Well it was reported by Avina on SSC that tower 2 of Avida Towers Turf in BGC was recently launched and
the price is approx 200,000 per square meter. At least I could understand Federal Land getting into
PHP200,000+ per square meter flats -- Federal Land tries to be on par with Megaworld/Alveo --
but Avida??? -- Many commentators say they deliver sub standard units with too small windows,
an almost non existent kitchen and a bathroom with tiles in the shower that stop halfway the height of the walls...
. . .
Are Avida's flat liveable?... Some people live in these flats... I think so, but they require substantial
investment, like a normal kitchen, more tiles in the shower area, more electric wiring... This will no doubt
add greatly to your cost.
YOU cannot Sell these flats at P 200k - maybe Avida can, but a reselling buyer cannot get that much.
I bought an Avida unit two years ago for P95k psm (by paying cash & getting a 10% discount - so P105k, was then the "normal" price.)
And a friend of mine is seriously considering buying an Avida unit at ARCA south, for something like P130K per sqm. (+23.8% higher than P105k in 2 years)
but I would not be happy to pay more than that.
Avida Towers San Lorenzo
Avida Towers San Lorenzo is a two-tower condominium development that rises to 29 stories. Developed by Avida Land, Tower 1 was (offered for sale) in 2008, while Tower 2 was (opened for sale) in 2012. With the aim to provide residential units that are spacious and affordable, Avida Towers San Lorenzo should be a rare find for any value-seeking resident. Tower 1’s offerings include studio-type units with sizes of 22 to 25 square meters...
Visit Development page
This sparsely furnished studio in AT-SanLo is asking P 16,000 monthly
- the cheap ones go fast. Last time I checked, Avida leasing had leased out 250 of its 260 units in AT-Sanlo.
That leaves just 10 (3.8%), the sort of minimum number you might expect would be generated from normal turnover.
BTW, I am happy in my SanLo small unit. It suits me better than a hotel room - maybe I should take a photo - it is much more live-able than the above one.
Because it is only a 12 minutes walk from Greenbelt mall, I do not mind slightly small windows.
I have invested a modest amount of money in extending the kitchen counter, and adding a nice mirrored wardrobe to make the flat brighter.
When my (larger) unit is completed at Kroma, I will probably move there, and will then either SELL or Rent out my small 22 sqm Avida studio.
I reckon, if I can net P 120k per sqm (P2.6mn) or more by selling, I will be very happy. The units have all been turned over, and are renting well.
There seems to be an almost unlimited rental demand for cheap flats, a short walk from Greenbelt, so a buyer can be found at P 2.6mn or more.
One thing I found very surprising as that Avida was reported to have bought a large plot of land, 3 minutes walk from where I live at P 2 billion pesos.
If they construct 2,000 units there, which seems like a lot for me - then those units will have to be sold at P150k or more, to include an average of
P 1 million just for the land cost/
I started a thread on the area, when I read about that Avida land purchase:
Visit Chino Roces thread - focuses on the area between Waltermart and Magallanes MRT station - where San Lorenzo Place is located.