Ayala Land Inc. introduced an 11.3 billion-Philippine-peso residential project in Laguna, Philippines, which will be delivered under its Ayala Land Premier brand, the Philippine Daily Inquirer reported.

The company launched the 85-hectare Cerilo community in Nuvali, the eighth residential development rolled out in the area by Ayala Land Premier, according to Managing Director Mike Jugo. It will comprise 623 lots, each measuring 520 square meters to 1,300 square meters, the report noted.

Jugo said sales for 308 lots at the new project, valued at 5 billion pesos, will begin in June.

So far, the company's unit offloaded about 2,800 properties worth 33 billion pesos from its last seven projects in the area, according to the May 30 report.

As of May 30, US$1 was equivalent to 49.84 Philippine pesos.