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AboitizLand 2014 capex tops P5B

July 2, 2014 9:27 pm [ ]
by Ritchie A. Horario

In its drive to expand nationwide, AboitizLand has allotted more than P5 billion as capital expenditure for this year.

Andoni Aboitiz, AboitizLand president and chief executive officer, said the budget is 35 percent higher than the 2013 capex.

“We remain bullish on the property sector and want to enter the market nationally,” said Aboitiz.

He said more than 50 percent of its capital expenditure is allocated to residential development, while the rest will go to industrial and commercial projects.

Apart from its existing land bank in Cebu, the company is now looking at gaining a foothold in Mindanao through residential and industrial developments in Davao City.

In Luzon, after its initial entry through the acquisition of Lima Technology Center in Batangas, it is now looking into residential and commercial developments in Mega Manila in the medium term.

“Our vision is not just to build, but to establish thriving communities where we are located,” said Aboitiz.

On top of these, the land developer disclosed that infrastructure development is also increasingly becoming part of its portfolio as it looks at more public-private partnership projects.

“We are looking at more airport and toll road projects,” added Aboitiz.

AboitizLand currently has eight ongoing residential projects in Cebu,
consisting of both vertical and horizontal developments, and has recently opened phase two of the Pristina North Residences in its integrated community Pristina North.

Through a joint venture with Ayala Land, it is also developing a new business district on a 15-hectare lot in Mandaue City, which will be launched in 2015.

It recently expanded its Lima Technology Center in Batangas to 486 hectares, through the acquisition of an additional 153 hectares to take advantage of the growing demand for more industrial space in Luzon.

AboitizLand reported a 181 percent increase in its bottomline in the first quarter to P121.1 million from P43.1 million in the same period last year.

The growth was mainly due to the 100 percent consolidation of Lima Land Inc.

AboitizLand is a subsidiary of listed conglomerate Aboitiz Equity Ventures, which has interests in power, banking and food.

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