Property developer Ayala Land Inc. (ALI) said Tuesday it plans to borrow up to P50 billion this year to partially finance general corporate requirements and refinance maturing debt.
ALI said in a disclosure to the Philippine Stock Exchange it planned to raise the P50 billion through the issuance of retail bonds and/or corporate notes for listing on the Philippine Dealing and Exchange Corp. and/or execution of bilateral term loans.
ALI also reported that its net income grew 32 percent in 2023 to P24.5 billion from P18.6 billion in 2022 as consolidated revenues increased 18 percent year-on-year to P148.9 billion.
“Ayala Land was well-positioned to take advantage of opportunities from an improving market in 2023, enabling us to meet our objectives for the year,” said ALI president and chief executive Anna Ma. Margarita Bautista-Dy.
“With our focus on quality, we look forward to bringing more high-value development products to market and embarking on the reinvention of our malls, hotels and resorts for our customers to enjoy,” she said.
Property development revenues expanded 14 percent to P92.3 billion, driven by steady bookings and higher completion of residential projects and offices for sale.
Residential sales went up by 22 percent to P77.2 billion, while office and lot sales declined by 15 percent to P15.1 billion.
Residential reservation sales grew by 9 percent year-on-year to P113.9 billion, translating into average monthly sales of P9.5 billion.
Local buyers accounted for 67 percent of residential sales, while overseas Filipinos and other nationalities accounted for the remaining 33 percent.
The property firm launched 25 new projects with total sales value of P75.9 billion in 2023. These included AyalaLand Premier’s first signature line project, Park Villas in the Makati central business district and sequel phases of its existing gated community develop ments.
Meanwhile, leasing and hospitality revenues accelerated by 25 percent year-on-year to P41.7 billion due to improved occupancy and rents.
Shopping center revenues surged 31 percent to P21.1 billion, while office leasing expanded 6 percent to P11.8 billion.
Hotel and resort revenues rose 42 percent to P8.8 billion as increased travel and tourism demand pushed up occupancy and room rates.
ALI added 49,000 square meters of retail space in 2023 with the opening of Ayala Malls One Ayala in Makati CBD and the first phase of Ayala Malls Vermosa in Cavite.
It also opened Seda Manila Bay and the second tower of Seda Nuvali with 420 hotel rooms.
ALI also launched four new estates in 2023, bringing the totalto 52.