ALI launches multi-tower Solinea

By Katlene O. Cacho

Friday, November 25, 2011

PROPERTY developer Ayala Land Inc. (ALI) on Thursday officially launched Solinea, the first multi-tower development soon to rise at the Cebu Business Park (CBP) under the Alveo brand.

ALI president and chairman of Cebu Holdings Inc. (CHI) Antonino Aquino said the project is expected to introduce a new landmark in Cebu, in addition to a couple more residential and commercial developments at CBP today.

Aquino said Solinea is another testament to ALI’s confidence in Cebu’s thriving local economy. The company expects the demand for residential projects in Cebu to continue to surge, given the booming tourism and business process outsourcing markets.

He also pointed out that the local property market is poised to strengthen further due to the low-interest environment. Low interest rates offered by banks have driven investors to develop residential projects since end-users can more likely acquire the units.

ALI and CHI will be investing over P10 billion in new developments in Cebu over the next five years. This is in addition to the over P10 billion it already invested in the last 22 years, Aquino said.

According to Alveo Land, Solinea is the firm’s first multi-tower development in Cebu City, master-planned and envisioned to offer city resort living—“a balanced lifestyle merging the vibrant pace of the city and the relaxing ambience of a resort-inspired environment.”

Alveo Land is the middle-income unit of ALI and is the developer of Two Serendra at the Bonifacio Global City in Taguig.

Jennylle Tupaz, project development head for Alveo Land, said Solinea is initially planned to be a five-tower development on a 2.6-hectare property at CBP.

The first phase of the development is a 29-storey tower with 591 units.

Tupaz said total investment cost for Tower 1 is estimated at P1.8 billion, while its estimated sales value is at P2.4 billion.

The Tower 1 will offer studio units (25-31 square meters) at P2.5 million; one-bedroom units (34-39 sq.m.) at P4.2 million; and two-bedroom units (50-63 sq.m.) at P5.3 million. Solinea will also offer two special units: garden flats and urban flats.

Tower 1 will also have five levels dedicated for podium parking.

Tupaz said construction of the project will begin early next year. Alveo hopes to turn over Tower 1 by the fourth quarter of 2016.

Tupaz described Solinea as a resort-residential lifestyle set in a thriving urban enclave. The development will have lush landscapes, and manicured pocket garden and open spaces.

Among its exclusive amenities are a swimming pool, central clubhouse with a gym, function and game rooms, and retail and dining areas.

The Solinea project is a joint venture of Alveo Land and CHI.

Alveo’s first entry in the Visayas-Mindanao market is its flagship project Sedona Parc, a 21-storey residential condominium project with 114 units, also located at the CBP. Sedona Parc is already 70 percent sold out.

Published in the Sun.Star Cebu newspaper on November 26, 2011.