Ayala Land's upscale developer Alveo reports its highest first quarter sales in the firm's history, while other major property companies also record strong earnings
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With the Philippine economy continuing to recover from the COVID-19 pandemic, the country’s major property companies are seeing good earnings in the first quarter as many of the country’s elite turn to premium condominiums and lots for investments, unaffected by high interest rates and inflation. In Laguna, Alveo had P1.5 billion in reservation sales from its 41-hectare Sereneo Nuvali, its sixth subdivision project launched last March in Ayala’s upscale Nuvali eco-estate. He noted though that many of their lot buyers are also end-users who are attracted to the greenery and recreational facilities such as Sereneo’s 770-square-meter swimming pool, which he said will be the largest among the villages in Nuvali.
Jugo cited three condominium projects with “strong take-up” – Park East Place in BGC; The Lattice at Parklinks Estate in Pasig City; and Nuveo condominium in the 6.6-hectare Cerca district in the Alabang-Las Piñas corridor. “Property development revenues increased by 47% to P25 billion, driven by robust residential and commercial lot bookings. Residential revenues surged by 51% to P21.4 billion, and revenues from commercial and industrial lots jumped 59% to P2.8 billion,” ALI said. Billionaire Andrew Tan’s Megaworld Corporation similarly reported high sales in the first quarter of 2024.
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