[ manilatimes.net ]
Published : Thursday, October 27, 2011 00:00
Written by : Krista Angela M. Montealegre, Reporter
AYALA Land Inc. will embark on a major expansion drive for its affordable residential brand, which will now venture into condominium development to cater to a wider market.
In a disclosure to the Philippine Stock Exchange, the property giant said it infused an additional capital of P3.5 billion to support Amaia Land’s aggressive expansion in the next five years.
In a briefing, Ricky Celis, Amaia Land president, said the capital infusion will finance land-banking initiatives from 2012 through 2016, a significant amount of which will be spent for residential developments next year.
Celis said Amaia Land targets to have more than 50 projects consisting of 100,000 units all over
the Philippines by 2016.
Known for its house and lot products under Amaia Scapes, the ALI unit will now offer vertical products through Amaia Steps for mid-rise developments located at the limits of the metro cities, and Amaia Skies for high-rise projects within commercial and business districts.
“Today with introduction of Steps and Skies, we’re now bringing in the product closer to the city center, which will allow us to reach out to urban dwellers in the country,” said Bobby Dy, ALI executive vice president.
By 2016, Amaia Land targets to be in approximately 60 locations nationwide with Amaia Scapes in 32 locations, Amaia Steps in 11 locations and Amaia Skies in 15 locations.
Amaia Scapes projects are in Calamba, Laguna; Talisay, Negros Occidental; Cabanatuan, Nueva Ecija and General Trias, Cavite.
Kicking off its geographical expansion is the development of the first Amaia Steps in Novaliches, Quezon City, along Susano Road and Quirino Highway, while the maiden Amaia Skies offering will rise in Cubao.
Amaia Land expects P4.8 billion in revenues from the Steps Nova development and the first tower of Skies Cubao.
Amaia Land will begin construction of the P1.8-billion Novaliches project early next year, while the P1.4-billion Cubao development will start middle of next year. Turnover will be in early 2013 and 2015, respectively.
Situated on a four-hectare land, the Novaliches development will be a gated community of 20 five-story buildings offering 2,060 units. Each unit, with a size of 30 square meters, is priced at around P1.2 million.
The Cubao project is a three-tower development, bringing a total of 3,000 units to the market. The first tower will have 35 storys with unit sizes at 18 to 27 square meters.
Amaia Land targets households earning between P30,000 and P60,000 per month, given monthly amortization of P8,000 to P12,000.
Amaia Land, whose projects range from P600,000 to P1.25 million, serves the broad C market, which accounts for 33 percent of the 17 million households in the country.
ALI shares fell to P15.86 on Wednesday from P15.94 each on Tuesday.