Vol. XXII, No. 57 [ BusinessWorld Online ]
Tuesday, October 14, 2008 | MANILA, PHILIPPINES
AYALA LAND, Inc. might be cautious about launching new projects next year, but the company remains bullish about its leisure project in Bataan.
Ayala Land President Jaime I. Ayala told reporters last week the property company would have an additional phase for Anvaya Cove. He declined to elaborate.
"Anvaya is doing quite well. We will be launching [more] products," Mr. Ayala said.
The 320-hectare Anvaya Cove is the property company’s first venture in leisure development.
Located in Morong, Bataan, Anvaya Cove has sold out three of its 14 to 15 planned neighborhoods — Cliffside Lots, Mango Grove and Wood Park-already — and has generated as much as P2 billion in sales.
Aside from Anvaya, demand for its high-end residential project Abrio in Canlubang, Laguna remained brisk. Only 40 of the 380 lots are available.
The 17-hectare residential neighborhood offers homeowners large lots ranging from 800 to 1,200 square meters, with vast spaces between houses as a result of a 16-meter carriageway and a four-meter bicycle lane.
Last month, the company launched its 40-storey Red Oak, the second high-rise section of the Two Serendra development, which will have 520 units ranging from 41 square meters to 267 square meters and will cost P4 million to P20 million.
Ayala Land’s net profits for the first half went up by more than a third to P2.91 billion from a year earlier, while revenues rose by a third to P15.38 billion.
Mr. Ayala earlier said the company would take a cautious stance in launching new projects next year because of uncertainties over the health of the global economy.
"It is hard to tell where 2009 will be. We will have to see how the global crisis played out and [what will happen] to investor and consumer confidence," Mr. Ayala said.
Ayala shares yesterday gained P20 centavos to P7.20 apiece. — K.J.R. Liu
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