AVIDA Towers Verge is a three-tower condominium development in Mandaluyong City. — AVIDA LAND CORP.

AVIDA LAND Corp. will be spending P7.4 billion to build the first phase of its multi-tower residential condominium in Mandaluyong.

The mid-range brand of listed property developer Ayala Land, Inc. unveiled on Wednesday Avida Towers Verge, a three-tower condominium development along Reliance Street corner Mayflower Street, Mandaluyong City.

The first tower consists of 34 floors with a total of 1,020 residential units and seven commercial units. The units range from junior one-bedroom, or studio units, spanning 22 to 24 square meters (sq.m.), and one-bedroom covering 34 to 36 sq.m.

The junior one-bedrooms are priced from P4.2-4.4 million, while one-bedroom units are sold from P6.7-7.7 million. Monthly amortization starts at P17,000.

Avida Land Manager for Project and Strategic Management Group Melissa D. Corpuz said the company expects to generate P4 billion from the sale of units in the first tower, noting that 10% has been sold so far. At this pace, Ms. Corpuz said they expect to out the tower by next year.

“We are targeting professionals and millennials. Practically for them, a condo unit will serve as a primary or secondary home to be closer to their place of work and socials,” Ms. Corpuz said during a press briefing in Makati City on Wednesday.

The company will start constructing the second tower once it reaches 70% sales take-up in the first. The entire development will have more than 2,500 units.

Construction of amenities will also be done in the first phase. This includes a clubhouse, indoor gym, swimming pool, kiddie pool, play area, and gazebos.

The launch of Avida Towers Verge followed the completion of Avida Towers Centera, its four-tower condominium project also located along EDSA in Mandaluyong. The company said it spent P5.3 billion to develop the project.

Avida Land is currently turning over units at Avida Towers Centera, where it has nearly sold out 2,526 units.

Since its launch in 2011, Avida Land said prices of units have appreciated by as much as 40% to P139,000 per sq.m.

“Mandaluyong is a prime real estate hot spot. Its condo market is the country’s most buoyant, with demand often outstripping supply… While prices of condo units significantly rise in the area over time, it continues to be at a mid-level price range compare to other cities in the country,” Avida Land Vice-President for Project and Strategic Management Group Apollo B. Tanco said in a statement.

The company is likewise selling the 32 retail units in the first and second levels of the property, 70% of which have already been leased out. — Arra B. Francia

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