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ALI to spend P60B in the next five years for Makati redevelopment

Published : Friday, March 23, 2012 00:00 [ manilatimes.net ]
Written by : KRISTA ANGELA M. MONTEALEGRE

Ayala Land Inc. will spend nearly P60 billion in the next five years for various projects in Makati City, the country’s premier central business district.

In a disclosure to the Philippine Stock Exchange, the property giant said the investment would cover residential, retail, office and hotel/serviced apartment developments as well as infrastructure projects within the city.

Later this year, ALI will culminate the P20-billion Ayala Center redevelopment that will double the property giant’s presence in retail, residential, hotel and office property segments in the country’s premier financial center.

Ayala Land and Philippine Racing Club Inc. also plan to turn the 21-hectare property located in Barangay Carmona, the last big piece of land in Makati City, into a an entertainment district that will house several ALI brands.

The company will also hike its investments in Bonifacio Global City, committing approximately P60 billion across a 25-year period to develop the 7.6-hectare Alveo Land High Street South, a visionary mixed-use urban development project.

ALI is set to spend a record P37 billion this year to bankroll the completion of ongoing developments, new residential and leasing project launches, as well as new land bank acquisitions.

Under its five-year plan, the property firm aims to double its earnings from P5 billion in 2009 to P10 billion in 2014 and raising return on equity to 15 percent. ALI’s net income reached a record P7.14 billion last year, 31 percent higher than the previous year’s P5.46 billion.

Its shares closed at P21.15 each on Thursday, down 15 centavos or 0.70 percent from its previous close of P21.25 apiece.
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