This is especially true base on my personal experience. The high end luxury market for sales and rentals is not affected.
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The Zobel-led Ayala Land Premiere (ALP) reported sales of P4.23 billion in the first quarter of 2021, 105 percent up from P2.06 billion during the same period last year.
ALP revenues suffered a big slump due to the coronavirus pandemic as 2020 sales plunged 39 percent to P15.51 billion.
ALP cited higher bookings of Ayala Greenfield Estates Phase 8B and C in Laguna and higher percentage of completion of Park Central North and South Towers in Makati City.
ALP also shrugged off the steep drop off in sales to foreigners during the period. Mainland Chinese buyers bought only P410 million worth of residential condos, down by 73 percent from 2020.
In contrast, Zobel’s lower end property brands did not fare well in the first three months.
The mid-level ALVEO posted an 18 percent decline in revenues to P2.24 billion due to delayed construction inHigh Park Tower 2 in Vertis North, Quezon City; and Viento Tower One in Cerca Alabang while Solinea Tower 3 in Cebu was hit by lower sales.
Its entry-level Avida suffered a 35 percent fall in sales to P3.05 billion due to tepid demand for Avida Towers Sola in Vertis North, Quezon City, Avida Towers Asten, and One Antonio in Makati City, and slowdown of construction in Avida Towers Turf in BGC, Taguig and Avida Northdale Settings Alviera in Pampanga.
Its mass housing arm, Amaia, also booked a 22 percent cut in sales to P1.18 billion due to poor sales in Amaia Steps Alabang Delicia. But its other low-cost residential brand, BellaVita, bucked the downtrend with a 66 percent jump in revenues to P274.76 million due to strong home sales in Naga, Camarines Sur and Lipa, Batangas
SOURCE: BILYONARYO
