Demand for luxury real estate continued to bolster Ayala Land’s performance in the first quarter, with upscale brand Alveo recording its highest-ever sales takeup of P12.7 billion thanks to resilient demand from wealthy buyers.
The figure—17.5 percent higher than the previous high of P10.8 billion in 2019—establishes a new record for Alveo, which is at the forefront of the Zobel family-led property giant’s goal to double profits to nearly P50 billion by 2028.
Ayala Land is leaning harder into the high-end segment as elevated interest rates and inflation squeeze some middle-class buyers. Alveo is an upscale brand offering homes priced from P13 million to P22 million.
Ayala Land will continue to roll out affordable housing projects but the upscale brands are expected to contribute significantly to its growth over the next few years.
Alveo said its residential condominiums accounted for P7.5 billion or 59 percent of sale take-up during the first quarter of the year.
The bulk of the condominium sales, worth P2 billion, were for projects located in Bonifacio Global City. The rest were from Makati (P1.5 billion), Alabang-Las Piñas (P900 million), Pasig/Ortigas (P800 million) and Visayas and Mindanao (P900 million).
This was followed by residential lots in Sereneo Nuvali and Caleia Vermosa, which contributed P3.8 billion.
Lastly, commercial lots accounted for P1.4 billion of the total.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
