UPSCALE property developer Alveo Land Corp., a unit of listed Ayala Land Inc., reported all-time high reservation sales of P12.7 billion in the first quarter of 2024, fueled by horizontal development launches.

The first-quarter sales figure was 41 percent higher than the P9 billion generated a year earlier and topped the previous record of P10.8 billion seen in 2019 by 17 percent, Alveo President Joseph Carmichael Jugo told a briefing on Tuesday.

"We are very pleased with the extremely strong first-quarter sales performance, affirming confidence in the premium market," he said.

The premium market, Jugo claimed, is "very robust and resilient" and remains less affected by macroeconomic headwinds such as high interest rates.

The key growth drivers for the first three months were Alveo's back-to-back launches in the provincial areas.

Sereneo Nuvali, the firm's sixth project inside Ayala Land's Nuvali eco-estate in Laguna, was unveiled in March and notched nearly P1.5 billion in year-to-date reservation sales.

The 41-hectare project offers residential lots with a typical size of 275 square meters and features a 770-sqm pool and a 3-hectare central park.

Alveo in March also launched Caleia Vermosa, its second development in Ayala Land's Vermosa estate in Cavite.

Offering lots with a typical size of 250 sqm, the 28-hectare development generated almost P2 billion in year-to-date reservation sales.

The first-quarter growth, Jugo said, was also propelled by the strong takeup of Alveo's residential condominium projects: Park East Place in Taguig, The Lattice at Parklinks in Pasig, and Nuveo at Cerca in Las Piñas.

Alveo's office developments in Bonifacio Global City and its commercial lots in Central Luzon and Cavite also contributed to the robust reservation sales.

Moving forward, Alveo plans to continue its strong momentum in the upscale market with other strategic developments in Metro Manila and provincial areas, particularly those located in Ayala Land estates.

"We continue to see growth potential in prime locations... Investors and end-users value and appreciate the unique benefits of investing and living in an Alveo property within these master-planned estates," Jugo said.

Alveo parent Ayala Land's share price fell 1.12 percent to P26.50 on Tuesday amid a 0.51-percent decline for the benchmark Philippine Stock Exchange index.