Mid-market developer Avida Land Corp., has launched the first tower of its second residential development worth P3.8 billion at the Vertis North Estate in Quezon City, the company announced on Tuesday.
Avida Towers Sola is a two-tower high-rise development to rise in parent Ayala Land Inc.’s master planned, mixed-use Vertis North, and is Avida’s second residential project in the estate.
Vertis North is a 46 -hectare district encompassing the Trinoma mall. It will house developments from other Ayala brands such as Alveo Land, Ayala Mall, Ayala Land Offices and Seda hotel.
In a press briefing Tuesday, Avida Land Corporate Planning Group Manager Caren Rose Rosales said the first tower of Avida is estimated to cost P2 billion and will offer a 1,004 units. Total sales value of the first tower is estimated at P3.8 billion.
The residential project is Avida’s follow-up within the Vertis North estate. Avida Towers Vita was launched in 2013, valued at P6.98 billion in total sales and has become one of the firm’s fastest selling projects. It is 96 percent sold.
“The first tower was more than 90 percent sold in three months which triggered the launch of two succeeding towers,” said Avida Land Corporate Planning Group Head Raquel Cruz.
“All three towers of the development were launched within nine months and are almost sold out in less than three years.”
The Avida Towers Sola is already 8 percent sold—a month after the project was launched.
Avida expects to completely sell the units of the first tower in less than three years—a conservative target, Rosales noted.
Turnover of the first tower is expected to commence in December 2020.
Cruz noted that Avida expects a further rise in property values in the area. An average 8 percent increase in property values per year in Vertis North have been noted since the launch of Avida Towers Vita in 2013.
“We expect values for Avida Towers Sola to rise at about the same rate, “Cruz said. “Values will rise continually as Vertis North completes development.”
Aside from the Vertis North Mall and Corporate Center, the mixed-use estate will also feature the largest Seda Hotel set to open in 2017.