Supermarket, school, hotel at Azuela Cove

Azuela Cove, the joint venture project of the Ayala and Alcantara groups, will soon house a supermarket, a school, a hotel, and another building for offices.

This developed as about a fourth of the P20 billion budget that has “already been committed” for the mixed-use project has been spent, Enrique B. Manuel Jr., Ayala Land Inc. assistant vice president, told TIMES at the sidelines of the briefing on its ultra-high end condominium project.

This early, however, the company has recouped half of the committed amount as all of the 70 units of the first tower were sold and resulted in about P2.6 billion in sales.

“Our plans are moving aggressively forward,” said Manuel, pointing out that mall developer DS Gaisano Group Inc. will put up its multi-floor supermarket within the 25-hectare project as the joint venture and the supermarket developer are still finalizing their contracts for the supermarket.

Manuel said the supermarket is expected to be completed by the end of next year. “We (the joint venture and the Gaisano group) are still exchanging ideas on plans (about the supermarket,” he said.

The company has also sold two lots for commercial buildings, among them the one where the Enderun Colleges will be located. Mr. Manuel said the plan for the school, which is owned by homegrown tycoon Dennis A. Uy, has yet to be completed, but the size of the area for it is about 3,000 square meters.

Last year, Uy, through his Udenna Corp., bought the high-end school, whose main campus is at the located at Fort Bonifacio Global City in Taguig City. The school offers courses in the hospitality and business management industries.

Manuel added that the company has also started negotiating with a hotel brand, although he did not mention the company that will put up a hotel. “There is going to be a hotel…and we will start to push the development into the inside of the project,” he added.

Meanwhile, first locators, which are all running restaurants, are expected to start their operations next month as the first locator, Café Laguna has also started its operations. Among those that will open their shops are Dulce Vida, Yellow Cab, Coffee Bean and Tea Leaf, Japanese restaurant Okiniiri, Nords Bread Hub and Union Market.

Also expected to be set up on the sprawling property, which used to be the location of a plywood factory of the Alcantara group, is the branch of the St. Luke’s Medical Center which will have a 200-roon capacity hospital.

Manuel explained of the P5 billion committed to the project, part of it has been used in the land preparation and other operational expenses for the two-tower condominium project.

Based on the report of the company, the first condominium tower, with its 70 units, has been sold out when the joint venture started selling it in May. This has prompted the company to start looking for buyers of the next tower, which has 79 units, which will be launched before the end of the year.

Editha I. Alcantara of the Alcantara Consolidated Resources Inc., said that the buyers have appreciated the setting up of the project because they are expected to get the value for their money. “We have partnered with the best, so we and the buyers expect for the best results,” said Alcantara.

Developing the condominium will be the Ayala Land Premier as the project’s niche market are the ultra-rich buyers.

Manuel said about 70 of the buyers of the first tower, which has 21 floors, were locals while the remainder were bought by outsiders.

Prices of the units range between P33 million and P80 million, depending on the location of the units with the four-bedroom penthouse commanding the highest price.
This is because, aside from bigger spaces, as floor areas range between 181 square meters and 377 square meters.

All units will have the view of the sea and the Island Garden City of Samal in Davao del Norte as there are only four units to a floor.

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