The company is banking on the resilience of the mid-income market and the continued positive response from overseas Filipinos to residential projects in strategic Metro Manila locations.
"The Avida Towers San Lorenzo will offer a total of 1,132 homes in two towers. Despite the challenging market environment, Avida is counting on young professionals and executives as well as overseas Filipinos to snap up units ranging from 1.8 million pesos to over 3 million pesos in its second project in Makati," said Christopher Maglanoc, Avida vice president and head of the project and strategic management group.
He said that the company has been highly encouraged by the response to its projects, particularly Avida Towers Makati West, prompting it to continue offering homes to young professionals seeking to make the most of Makati.
Avida Towers also has projects in New Manila, Sucat and San Lazaro in Manila, added Maglanoc.
A number of these buyers are from the offshore and outsourcing sectors, where competition for young talent is high. This has increased employees' spending power and allowed them to become homeowners.
Vice President for Sales and Marketing Ricky Celis added Filipino workers in the US, Europe, the Middle East, Australia and Asian countries who might be attracted to the development were also a target market.
"They know that its location in one of the most dynamic areas of Makati is a good place for renting out," he said.
Rent income from an Avida Towers San Lorenzo home could cover a good part, if not most, of the monthly mortgage payments.
Research reveals that young professionals prefer to live close to where they work as well as good recreational facilities.
Celis claimed that they work hard and play harder and do not want to waste any time commuting to and from their homes, adding that more budding homeowners than investors were purchasing homes.
"It's a welcome shift because they bring continuity and help develop a closer-knit community," he said.
Avida Towers San Lorenzo is a joint venture with Makati Greenbelt Palms Land. Its two towers, which stand at least 26 stories high, are connected by a podium where a swimming pool, clubhouse, jogging path and outdoor gym will be located. Tower 1 will be completed in 2013.
