Ayala Land advances construction of Avida Towers in Cebu City

07/12/2010 - AYALA Land’s affordable real-state arm Avida advanced the construction of its first development in Metro Cebu by five months, with robust sales barely a month after it was launched to the public.

More than 300 of the 518 available units of the first of two 25 floors of the Avida Towers Cebu were sold in a month and already the second tower is gaining ground, selling 139 units in just three days.

“Avida Land is looking forward to reaching more Filipinos with its strategic geographic expansion,” said Leo Montenegro, president and chief executive officer of Avida Land Corp. (ALC).

The first tower of the project is initially set for delivery by early 2013 with the second tower soon to follow.

The P1.4-billion Avida Towers Cebu is a joint venture project of ALC and Asian I Office Properties (AIO). AIO is a subsidiary of Cebu Property Ventures and Development Corp. which owns and manages Asiatown IT Park.

Avida’s brand of affordable price points has been proven in its 32 projects and about 26,000 house and lot and condominium units to date in Luzon since it first started in 1990.

Its first project in Cebu sits inside the Asiatown IT Park, the premier business process outsourcing (BPO) and information technology (IT) hub in southern Philippines.

Hosting 13,000 full-time jobs mostly from leading BPOs in the country, Asiatown IT Park in Lahug, Cebu City is the top IT space provider in the region.

Avida has earmarked P5 billion for its expansion expenditures in 2010, some P2.2 billion of which is for in-city condominiums including the Cebu project. The company also announced that it is set to release for sale 2,000 condominium units from various projects, this year alone.

Over the last five years, Avida has launched 18 towers in four cities in Metro Manila and now in Cebu. (Business Mirror)

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