Monday, 08 March 2010 00:00 [ manilatimes.net ]
By Maricel E. Burgonio Senior Reporter
AYALA Land Inc. (ALI) said sales of its high-end residential projects grew significantly in the first two months of the year amid the aggressive expansion of its condo and house and lot offerings. Rex Mendoza, ALI senior vice president, said Ayala Land Premier registered P5.3 billion in sales in the first two months this year, up from P5 billion at end-December.
ALI expects its high-end unit to produce about 15 percent of sales of P40 billion, or 9,275 housing units for this year.
Premier projects include The Residences, Park Terraces, Saniera, Anvaya Cove, One Serendra, among others.
Mendoza said there will be a substantial demand in the country’s leisure market, adding that ALI is eyeing to develop new leisure communities to satisfy this appetite.
“[The] leisure market in the Philippines is going to be thick,” he told reporters who joined the company’s rest-and-recreation tour of the Anvaya Cove.
ALI plans to expand its first leisure community in Morong, Bataan. Anvaya has 546 lots.
“We’re building another 300 hectares [for Anvaya]. We’re still in talks,” Mendoza said.
ALI allocated P10 billion for the development of Anvaya Cove. It has spent P4 billion in the first three years.
A 330-hectare property, Anvaya Cove a beach and nature club, has 800 active members.
ALI earlier said it plans to borrow up to P10 billion in bank loans and bonds to partly finance its capital expenditures for this year.
For this year, the company has allotted P27.2 billion as capital expenditures, up from P16.2 billion last year.
Of the total amount allotted for this year, the company will borrow as much as P10 billion as it can tap P15 billion in cash from its units.
ALI had said its net income dropped by 16 percent to P4.04 billion last year from P4.81 billion the previous year.
This decline can be traced to the 10-percent drop to P30.46 billion of its consolidated revenues. ALI said the 8-percent drop in sales from real estate and hotel operations as well as the absence of capital gains from large transactions caused the contraction.