05/24/2012 [ tribune.net.ph ]
Ayala Group’s real estate developing arm Ayala Land Inc. has partnered with a company of Rustans Group of Companies to further grow its retail business.
ALI disclosed that it has entered into a joint venture agreement with Specialty Investments Inc. (SII) to pursue opportunities in the Philippine retail sector.
The partnership with SII will enable ALI to support its mixed-use developments and at the same time, grow its recurring income portfolio.
SII is a wholly-owned subsidiary of Stores Specialists Inc., (SSI) which is one of the largest retail companies in the Philippines, with the exclusive rights to sell, distribute and market in the country a variety of brands from around the world.
SSI has the largest and choicest luxury upmarket fashion lifestyle portfolio, the largest network of retail outlets all over the country of over 50 brands such as Armani Exchange, Burberry, Calvin Klein, Cartier, Debenhams, Gucci, Kenneth Cole, Nine West, Samsonite, Zara, over 250 free standing and shop in shop boutiques, totaling over 250,000 square feet of prime retail space.
ALI targets to be “cautious yet aggressive” in its launches this year, targeting to expand its business in new areas close to tollroads and light rail systems rather than expand existing project developments which are in the eastern and northern area of Mega Metro Manila.
ALI CFO Jaime Ysmael earlier had said hub developments with offices, malls, technoparks will open a lot of opportunities for the company.
In the first quarter of 2012, property development, which includes the sale of residential lots and units, as well as the sale of commercial and industrial lots, posted revenues of P7.51 billion in the first three months of 2012, up 18 percent from the P6.34 billion reported during the same period in 2011.
Commercial leasing, which includes the company’s shopping center and office leasing operations also posted a 21 percent increase in total revenues to P2.04 billion in the first three months of the year from the P1.68 billion recorded in same period last year. Danessa O. Rivera