ALI unit expands Davao luxury residential project

AYALA LAND Premier (ALP) is launching the second tower of its luxury residential project in Davao City within the year, after seeing strong demand for the first tower where it generated P2.6 billion in sales.

The luxury unit of Ayala Land, Inc. (ALI) said on Wednesday it has sold out the first tower of The Residences at Azuela Cove during its launch last May 12. The 21-storey seaside tower offers 70 three- bedroom units spanning 181 to 196 square meters (sq.m.), priced at around P36.7 million each.

It also has two penthouse units with four bedrooms each. The 377- sq. m. penthouse unit is priced at P80.8 million each. This indicates a selling price of P194,000 per square meter, making it the most expensive residential property in Davao City.

The company said Davaobased individuals purchased around 70% of the units, while 15% came from Manila residents that had businesses or families in Davao. The remaining 15% came from buyers abroad and neighboring provinces.

“Given the good response for the North Tower, we’re gearing up for the launch of the second tower. And we expect to launch the second tower in the next few months, so very soon,” ALP Head of Sales Paolo O. Viray said in a press briefing on Wednesday.

Mr. Viray said the company will be raising prices of units by 8-10% for the second tower, which could deliver around P3 billion in sales from 77 units.

ALP will be adding garden units at the ground floor of the second tower, instead of the amenity area that will cover the first tower’s ground level.

Mr. Viray said both towers will be completed by 2023, with turnover to residents expected by the end of that year.

Amenities include a residents’ lounge, fitness center, social hall, a 25-meter lap pool, kiddie pool, and play area.

The Residences sits on a onehectare property within Azuela Cove, ALI’s P20-billion mixed-use estate in Davao City through a 60-40 joint venture partnership with the Alcantara Group of Companies. The project is the first residential development to rise within the 25-hectare property in Lanang, Davao.

Alcantara Group Executive Vice-President Anton M. Hechanova said this is the first high-rise development under their portfolio. Asked if they plan on pursuing more similar projects, the executive said they are still studying its prospects.

“Possible, the Alcantara group we have a lot here in Mindanao. We’re nurturing the area. Our power business alone has thousands of hectares. There are untapped areas in the power location that we might get into. At the moment we’re studying those options,” Mr. Hechanova said during the briefing.