MANILA, Philippines - Alveo Land Inc. eyes to raise P5 billion in sales from a new residential project within Nuvali in Canlubang, Laguna.

The subsidiary of property giant Ayala Land Inc. is developing the 74.4-hectare Venare, which will offer a total of 1,393 lots in Nuvali, the country's first large-scale integrated eco-friendly community south of Metro Manila.

Alveo Land president Dante Abando said they are investing P2 billion in the new project.

"Venare is masterplanned to provide eco-easy sustainable features and diverse leisure options that will offer residents different venues for recreation, exercise, entertainment and relaxation," Abando noted.

Venare is the fourth residential project to be launched by Alveo Land this year and the second in Nuvali.

Of the 74.4 hectares, 39.3 hectares were earmarked for residential lots, while 10 hectares will be reserved for commercial development. Alveo Land is also setting aside a huge portion of the property for various amenities, including a central park complex.

Venare will offer lots at a price of P11,800 per square meter, or P3.4 million per 250,000 square meter lot.

Abando said Alveo Land already generated P833 million in sales during the project's launching, representing 16% of total target sales.

For the rest of the year, Alveo Land plans to launch 2 high-rise residential projects -- one in Angeles, Pampanga, and another in Quezon City.

Among the projects that the company launched so far this year are Meranti at Two Serendra, Ametta in Pasig City, and Lerato in Makati City.