Expat Filipinos on buying spree

Property demand from overseas Filipino community is bouncing in a big way in the aftermath of the Wall Street shakeout that depressed the investment portfolio of high net worth individuals, according to Ayala Land.

This was the main reason why Ayala Land is altering the master plan for its maiden foray into leisure estate development – the 10 billion pesos (Dh801 million) 320 hectare exclusive Anvaya Cove Beach and Nature Club in Morong, Bataan – to offer low-rise condominium and multi-dwelling units that are ideal for overseas buyers seeking readily built vacation houses, the company's Senior Vice-President, Rex Mendoza, told Philippine Daily Inquirer.

To be launched in Anvaya this May is a new 4.6 hectare community Seascape Ridge composed of 14 quads with a total of 56 corner two-bedroom units that are ready to be occupied. The turnover date is targeted by December 2011. Structured under a condominium setup and managed by Ayala Property Management, the neighbourhood targets offshore buyers who want to avoid the tedious task of house planning and construction. It targets all nationalities seeking seaside vacation units.

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