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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