ARBOR Lanes, the new garden-living condominiums under Ayala Land Premier (ALP) brand of Ayala Land Inc. (ALI) in Taguig City, posted sales of P3.9 billion year-to-date and sold 74 percent of the first three of its five residential blocks in Arca South.
With a combined inventory value of P12.4 billion for the 594 units in the first three blocks, this makes Arbor Lanes the biggest selling project of ALI’s high-end property brand so far this year, the company said.
ALI is developing Arca South as a business and lifestyle district at the old Food Terminal Inc. complex in Taguig.
Mike Z. Jugo, managing director of the ALP brand, said they are “pleasantly surprised” with the performance of Arbor Lanes as they are selling at an average of 19 units a month.
“By the end of the month, we would be breaking P4 billion in sales for the three towers of Arbor Lanes,” he said. Target sales for the year for the project alone is at P4.5 billion, Jugo added.
The project offers a garden-living experience, he said. Residential blocks will have trees planted from the basement parking rising up to the ground amenity level enveloping the community in profuse natural light and air, Jugo explained.
Each residential block will also have varying numbers of open pocket gardens with outdoor seating called Garden Terraces.
Within the development are residential units, such as Garden Villas and Garden Suites. Located at the ground floor, these three- and four-bedroom bi-level homes has private gardens that range from 74 square meters (sq m) to 111 sq m.
Units in Arbor Lanes’s first residential block range in price from P11 million to P85 million, or an average price of between P160,000 per sq m to P220,000 per sq m. Arbor Lanes Block 1 will begin turnover by the first quarter of 2018, while phase two follows in 2019, Jugo said.
The third building block will be turned over during early 2021. The fourth block may be launched by the fourth quarter next year and the last building will be launched about six months to a year later.
ALI has initially set P80 billion to develop the 74-hectare Arca South.
By 2019, the lifestyle mall, additional residential towers, office buildings and the 265-room Seda hotel will be completed.
At the moment, Arca South is accessible only through the South Luzon Expressway and the service road. But the government is building the South Intermodal Transport System (ITS), which is expected to be a significant draw for businesses and other interests to position themselves in the area.
As one of Metro Manila’s major intermodal transport facilities, the ITS will allow convenient in-city transport transfers between railway lines, city buses, taxis and other public-utility vehicles. The project is currently underway and it is set to be completed by next year.