When Atria Park District began rising in early 2015 as Ayala Land’s first master-planned, mixed-use development in Iloilo, Negrense folks were introduced to a live-work-play community.
A residential property at the Atria property also has what it takes to be an income-generating asset in an investment portfolio, and it’s easy to see why. First, let’s consider its location—that all-important measure to determine a real estate property’s potential to generate the so-called passive income for its owner.
A major hub of commerce
The Atria Park District is located in Mandurriao, one of the three major commercial areas of Iloilo City. This is a well-established part of town where a residential investment holds not only the promise of near-term gains from rental income. It also offers the potential for a substantial profit from the property’s value appreciation over the long term, one of the primary reasons why many smart folks go for real estate investments.
Local economic prospects, another important measure in real estate investing, bodes well for this city fondly called “The City of Love.” In the ranking of the National Competitiveness Council, Iloilo City consistently rated as one of the country’s 10 most competitive cities from 2014 to 2016.
Diversifying Iloilo economy
A rich economy drives the city’s fortunes, which has significantly contributed to an estimated 7.2 percent average growth of the gross domestic product in the Western Visayas region from 2015 to 2016. This led to Iloilo being counted as one of the top 10 wealthiest provinces in the Philippines in 2017. From being mainly agricultural, Iloilo has grown to become a regional center with its government offices, banks, trading companies and schools that helped form a strong middle class.
The economic diversification that ensued in recent years was largely the result of the entry of business process outsourcing (BPO) companies in the city. Additional boost comes from Iloilo’s robust overseas Filipino worker community, thanks to the many schools and universities based in the city turning out a good number of nurses, caregivers, and seafarers.
Newfound tourism niche
Local tourism, a traditional strength of Iloilo, is delivering economic tailwinds as well, with the city well en route also to becoming a premier MICE (meetings, incentives, conventions and exhibitions) destination. Growth stimulus on this has been coming from the establishment of Iloilo Convention Center and the addition of more hotel rooms in the city.
The Atria Park District itself is notably within the groove of these tourism dynamics, with the opening of the 152-room Seda Atria at this master development in 2016. Also, among its magnets to consumers is The Shops at Atria, a well-landscaped hub set not only with retail stores but also with popular homegrown Ilonggo restaurants.
This district, furthermore, provides a complete live‒work‒play environment. Its 21-hectare estate is close to Iloilo-Ayala Land TechnoHub and retail establishments like Smallville and S&R Iloilo. Additionally, Atria’s locale enjoys proximity to top local schools including Ateneo de Iloilo. The modern healthcare facility of QualiMed is right within this development, too.
The masterful strokes that went into the makeup of the Atria Park District, coupled with Iloilo’s strong economic standing, make this development a wise choice for residential property investors and aspiring homeowners.
Prospective buyers can pick from two residential types: Avida Towers Atria (four mid-rise buildings) and Avida Storeys Atria (nine low-rise buildings). Two buildings—Avida Towers 1 and Avida Storeys 1—have already been turned over to homeowners and are ready for occupancy. Avida Towers 2 and Avida Storeys 2 are now under construction, while Avida Towers 3 will soon be launched in the market.
The units of Avida Towers Atria, scheduled for completion in Q1 of 2019, feature living areas ranging from 23 to 61 square meters and are sales-listed from PhP2.9 million to PhP8.5 million. The condos of Avida Storeys Atria, set to be completed in Q1 of 2020, have bigger living spaces—their one-bedroom to three-bedroom units are priced from PhP 4.2 million to PhP10.6 million.
The residential component of the Atria Park District occupies 5.5 hectares and is also programmed with a rich collection of amenities that further solidify the marketability and investment worth of its condo units. Among these are adult and children’s swimming pools, a clubhouse, promenade, outdoor gym and meditation area.
Summing it all up, Atria Park District is very much a part of the vibrant growth of Iloilo City in recent years. A purchase of a condo unit in its residential community will definitely be a sound investment choice in a metropolis well on its way to entrenching itself as Western Visayas’ crown jewel.