Aboitiz Land Inc., the property arm of conglomerate Aboitiz Equity Ventures Inc., said Tuesday it plans to launch five new projects this year including three residential developments in Luzon.
Aboitiz Land executive vice president Patrick Reyes said in a recent analysts briefing the residential projects would rise in Capas (Tarlac), Cabanatuan City and San Juan (Batangas).
“We have three projects in Luzon that are in the final stages of development which we could hopefully launch before the end of this year,” Reyes said.
Reyes said Aboitiz Land in joint venture with Ayala Land Inc. was also set to break ground on a new urban enclave in Mandaue City, Cebu.
Under the joint venture announced in 2014, both parties will build a 15-hectare mixed-use community in one of the most progressive areas in the country consisting of innovative residential, retail and office components.
The project was originally set to be launched in 2015 but was pushed back to June 2016.
Reyes said the joint venture partners tapped Landmark as an anchor tenant for the commercial component of the project. This will be first venture of Landmark in Cebu.
Aboitiz Land’s income contribution to parent firm AEV decreased by 15 percent to P536 million in the first quarter from P633 million recorded in the same period last year.
The property firm said it was positioned for a more exciting 2016 as various projects in the pipeline were being prepared for launch.
The company said to support growth initiatives, it was eyeing a P4.6 billion capital expenditures in 2016, almost three times higher than actual spending in 2015.
About 29 percent of the budget would be spent for land acquisition and 65 percent on project development, the company said.
Aboitiz Land, an established real estate developer in Cebu, has been preparing to become national player in the real estate industry to compete with property giants Ayala Land Inc., SM Prime Holdings and Megaword Corp.