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Ayala Land unit launches 2nd phase of residential project

Ayala Land Inc.'s Avida Land Corp. launched the second phase of a residential community development in the Philippines' southern Luzon region, InterAksyon.com reported.

About 70% of the first-phase units at the 21-hectare Avida Settings Lipa have been sold out, and the per-square-meter land value of the houses in the new batch has risen to 15,800 pesos from 14,600 pesos, the report said. According to its website, the development will be completed in 2019 and feature open gardens, swimming pools and other amenities.

The March 28 report added that Ayala Land's mid-range brand is targeting 3.6 billion pesos in house and lot sales from its 20 projects in the region.

As of March 29, US$1 was equivalent to 50.17 Philippine pesos.