UPSCALE property developer Alveo Land Corp. said it recorded P12.7 billion worth of reservation sales for the first quarter (q1) following recent project launches.
“This is a 17% increase from the highest first-quarter sales rate of Alveo Land in 2019 at P10.8 billion,” Alveo Land President Joseph Carmichael Z. Jugo said during a media briefing on Tuesday.
Alveo Land’s first-quarter 2024 figure is also up by 41.1% compared with the P9 billion worth of reservation sales posted last year.
The residential condominium segment took up P7.5 billion in reservation sales, followed by residential lots at P3.8 billion, and office and commercial lots at P1.4 billion, Mr. Jugo said.
Alveo Land’s market operates in the price range of P13 million to P22 million. Alveo is a brand of the listed property developer Ayala Land, Inc. (ALI).
According to Mr. Hugo, the growth was driven by the launches of horizontal developments such as the 41-hectare Sereneo Nuvali and the 28-hectare Caleia Vermosa.
Sereneo Nuvali recorded about P1.5 billion worth of reservation sales year to date since its launch in March. The property is the sixth Alveo Land project within ALI’s Nuvali eco-estate in Laguna.
It offers residential lots with a typical size of 275 square meters (sq.m.). Additionally, it features a 770-sq.m. pool, a three-hectare central park, clubhouse, and a two-hectare park system.
Launched in March, Caleia Vermosa is the second Alveo Land development in Vermosa at Imus, Cavite. It generated almost P2 billion worth of reservation sales year to date.
The property offers over three hectares of parks and amenities, including a nearly 1,700-sq.m. park entrance, and a multi-structure clubhouse with a 550-sq.m. pool complex. Lot offerings in the village have a typical size of 250 sq.m.
Mr. Jugo added that Alveo Land’s first-quarter performance was also boosted by its residential condominium developments: Park East Place in Bonifacio Global City (BGC), The Lattice at Parklinks, and Nuveo at Cerca along the Alabang-Las Piñas corridor.
Park East Place is a high-rise condominium project located in BGC and is near buildings and commercial centers.
The Lattice is situated along the borders of Pasig City and Quezon City, while Nuveo is the latest residential condo offering within the 6.6-hectare Cerca district.
Alveo Land also benefited from its office developments such as Alveo Park Triangle Tower in BGC, as well as commercial lots in Centrala, Central Luzon, and Evo City South District in Kawit, Cavite.
Mr. Jugo said the company aims to expand its presence in areas such as Quezon City, Batangas, and Cavite.
“We continue to see growth potential in prime locations especially within ALI estates. Investors and end-users value and appreciate the unique benefits of investing and living in an Alveo property within these master planned estates,” he said.
He added that the company is also focused on the premium segment of the real estate market due to its resilience against macroeconomic challenges such as high interest rates.
On Tuesday, ALI stocks fell by 1.12% or 30 centavos to P26.50 per share. — Revin Mikhael D. Ochave