MANILA: Ayala Land Inc.’s (ALI) Avida Towers Verge, a three-tower project in Mandaluyong’s Reliance Street corner Mayflower Street, is expected to have its first tower, which will have 34 floors with over 1,000 units on offer, to begin construction by early 2019 and scheduled for completion in December 2023, according to a recent report by Inquirer.net.
“Mandaluyong is a prime real estate hotspot,” the report quoted Pol Tanco, Avida Land Vice President for Project and Strategic Management Group, as saying. “Its condo market is the country’s most buoyant, with demand often outstripping supply.”
According to the report, Verge would offer two types of unit layouts ranging from P4.2 to P4.4 million for a junior one-bedroom, and from P6.7 to P7.7 million for a one-bedroom residence.
The new layouts are in response to market demand, the developer reportedly said.
“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,” Tanco was also quoted as saying.
“Mandaluyong property values rise from the city’s inherent strength as a central location,” ALI said, citing its location near Makati, Manila, and Quezon City and access to mass transportation.
“While prices of condo units significantly rise in the area over time, it continues to be at a midlevel price range compared to other cities in the country,” Tanco further said.
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