Alveo, Cathay Land joint venture sells 3.89B worth of comm’l lots

Alveo Land Corporation, the upper middle income market unit of Ayala Land, Inc., reported that its 33-hectare joint venture with Cathay Land called Westborough has sold over 3.89 billion worth of commercial lots.

Situated along the Sta. RosaTagaytay-Silang growth corridor, this project comprises of three commercial phases – Westborough Commercial Strips, Westborough Town Center, and the final phase, Westborough Park Square.

Westborough Park Square was launched last December and its 41 commercial lots inventory worth over 800 million was sold out on its first day of selling.

The development has an average lot size of 636 sqm., priced at about 30,000 per sqm, and will be ready for turnover by the last quarter of 2018.

Alveo Land Project Development Group Division Manager Paulo Ong attributed the fast pick-up of inventory to Westborough’s strategic location.

“The property lies in the midst of several existing built-up communities such as Ayala Westgrove and Cathay Land’s South Forbes. Investors have a captive market of over 6,500 households, not to mention the property’s close proximity to Laguna Technopark and NUVALI,” he said.

Laguna Technopark has approximately 240 locators and over 101,000 employees. The industrial estate is just 5 minutes or 3 kilometers away from the Westborough district.

“Westborough Park Square’s commercial lots are right-sized for SMEs, start-ups and private investors seeking a neighborhood locale for their products and services. The district not only provides an immediate market and growth opportunity, but a locale that has been master planned to become a thriving community,” Ong said.

Westborough sales began in 2013 with three commercial strips along South Boulevard – Commercial Strips 1, Commercial Strips 2 and Rodeo Drive. Some 42 lots worth almost 1 billion in total were sold on its first day of selling.

This was followed a year later by the launch of Westborough Town Center, which has sold out its 45 commercial lots worth 1.8 billion. Central to the district, this 14-hectare portion will feature a mini-lake.

It will also have an array of lifestyle shops and restaurants, a supermarket and an activity park for neighborhood events like bazaars, concerts and other seasonal activities.

Westborough is the first joint venture between Alveo and Cathay Land, the real estate arm of the Cathay Group of Companies.