Avida, the affordable housing arm of real estate giant Ayala Land Inc., is spending P1.5 billion for its recently launched project in Makati, the Avida Towers San Lorenzo along Pasong Tamo extension.

Meanwhile, ALI reported that its net income after tax for the first quarter of 2009 dropped 50 percent to P907 million from P1.83 billion although the decline was lower if limited to recurring gains at 21 percent from the P1.15 billion in core earnings (net of large transactions) recorded in the same period last year.

In a disclosure, ALI said consolidated revenues of was 10 percent lower at P7.41 billion in the first three months of 2009, mainly due to the absence this year of large transactions.

Last year, the firm registered earnings from the sale of three subsidiaries Piedmont Property Ventures, Inc.; Stonehaven Land, Inc.; and Streamwood Property, Inc. which generated P762 million in pre-tax capital gains in March of last year.

ALI’s consolidated net operating income reached P1.88 billion in the first quarter of 2009, 14 percent below the year-ago figure.

Avida vice president and project head Christopher Maglanoc said they will be banking on the resilience of the mid-income market and the continued response of overseas Filipinos to affordable residential projects in strategic Metro Manila locations.

For this project, Avida will be offering 1,132 units in two towers with prices ranging from P1.8 million to over P3 million for studios, one bedroom and two bedroom units. The firm expects this to appeal to young urban professionals, executives and overseas Filipinos.

Maglanoc said they have been encouraged by market response to their projects, particularly Avida Towers Makati West, to continue offering well-planned and airy units to buyers seeking to make the most of all that Makati has to offer.