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Aboitiz Land eyes outside expansion

Published on 23 May 2013 [ manilatimes.net ]
Written by MADELAINE B. MIRAFLOR
The real-estate arm of the Aboitiz Group is eyeing expansion outside Cebu, where it established its presence for the past 20 years.
The Aboitiz Land Inc. chief executive officer, Andoni Aboitiz, said in a media briefing before the group’s annual stockholders meeting that the company considers expanding outside Cebu, as it targets to be a major profit contributor in the Aboitiz Group.
“We are looking at expanding outside Cebu,” the company official said.
He said, however, that the company doesn’t have a specific way forward yet.
“To become a major contributor to the group, we still have a long way to go,” Aboitiz further said.
Aboitiz Land is also set to seal an agreement with Ayala Land Inc. (ALI) next month for a mixed-use project in Cebu City.
“The partnership with Ayala Land is specifically project-based. Before we signed agreement with them, we had pre-identified some properties that we wanted to look at, conduct due diligence, then decide which ones we should do first,” Aboitiz explained.
“We are in the closing stages of making a decision on which project,” he added.
The property company currently has 2,000 units in its portfolio, with the average amount of building 500 units per year.
Aboitiz further mentioned that as of now, they intend to work on one project this year with ALI, but if the joint venture deal with the company goes well, then it may do more projects.
In the group’s annual report, the company specified that it plans to roll out more offerings, including the second phase inventory for both Priveya Hills and Pristina North Residences. The launch of a mid-income residential project is also being planned. All the projects are in Cebu City.
The company is also pursuing its plan to acquire a new industrial zone in Cebu City.
In an earlier report, Aboitiz Land said that it has earmarked P1 billion over the year for the construction of various projects.
Of the P1 billion, P55.4 million has been spent as of the first quarter of 2013.
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