Posted on November 10, 2013 09:36:09
PM [ BusinessWorld Online ]
PROPERTY DEVELOPER Ayala Land, Inc.
may still challenge SM Group’s P54.5-billion reclamation plan if the Pasay City
government changes rules for project proposals.
Ayala Land, in a statement over the weekend,
welcomed the city government’s move to defer its decision on the next step in
the competition process to Nov. 14 from Nov. 4. “Ayala Land sees as a welcome
development the news that Pasay City deferred its decision on the Pasay
reclamation project to resolve pending issues,” the company said. “As the
company has pointed out in earlier statements, the 2013 National Economic and
Development Authority (joint venture, or JV) Guidelines should be the
applicable guidelines for this project.”
CONDITION
Ayala Land did not submit its own
proposal at the original Nov. 4 deadline, arguing that project terms were based
an older set of NEDA guidelines which contained requirements the company deemed
more restrictive, including provision of less time to submit counter proposals.
The company also cited a paid
advertisement of the Philippine Reclamation Authority last Nov. 1 wherein the
state agency said it also had a project in the same area in Pasay City eyed by
SM Group for reclamation.
“[I]f Pasay City adopts the 2013 NEDA
JV Guidelines, Ayala Land will participate,” the firm said in its statement.
Ayala Land booked a P10.33-billion net
income in the nine months to September, up 27.85% from P8.08 billion a year
ago. Revenues rose 37.86% to P57.71 billion from P41.86 billion, while cost and
expenses climbed 41.62% to P43.76 billion from P30.90 billion.
Its shares gained 10 centavos or 0.35%
to close P28.60 apiece last Friday from P28.50 each on Thursday. -- CHCV
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