Major property developer Ayala Land Inc. has allotted P130 billion for capital expenditures this year, up 18.2 percent from P110 billion in 2018, as the company continues to build its growth plans.
Ayala Land president and chief executive Bernard Vincent Dy said in a press briefing the company would launch P130 billion worth of residential and office units for sale in 2019.
Ayala Land registered a net income of P29.2 billion in 2018, up 16 percent from P25.3 billion in 2017, fueled by strong demand from the residential sector as well as the healthy performance of the leasing businesses.
Ayala Land said in a disclosure to the stock exchange consolidated revenues in 2018 rose 17 percent to P166.2 billion
Property development revenues increased 18 percent to P113.4 billion on sustained robust sales across its residential, office for sale and commercial lot segments, while leasing revenues grew 17 percent to P34.9 billion on the back of robust local consumption, the increasing demand in business process outsourcing offices and a thriving tourism sector
“As we celebrated our 30th year in 2018, we remained focused on developing more sustainable communities that enrich the lives of Filipinos. We introduced two new estates to bring our total to 26, registered the highest level of residential sales in our history, and stayed on track to open more commercial developments. These led to strong financial results and positioned our company for continued growth in the coming years,” Dy said.
The property firm in 2018 launched P139.4 billion worth of residential and office for sale projects. Reservation sales reached P141.9 billion, up 16 percent from P122 billion in the previous year, driven by strong demand from local and overseas Filipinos.
Revenues from the sale of residential lots and units rose 18 percent to P94.6 billion in 2018, while revenues from the sale of office spaces climbed 16 percent to P11 billion.
The company opened three new malls in 2018, namely Circuit Mall in Makati with 52,000 square meters of gross leasable area, Capitol Central Mall in Bacolod with 67,000 sqm. of GLA and One Bonifacio High Street in Taguig with 23,000 sqm of GLA.
This brings the total GLA of shopping centers to 1.90 million sqm at the end of 2018.
Revenues from shopping centers reached P19.9 billion, up 13 percent from a year ago.
Ayala Land also completed new offices in 2018, namely Bacolod Capitol Corporate Center with 11,000 sqm of GLA, Vertis North Corporate Center 3 with 38,000 sqm and Ayala North Exchange with 20,000 sqm ,its HQ tower and 22,000 sqm of GLA in BPO Tower.
Ayala Land’s office leasing business had a total GLA of 1.11 million sqm at the end of 2018.