MANILA, Philippines – Alveo Land Corp. said over P3.89 billion has already been raised from the sale of commercial lots in its Westborough project, a 33-hectare joint venture with Cathay Land.

The project, located along the Sta. Rosa-Tagaytay-Silang growth corridor, comprises three commercial phases—Westborough Commercial Strips, Westborough Town Center, and the Westborough Park Square.

Paulo Ong, Alveo Land division manager for the project, attributed the fast take up of lots to Westborough’s strategic location.

“The property lies in the midst of several existing built-up communities such as Ayala Westgrove and Cathay Land’s South Forbes.

Investors have a captive market of over 6,500 households, not to mention the property’s close proximity to Laguna Technopark and Nuvali,” he said.

Laguna Technopark has approximately 240 locators and over 101,000 employees.

Ong said Westborough Park Square’s commercial lots have the perfect size for small and medium sized enterprises, start-ups and private investors seeking a neighborhood locale for their products and services.

“The district not only provides an immediate market and growth opportunity, but a locale that has been master planned to become a thriving community,” Ong said.

Launched just last December, Westborough Park Square commercial lots were  sold out on the first day of selling.

The development has an average lot size of 636 sqm., priced at about P30,000 per sqm, and will be ready for turnover by the last quarter of 2018, Ong said.

Central to the district, this 14-hectare portion will feature a mini lake. It will also have an array of lifestyle shops and restaurants, a supermarket and an activity park for neighborhood events like bazaars, concerts and other seasonal activities.

Alveo is the innovative property development arm of real estate giant Ayala Land while its partner Cathay Land is the developer of South Forbes Golf City.