Vol. XXII, No. 159 [ BusinessWorld Online ]
Monday, March 16, 2009 | MANILA, PHILIPPINES
CAGAYAN DE ORO CITY — Ayala Land, Inc. remains committed to Northern Mindanao’s property market, with officials noting that the company is on track with respect to the development of Alegria Hills, a two-year old upscale residential project in the Indahag and Camamanan districts in this city.
"We will continue to deliver our commitments with, or without sale," said Emilio J. Tumbocon, senior vice-president and head of Ayala Land’s Visayas and Mindanao operations.
The outlook is still positive despite financial challenges that overseas Filipino workers and employees in the region are facing because of the global economic slump. Filipinos working abroad continue to be the major market for high-end residential projects in the country, he said.
"In these crucial times, the best place to put one’s investment to is on land," said Mr. Tumbocon.
For Alegria Hills’s first phase, 40% of 95 lots available have been sold, said Jay I. Visco, head for sales and marketing. "As long as we deliver the committed developments of amenities, the sales will come," said Mr. Visco.
Tetta B. Baad, real estate development consultant for Ayala Land’s Visayas and Mindanao operations, said overseas Filipino workers are only part of the bigger market being tapped by the firm. There are also medical professionals, businessmen, and workers in the Iligan-Cagayan corridor.
"We also don’t want to contribute to the apprehension or hesitation of stopping the development of the project because there is a financial crisis," said Ms. Baad.
Francis O. Monera, Ayala Land vice-president, said: "Clients particularly overseas workers from the US are regularly inquiring about the project and are very keen on investing in Alegria Hills."
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