Alveo Land posts P12.7-B sales in Q1, sees sustained growth

MANILA: Ayala Land's upscale property developer Alveo Land said gross take-up for the first quarter of the year hit a record-high of PHP12.7 billion, as it expects growth to continue despite the high-interest rates. In a briefing in Makati City on Tuesday, Alveo Land president Joseph Carmichael Jugo said growth in the January to March period was mainly driven by the company's horizontal developments which include Sereneo Nuvali and Caleia Vermosa. 'We are very pleased with the extremely strong first-quarter sales performance, affirming the confidence in the premium market. We are grateful to our clients for their trust in the Alveo brand as we aim to meet their needs in modern, urban, and suburban living,' he said. Sereneo, Alveo's sixth project in Ayala Land's Nuvali eco-estate in Laguna, posted almost PHP1.5 billion in year-to-date reservation sales. Caleia Vermosa, Alveo's second development in Vermosa, Cavite, meanwhile, generated almost PHP2 billion. Residential condominium sales takeup in Bonifacio Global City amounted to PHP2 billion, Makati (PHP1.5 billion), Quezon City (PHP1.4 billion), Alabang-Las Piñas (PHP900 million), Pasig (PHP800 million), and Visayas-Mindanao (PHP900 million). Alveo's office developments, such as Alveo Park Triangle Tower in BGC; commercial lots in Centrala, Ayala Land's latest master planned central business district in Central Luzon; and Evo City South District in Kawit, Cavite also contributed to the strong take-up. Jugo said they expect to sustain growth amid high interest rates. "I think we've seen it in terms of the successive performances of the premium brands," he said. "Our strategy was really to focus on the premium segment. It's a market that is very robust, and very resilient. One looks really for places to invest in for value," he added. Source: Philippines News Agency