Ayala acquires Muntinlupa property, expands south metro landbank
MANILA, Philippines - Ayala Land Inc. (ALI) acquired a 6.6 hectare property in Muntinlupa City to expand its presence in the southern part of Metro Manila.
Located less than two kilometers away from Muntinlupa's central business and commercial district, Ayala Land envisons the property transforming into "a residential masterpiece" with commercial and office leasing facilities, said ALI in a statement released on June 19.
The property, which was obtained through its subsidiary Avida Land, was formerly the site of a Nestlé coffee factory.
ALI already holds nearly 700 hectares of property in the area through its various developments including - Ayala Alabang Village, the two-tower Avida Towers Alabang, and the newly expanded Alabang Town Center.
The company has set aside P8 billion for new land acquisitions in 2012. Landbanking is part of what the developer calls its "5-10-5" strategy, which aims to achieve by 2014 (or 5 years from launch date), P10 billion in net income and a 15% return on equity.
Ayala Land wants to move into targeted growth areas across the country. Among its recently launched projects are Harbor Point in the Subic Bay area, which bolsters its existing northern Luzon listings in Pampanga. It also developed the Marquee Mall and Marquee Residences in Angeles and Avida Residences in San Fernando.
The company is pouring investments into Southern part of Luzon to add to its 1,800-hectare NUVALI community, which has become a meeting point for many residents in the Sta. Rosa and Canlubang areas.
Ayala Land also announced plans to develop into new areas in Iloilo, Bacolod and Negros Occidental and to expand its holdings in Cebu. The company is a also enlarging its Abreeza development in Davao and building its Centrio development in Cagayan de Oro.
In Metro Manila, Ayala Land is planning to erect an entertainment complex in what used to be the Sta. Ana Race Track.
The real estate firm earlier said it is targeting developments in new areas that are close to tollroads and light rail systems in parts of Mega Metro Manila.
Ayala Land is aggressively expanding into the affordable and low-end housing segments as part of a strategy to diversity their traditionally expensive and middle-income housing portfolio, and expand the company's geographical reach into the provinces. - Rappler.com