Ayala Land, Yulos launch joint project
By Elizabeth Sanchez-Lacson Inquirer MANILA, Philippines--Property giant Ayala Land Inc. (ALI) on Wednesday unveiled its massive mixed-use development in Canlubang, Laguna, said to be eight times larger than the Makati central business district. Called Nuvali (pronounced as New Valley), the first phase of the 1,600-hectare project will cost P3.5 billion, Miriam Katigbak, head of ALI's strategic landbank management, said after a press launch at the Ayala Museum. Nuvali is so far ALI's largest master-planned regional hub in the country. It is a partnership between the Yulos and ALI. In 1993, ALI bought 70 percent of the 1,600-hectare property of the Yulos in Canlubang, with the latter retaining the 30 percent. In 1993, the property was valued at P275 per square meter, ALI president Jaime Ayala said. The land value now was placed at P2,000 per square meter by independent property consultants. The first phase of the project, which covers 300 hectares, will include a retail center, a multi-functional lake, a business process outsourcing campus, campus apartments, a visitor's center, residences and Xavier School. Officials said Nuvali would devote 50 percent of the development area to open spaces and greenery. Of the total budget for the first phase, P2.5 billion will go to the development of infrastructure and clubhouses for ALI's three major housing brands -- Ayala Land Premiere (high-end), Community Innovations Inc. (for urban achievers) and Avida (affordable segment). As part of residential offerings in Nuvali, Ayala Land Premiere is launching Abrio this Friday, a cluster of 380 exclusive lots on a 70-hectare portion of the Nuvali project. In October, Community Innovations will launch Treveia, a 60-hectare house and lot community, which may cost roughly P9, 000 to P9, 500 a square meter per lot. Lot sizes may measure roughly 300 square meters each. Also next month, Avida will launch Avida Settings in Nuvali, where lots are priced at P1.9 million to P3 million. The lot size is at least 120 square meters.
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