area, is expected to be completed by 2023.
Gutierrez said they intend to launch the second phase of the property in two years depending on the sales take-up.
Broadfield will consist of 80 hectares for commercial and mixed-use, and 40 hectares for residential subdivisions. (PNA)
