Ayala Land to launch 67 projects in 2012
MANILA, Philippines - The country's largest property developer, Ayala Land Inc., expects to launch 67 projects worth a total of P90 billion this year.
The projects will likely include 50 residential developments, 7 shopping centers, 7 office buildings and 3 hotels.
"A major project will take several years, but the horizontal projects (including subdivisions) could be completed within the year," said Ayala Land President Antonino Aquino after the company's annual stockholders' meeting on Wednesday, April 18.
He added that the residential developments would be spread across the companies' 5 brands, and include a mix of vertical and horizontal developments.
This year, the company will also add 200,000 square meters of leasable area in its mall group, and 100,000 square meters of area in the office space segment.
Makati City's redeveloped Glorietta 1, Cagayan de Oro's Centrio and Subic's Harbor Point will together add rougly 140,000 sqm in leasable space to Ayala Land's portfolio when they open this year.
Aquino said, "The total value of projects to be launched for the year across all projects is P90 billion."
Ayala Land has earmarked P37 billion to fund the construction of its projects this year. In 2011, it spent P30 billion for 57 projects.
The company is agressively expanding out into the provinces with the aim of capturing a larger segment of the mid- and low-income markets outside Metro Manila and Metro Cebu.
Company vice president Bobby Dy explained that their residental offerings would reflect the economic pyramid. The bulk of units would be low-cost brands like Amaia and Bella Vita, and the rest, the more expensive brands like Ayala Land Premier, Avida and Alveo.