Avida Land putting up 2nd Mandaluyong condo

Avida Land Corp., the midrange brand of property giant Ayala Land Inc., is investing P7.4 billion in Avida Towers Verge, its second multi-tower development along Reliance Street in Mandaluyong.

Avida Towers Verge is a three-tower condominium development. It offers two types of unit layouts ranging from P4.2-4.4 million for a junior one-bedroom, and from P6.77.7 million for a one-bedroom residence.

Avida Land said the new layouts are in response to market demand. Smaller cut units were the fastest-selling and most sought-after among Centera buyers.

Most of them are end-users, of which 54 percent are 35 years old and below. They were from Mandaluyong and all over Metro Manila. The market is composed mainly of young working millennials looking for units closer to their places of work,” said Tess Tanco, Avida Land vice president for project and strategic management group.

The first tower of Verge is expected to begin construction by early 2019 and is scheduled for completion in December 2023.

Verge follows the P5.3 billion Avida Towers Centera, which is close to selling all 2,526 residential units. The condominium is completing turnover of residences, while the 32 retail units on the first and second levels are now over 70 percent leased and operating.

Residential units were priced at P139,000 per square meter, marking almost 40 percent value appreciation since the launch.

In a briefing yesterday, Mellisa Corpuz, manager of Avida Land’s Project and Strategic Management Group, said the area is a prime real estate location.

She said buyers include end users and investors.

According to Lamudi, Mandaluyong has experienced a 10 percent increase in overall value of condo units, with prices typically ranging from P4.5-7 million.