AYALA Land, Inc. is set to spend P15.2 billion for the initial development of two of its mixed-used estates, a company official said on Wednesday.
“We are investing P15.2 billion for the initial development of these two estates over the next few years,” Ayala Land Chairman Jaime Augusto Zobel de Ayala said during the company’s annual stockholders’ meeting.
“We believe that will spur economic activity in these emerging localities, maximize synergies among our product lines, and enable us to deliver value to these local economies and their stakeholders,” he added.
Mr. Zobel was referring to the 92-hectare Areza estate development in Lipa, Batangas and the 83-hectare Crossroads in Plaridel, Bulacan.
Areza, a master-planned and mixed-use development, is the company’s first estate in Batangas. Ayala Land envisions the estate to be the new downtown of Lipa City.
Crossroads estate is another mixed-use development that the company targets to be the center for trade and commerce in the area by bringing in local enterprises.
Both development projects were launched and started construction in the previous year.
Ayala Land will extend the rollout of its large-scale, mixed-use and sustainable estates, according to Mr. Zobel.
“With 49 estates across the country we see these additional growth platforms for Ayala Land as catalysts for economic progress for the communities we serve,” he said
The company also plans to launch four new estates, according to Ayala Land President and Chief Executive Officer Bernard Vincent O. Dy in a panel discussion.
Meanwhile, the company anticipates renewed growth across all its business lines this year, Mr. Dy said.
“In the residential sector we plan to launch about P110 billion worth of inventory, that’s coming from P90 billion last year,” he said.
Our commercial leasing business continues to be quite robust with expected increases in office, mall, and hotel occupancy from last year’s levels,” he added.
On Wednesday, Ayala Land shares rose 0.19% or five centavos to P26.40 each. — Adrian H. Halili