Money & Power

Crazy Rich Asians of Davao? Ayala's 70 Luxury Condos Priced Up to 81 Million Pesos Sold in Less Than 24 Hours

The President's hometown is not just the nation's new political capital but also a hot luxury property market.
IMAGE FACEBOOK/ AZUELA
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Ayala Land Premier (ALP), Ayala Land Inc.’s luxury residential developer subsidiary, sold out all 70 units in the first tower of its flagship residential project in Lanang, Davao called The Azuela Cove.

In a report published Thursday, June 21, The Philippine Daily Inquirer said all the 70 units were sold on launch day, with a total value of Php2.6 billion. The Azuela Cove is considered to be Davao’s most expensive development project to date, with an average price of Php194,000 per square meter sold.

The first tower is a 21-storey building, with a maximum of four homes on each floor. The price ranges from Php31 million to Php81 million, with unit sizes spanning from 181 square meters to 377 square meters.

Thirty-four of the units are called “seaview corner suite,” which each has an area size of 168 square meters. Another 34 units are called “seaview horizon suite” with an area size of 171 square meters each. The remaining two units are called “seascape villas,” which both span 339 square meters. All unit types have views of the Davao Gulf and Samal Island.

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According to Inquirer, The Azuela Cove’s second tower will be launched later this year. It will offer another 77 units at eight to 10 percent higher price than the first, and is expected to bring about Php3 billion in total sales.

The two towers are valued at Php5.6 billion combined.

Ayala Land is not the first nor the only luxury property developer in Davao City. As early as 2015, the Torre Lorenzo Development Corp. already announced it was investing Php4 billion to build three luxury projects there.

More: Meet the Man Building Php35M Condo Units in Davao

This story originally appeared on Entrepreneur.com.ph.
* Minor edits have been made by the Townandcountry.ph editors.

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Pauline Macaraeg for Entrepreneur.com.ph
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