ALI launching P117-B projects
MANILA, Philippines - Ayala Land Inc. (ALI), the property and mall developer of the Ayala Group, is launching P117 billion worth of projects this year including three sprawling mixed-used estates, officials said in a briefing Wednesday.
This is higher than the P87 billion worth of projects the company launched last year, as the company remains optimistic on prospects for the property sector amid low mortgage rates, strong dollar remittances from overseas Filipinos and the growing BPO industry, ALI president Bernard Dy said following the company’s annual stockholders’ meeting.
Of the P117 billion, ALI would spend P100 billion to beef up its residential portfolio while the balance of P17 billion would be for additional estates and commercial assets.
“We are launching three new estates this year,” Dy said.
The three estates, which will bring ALI’s estate portfolio to a total of 23, are Evo City, a 250-hectare estate in Kawit, Cavite; Azuela Cove, a 25-hectare estate in Davao City and the 35-hectare joint venture project with the LT Group, the holding company of taipan Lucio Tan along the C5 corridor in Pasig.
Anna Margarita Dy, group head for strategic landbank management, said all three estates would have both residential and commercial components.
“Evo City in Kawit, Cavite is very well positioned to take advantage of some of the country’s infrastructure projects. It will be the first estate in Kawit, Cavite. This will be very close to the city at the same time it has a water frontage. Another is in Davao, which is a 25-hectare estate right at the heart of Davao. The third estate will be a 35-hectare parcel in Quezon City and Pasig. We have partnered with the LT Group. It will be one of the largest estates along the C5 corridor,” Dy said.
ALI is pouring in P88 billion in capital expenditures this year, higher than the P85 billion spent a year ago.
During the company’s annual stockholders’ meeting yesterday, ALI chairman Fernando Zobel de Ayala said the company is on track with its target to hit P40 billion in net income by 2020.