2005 - Ayala Land to raise P8 billion from Serendra

Ayala Land to raise P8 billion from Serendra

Publicly listed Ayala Land Inc. is hoping to raise P8 billion in revenues from the initial phase of its upscale residential condominium project in Fort Bonifacio, Taguig.

Angela De Villa-Lacson, Ayala Land senior vice-president, said the amount would be raised from the sales of six sections of the 12 hectare Serendra project.

“We’re looking at raising P8 billion for those already in the market. These are Sections A, B, and C for District 1 and District 2,” Ms. Lacson said.

Serendra’s District 1 development is targeted for the upscale market, with condominium units priced at P6 million to P22 million, depending on the size.

District 2, which is for the middle income market, have units that cost between P3 million and P11 million.

Target markets for the project, Ms. Lacson said, are both overseas Filipino workers and local residents.

“OFWs [overseas Filipino workers] are a significant market. For this project, 30% of the sales come from them. But the local market is also huge for us,” she said.

Company officials said that the first phase of Serendra is already 65% sold.

“Sales have been brisk,” Kate Ilagan, Ayala Land assistant vice-president, said.

The rollout for the first phase of the project will start in 2007.

Section A of both districts will be turned over to residents early 2007, while the two other sections will be turned over shortly after, Ms. Lacson said.

Meanwhile, the commercial component of the project, The Piazza at Serendra, will be open to the public this year, she added.

“That will be by the end of 2006,” Ms. Lacson said.

The Piazza at Serendra is designed to be an international shopping promenade that would connect the two districts of the residential project. The area, which will be accessible to the public, will house international food, specialty retail, and service shops.

“The Piazza at Serendra will mainly serve as the lifestyle hub of the well traveled residents Serendra aims to attract and it will be open to the public as well,” the company said.

Serendra is the latest residential condominium project of Ayala Land and its subsidiary, Community Innovations.

The project was launched in 2004 and is being marketed as a suburban dwelling in the middle of the city. It makes extensive use of greenery and meticulously planned the landscape so that residents would have views of gardens.

Of the 12 hectare property used for the project, 65% was allotted for greenery. — Jennee Grace U. Rubrico