LVEO Land, a subsidiary of property firm AyalaLand Inc. (ALI), recently broke ground two of its projects in Cebu— Solinea Lazuli and BPI Cebu Corporate Center.
Lazuli is Solinea's third residential tower while the BPI Cebu Corporate Center is Alveo's first office development in Cebu in Cebu Business Park.
According to Alveo Land the two projects will further strengthen the brand's presence in Cebu.
Solinea is the firm's first multi-tower development in Cebu City.
Alveo Land is the middle-income unit of ALI and is the developer of Two Serendra at the Bonifacio Global City in Taguig.
The Lazuli tower is described as the "newest and most private tower", being the only single tower development in Solinea.
The tower has a total of 605 units, mostly comprised of studio units. It also has one, two and three-bedroom units with unit sizes ranging from 25 square meters to 133 square meters.
The 31-storey residential tower is slated for turnover on the fourth quarter of 2018.
The BPI Cebu Corporate Center is an 18-storey office building with 168 units. It will have one floor for retail operations, 11 floors dedicated for office space and six levels for parking. The building is scheduled for turnover on the fourth quarter of 2016.
ALI is alloting P70 billion for projects this year.
It eyes to launch 78 projects this year that can earn for the company around P142 billion.
Last year, its five residential brands, AyalaLand Premier, Alveo, Avida, Amaia and Bellavita launched a total of 28,482 units worth P108 billion.
ALI reported a hike in profits in the first quarter.
In a disclosure to the Philippine Stock Exchange, the company said its profit rose to P3.46 billion in the first quarter from P2.76 billion in the same period last year.
Revenues from the residential business grew by 36 percent to P11.02 billion in the first quarter driven by strong bookings across its five residential brands.
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