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Ayala’s mass housing unit gets P1.7-b capital

By Jenniffer B. Austria | Nov. 19, 2013 at 12:03am [ manilastandardtoday.com ]

Property developer Ayala Land Inc. said Monday its board approved a P1.7-billion additional capital infusion to wholly-owned socialized housing unit BellaVita Land Corp.

Ayala Land said in a disclosure to the stock exchange the unit would use the additional capital infusion to fund land acquisition in key growth centers in North Luzon, South Luzon, Visayas and Mindanao.

“The additional capital will also partly finance the development of socialized housing projects and fiesta market projects of BellaVita in 2014 and 2015,” Ayala Land said.

BellaVita saw revenues grow 352 percent to P33 million in the first nine months, mainly due to bookings generated from its Tayabas, Quezon project.

Residential projects under the BellaVita brand are house and lot packages that cost as low as P400,000 for a monthly amortization of P2,000 to P2,800 a month.

Ayala Land expects BellaVita brand to be the largest among the company’s existing brands in terms of number of units.

BellaVita, launched in 2011, is one of the five housing brands of Ayala Land. Other housing brands are Ayala Land Premier, Alveo Land, Avida Land and Amaia Land.

BellaVita’s first project is a 21-hectare project in General Trias, Cavite. The project offered 1,378 units targeting wage earners with a monthly salary of P10,000 to P25,000.

Ayala Land earlier reported a net income of P8.6 billion in the first nine months of 2013, up 30 percent from P6.62 billion year-on-year, bolstered by new growth centers across the country.

Consolidated revenues reached P57.71 billion, up 38 percent from P41.86 billion a year ago.

The company credited the higher revenues to the upbeat performance across the company’s property development, commercial leasing and services businesses.

Revenues from the real estate and hotels businesses increased 39 percent to P55.78 billion.
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