REAL estate giant Ayala Land, Inc. (ALI) is infusing an additional P10 billion for the expansion of its Alviera Estate in Porac, Pampanga, its first mixed-use development in Northern Luzon.
The additional spending brings total investment in the project to P100 billion and will allow the company to expand Alviera by an additional 700 hectares, for a total area of 1,800 hectares.
“A year ago … our area then was 1,100 hectares and our projected investment was about P90 billion. But since then, given the growth in our economy and certain areas that we want to contribute to and focus on, we have expanded Alviera to 1,800 hectares …We’ll be putting in P100 billion over the project life,” Alviera General Manager John Estacio told a news conference in Makati City.
The expansion will provide space for the leisure or tourism component.
“A big ratio, 16 percent, would be devoted to this leisure area,” Estacio said. “For our expansion, particularly in the west [part], this would be primarily for leisure, entertainment, and tourism.”
Alviera Estate also features residential and business segments. The company is also considering a healthcare facility and a hotel in the area.
Once completed, Alviera will be 47 percent residential, 10 percent commercial, 3 percent industrial, 2 percent institutional, and 22 percent open space. The estate is expected to be completed in 2022.
“We are encouraged by the take-up [rate]of phase one … and by the first quarter of next year, we expect to break ground on our first standard factory building. This is to be able to help investors in the area who are not really keen on building their own facilities,” he said.
The first phase was taken up by food manufacturing entities, a motorcycle assembly, packaging logistics, and warehouses. For the residential phase under the Alveo and Avida brands, ALI said this is now 74 percent sold and the value of the projects has risen by 20 percent since 2014.
For the high-end segment under Ayala Land Premier, a residential subdivision will be launched soon beside the Alviera Country Club, which is slated to open in the fourth quarter of 2018.
“The turnover of the phase one residential units and industrial lots will be complemented with the completion of the road works and utilities towards the end of the year,” ALI said.