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Ayala Land awaits change in terms of Pasay reclamation project

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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