Upscale residential developer sees strong sales in first quarter

Alveo Land Corp., the upscale residential arm of Ayala Land Inc., reported robust sales in the first quarter of 2024, booking P12.7 billion ($243 million) in residential sales. This marks the highest first-quarter sales performance on record for the company.

Alveo Land president Joseph Carmichael Jugo attributed the success to the launch of new projects in Nuvali, Laguna, and Vermosa, Cavite. He said the upscale property market remains resilient despite high inflation and interest rates.

"We are very pleased with the extremely strong first-quarter sales performance, affirming confidence in the premium market," Jugo said in a news briefing Tuesday. "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."

New Projects Drive Sales

Alveo Land launched two horizontal developments in the first quarter: Sereneo Nuvali and Caleia Vermosa.

Sereneo Nuvali, the company's sixth project within the Nuvali eco-estate, generated nearly P1.5 billion ($28.8 million) in reservation sales. The 41-hectare development offers residential lots averaging 275 square meters and features a 770-square-meter pool, the largest among all neighborhoods in Nuvali.

Caleia Vermosa, Alveo Land's second project in the 28-hectare Vermosa estate, booked nearly P2 billion ($38.1 million) in reservation sales. The project offers over three hectares of parks and amenities, including a nearly 1,700-square-meter park entrance and a multi-structure clubhouse with a 550-square-meter pool complex. Lot sizes in Caleia Vermosa typically measure 250 square meters.

Condominiums Contribute to Strong Performance

Alveo Land also reported P7.5 billion ($143 million) in reservation sales from its condominium projects during the first quarter. The company launched three condo projects: Park East Place in BGC, The Lattice at Parklinks, and Nuveo at Cerca.

Looking Ahead

Jugo expressed confidence that Alveo Land can maintain its momentum in the upscale market. He cited strategic developments planned within and outside Metro Manila, particularly those located in Ayala Land estates.

"We continue to see growth potential in prime locations, especially within Ayala Land estates," Jugo said. "Investors and end-users value and appreciate the unique benefits of investing and living in an Alveo property within these master-planned communities."