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Ayala Land forms low-cost housing subsidiary

by Jenniffer B. Austria
[ manilastandardtoday.com ] September 1, 2011

Ayala Land Inc. said Wednesday its board approved the creation of a fifth residential brand that will cater to the socialized housing market.

Ayala Land said in a disclosure to the stock exchange it would pursue the fifth residential brand through unit South Maya Ventures Corp.

Ayala Land currently operates four residential brands: luxury Ayala Land Premier, upper- and middle-income Alveo, “affordable” Avida, and mass-housing Amaia.

Ayala Land said South Maya would offer mainly house and lot packages with prices not exceeding P400,000 a unit.

The company plans to launch its first project on a 10-hectare property in General Trias, Cavite within the last quarter of the year.

Ayala Land senior vice president and head of residential business group Bobby Dy earlier said the company was aggressively expanding into the economic and socialized housing markets to broaden its portfolio.

“There is just a huge housing backlog on the lower end of the market. It is hugely underserved so we will be able to largely address the needs of the market,” Dy earlier said.

Ayala Land recently ventured into economic housing projects, which offer housing units for P1.25 million and below.

Dy said the group’s plan to venture into the lower segment of the housing market was in line with a plan to offer various projects at different price points and in various parts of the country.

Ayala Land’s first-half net income rose 35 percent to P3.38 billion, primarily on higher real estate sales and hotel revenue.

Consolidated revenues increased 15 percent to P21.25 billion.

Revenues from the sale of lots and residential units jumped 27 percent to P12.34 billion, while revenues from leasing of shopping centers and office spaces grew 17 percent to P2.98 billion.

Ayala Land said its hotel and resorts business registered a 25- percent increase in revenues to P1.1 billion.

Ayala Land also disclosed that its board approved the declaration of the regular cash dividend of P0.0733 per share for the second semester ending Dec. 31, 2011.

Shareholders as of Sept. 20, 2011 will be entitled to the cash dividend.

Payment date has been set on Oct. 5, 2011.

Share price of Ayala Land on Wednesday closed at P15.94, up P0.14.
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