Posted on June 19, 2012 09:48:16 PM [
BusinessWorld Online ]
AYALA LAND, Inc. plans to put up a
mixed-use development on a 6.6-hectare site formerly occupied by Nestlé
Philippines, Inc.’s coffee factory in Muntinlupa City.
Avida Land Corp., the mass housing arm
of the developer, will be the project proponent, adding to its existing
two-structure Avida Towers Alabang in the area, Ayala Land said in a statement
yesterday.
“This move allows us to offer our
products to a bigger market and provide more Filipinos the ability to experience
living in sustainable Ayala Land communities, as we are always on the lookout
for opportunities that will allow us to grow geographically,” said Jaime E.
Ysmael, Ayala Land chief finance officer.
Aside from Avida Towers Alabang, Ayala
Land has the 700-hectare upscale Ayala Alabang Village and the newly-expanded,
Mediterranean-inspired Alabang Town Center commercial complex in the area.
Ayala Land’s latest acquisition in
Muntinlupa City forms part of the company’s P8-billion land banking budget for
this year, the statement added.
For 2012, the developer has allotted a
record P37 billion in capital expenditures to fund around 67 new projects with
an estimated sales value of P90 billion, as well as for the acquisition of new
properties moving forward.
Aside from its investments in
Muntinlupa City, Ayala Land has also developed other projects in southern Luzon
such as the 1,860-hectare NUVALI mixed-use township in Canlubang, Laguna, where
it recently poured P12.5 billion to boost its commercial and residential
developments there.
In central Luzon, Ayala Land said in
April that it was interested in tapping the Pampanga-Bataan-Zambales corridor
for future residential and office developments, on top of the company’s
recently-opened Harbor Pont mall in Olongapo City, Subic Bay.
Ayala Land hiked its net income for
the first quarter by 31.48% to P2.13 billion from P1.62 billion last year as
better sales in most property segments offset an increase in expenses.
Total consolidated revenues, mostly
from real estate, rose by 17% to P12.39 billion versus P10.59 billion, year on
year, while costs and expenses grew by 12.69% P9.15 billion from P8.12 billion
in the same period last year.
Ayala Land tapped the bond market last
month, listing P15 billion worth of fixed-rate callable bonds, whose proceeds
will be used to fund part of the firm’s 2012 capex.
Ayala Land is also issuing 13.04
billion voting preferred shares to its common shareholders via a 1:1 stock
rights offer, in a move that is seen to increase the company’s Filipino-owned
stock and lower the foreign ownership level of its voting shares to a desired
19% from 38% as of end-January this year.
Last year, the Supreme Court issued a
ruling ordering the Securities and Exchange Commission to use a company’s voting
shares in applying the constitutionally-mandated 40% foreign ownership cap.
Shares of Ayala Land rose by 0.92% to
P22.00 apiece at the end of trading yesterday from P21.80 at its previous
close. -- FJGDLF
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