Avida Land expects P3.8-B sales from Vertis North second tower
MANILA, Philippines - Property developer Avida Land Corp. expects to generate sales of at least P3.8 billion in the second tower in Vertis North, mixed-used development of its mother unit in Quezon City.
The company launched its second tower called Avida Towers Vita, five months after the first tower was announced.
The third tower is set to be announced by the end of the fourth quarter or by early next year, officials said.
Avida is the first of the many Ayala Land Inc. developments in the 30-hectare Vertis North, situated near the North Avenue station of the Metro Rail Transit Line 3.
The second tower is expected to have a total of 1,907 units, with spaces ranging between 22 square meters to 56 sq m.
Prices now run between P2 million and P7 million, an increase from its introductory price of P1.8 million to P6 million.
Ayala Land wants the Vertis area to be a business district in the northern part of Metro Manila.
“To date, Avida Towers Vita already sold 95 percent of its first tower, just a few months after its launch. Such overwhelming response from today’s buyers represents the commencement of Ayala Land’s vision for Vertis North,” Raquel Cruz, Avida Land assistance vice president, said.
“Our market has recognized the kind of lifestyle that will soon emerge in Vertis North, as the area will clearly mirror the efficiency of the growth centers that Ayala Land pioneered for the past decades. Taking off from the success of the first tower, we are now bringing Avida Tower Vita’s second tower to promote the living opportunities in this very promising urban hub,” she said.
Vertis North is a joint-venture between Ayala Land and the National Housing Authority (NHA). The project is estimated to cost P65 billion, comprising of residential, office and commercial components. The NHA contributed the lot valued at around P6 billion and the rest of the development will be carried out by Ayala Land.
Ayala Land President Antonino Aquino earlier said the company plans to put up 45 towers in the area and development period could will for 10 to 15 years. The whole development is also eyed to have a 2-hectare central park and storm water-management system, the company said in an earlier statement.
Phase 1, with development cost estimated at P12 billion, will feature offices, retail spaces and hotels over a combined 220,000 sq m of gross floor area.
The first tower of Avida Towers Vita is scheduled for turnover over in the last quarter of 2016, while Tower 2 is set for turnover in the third quarter of 2017.