Ayala unit to develop a retail area in Tagaytay
MANILA, Philippines - Alveo Land Corp., a unit of leading property developer Ayala Land Inc., is planning to open a retail and bistro row in Tagaytay City next year.
Antonio Sanchez III, Alveo Land division manager of project development group, said construction of the retail component of its leisure residential condo development Kasa Luntian will begin in the last quarter of 2012.
Designed with a distinct Filipino-inspired design by Andi Locsin, Jr., the retail component of Kasa Luntian is expected to be open by the fourth quarter of 2013.
"It's the first footprint of Ayala in Tagaytay, the Kasa Luntian retail development. We really want to differentiate from the current commercial developments there where it's crowded, reallyc ommercialized. Here the merchant mix that we're targeting is the genuine, the original Tagaytay concepts," he said, in a press briefing on Thursday.
Sanchez said Alveo will be developing the retail area, but operations and leasing will be handled by Ayala Malls.
There will be 1,500 square meters of retail, which will allow for a dozen high-end shops, restaurants and even a spa.
"It will be the usual experience you have from Ayala Mall - the usual experience you expect from Ayala Mall, al fresco dining, shopping that you only find in Tagaytay... This is really about preserving the timeless Tagaytay experience," Sanchez said.
Alveo Land also recently launched Mirala, a high-end horizontal development in Nuvali South, Laguna. The company reported that Mirala has already registered a 75% take-up rate or around P1.7 billion out of P2.4 billion total unit sales as of this month.
"We have 360 lots in Mirala, selling for P16,000 (per sqm). Pre-selling pa lang, so completion will be in 2 years, 2014 and that's when we complete the land development and clubhouse," Sanchez said.
The 29.5 hectare Mirala, which features a "pervasive park environment," offers bigger lot cuts with an average size of 431 square meters. It also has the lowest density of an Alveo Southside project with only 12 units per hectare.
With the strong demand for Mirala, Sanchez said they expect to pre-sell 95% by the end of the year.