October 18th, 2019, 06:57 AM
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BIÑAN | Broadfield [mix]
Alveo eyes at least P38-billion revenue from biggest development in Laguna
ALVEO Land Inc., the midrange brand of property developer Ayala Land Inc., has launched its biggest mixed-use development located in Biñan, Laguna, and hopes to raise revenues of P38 billion from its commercial part alone.
Alveo is currently at the site-development stage for its 120-hectare property called Broadfield. The company said it sold some P2.8 billion worth of lots during its first day of sale last week.
Buyers mostly came from the suppliers or locators at the Laguna Technopark, who are looking for their back office in the area.
Broadfield will be the company’s biggest mixed-use development, with its previous projects, such as the Evo City in Cavite at just 20 hectares.
Some 40 hectares of Broadfield was allotted for residential subdivision and 80 hectares will be for commercial, such as office and retail.
Alveo Land COO Rufino Gutierrez said Broadfield has allocated 36.6 hectares for commercial use for the first phase of the project with a total sales value of P17.7 billion.
Tranche 1 has a total of 35 commercial lots, worth about P6.8 billion, ranging in size from 1,324 square meters to 2,915 sq m with an average list price of P185 million initially offered.
“Broadfield’s location sets it at the heart of South Luzon’s thriving residential, leisure, industrial and manufacturing center. We have a well-designed master plan that applies the best practices of Ayala Land in property development. This district will be innovative, sustainable and progressive,” Gutierrez said.
He said other target markets for the commercial lots are companies planning to put up office facilities in Laguna, as well local investors who may choose to lease these lots or put up office, commercial or residential buildings.
The succeeding tranches of land offerings will depend on the take-up of the current land sale.
Broadfield is 4 kilometers from Nuvali and 21 kilometers from Alabang; it will also be accessible from the South Luzon Expressway through the main roads of Governor’s Drive and the Santa Rosa-Tagaytay Road.
Accessibility will be further improved upon completion of the Cavite-Laguna Expressway and the planned Cavite-Tagaytay-Batangas Expressway.
Broadfield will also be near the Laguna Technopark and the Laguna International Industrial Park. Other established commercial and retail options in the area are Nuvali’s Ayala Malls Solenad, Laguna Central Mall and Paseo Santa Rosa outlets.
As for educational institutions, Broadfield is adjacent to the De La Salle University Laguna campus, which is the site of the Shrine of Saint John Baptist de La Salle.
Alveo has also already developed two residential communities in Broadfield; Venido and Aveia just across it.
Venido is a 22-hectare residential community currently being constructed. Meantime, Aveia’s initial phases started turnover this year.
Phase 1 of Broadfield is expected to be completed by 2023, at which the commercial buildings can start constructing.