Ayala Land unit enters Cavite condo market

THE MID-SCALE property development arm of Ayala Land Inc. has entered Cavite’s residential condominium market with the launch of leisure-oriented “Serin Tagaytay,” a complex of six medium-rise buildings with a combined inventory worth P5.5 billion.

Avida Land has unveiled “Serin East,” bringing to the property market 1,343 residential condominium units in four mid-rise buildings valued at around P4 billion.

The first tower of Serin East will have 480 units, with prices starting at P2.6 million each.

Avida is expected to invest P2 billion over the next five years to develop Serin East. This project intends to build on the success of an earlier phase called “Serin West.”

Located along the Tagaytay-Nasugbu Highway, Serin Tagaytay is situated between Ayala Malls Serin and Our Lady of Lourdes Church. The complex will have 10 to 16-story buildings—two for Serin West and four for Serin East.

“With the three-hectare Serin, Avida now offers a complete residential product line in Cavite,” Avida vice president Apollo Tanco and head of project and strategic management group said in a statement.

Herbert Herrero, Avida Land property and strategic management group senior division manager, said in a briefing on Tuesday that the group had long been looking for an opportunity to build condominiums in Tagaytay but found a suitable landbank only in 2010.

Serin West was launched in 2012, offering 480 units in two towers, of which 70 percent are now sold.

Total inventory in Serin West is valued at P1.5 billion and turnover will start by 2016, Herrero said.