By Richmond S. Mercurio (The
Philippine Star) | Updated April 23, 2015 - 12:00am
MANILA, Philippines - Avida Land, the
mid-market brand of property powerhouse Ayala Land Inc., intends to bolster its
subdivision portfolio this year as it is likely to get over a 10th of its
parent firm’s P100 billion capital expenditure (capex) budget.
Avida Land president Chris Maglanoc
said the company has earmarked P14 billion for expansion and acquisitions this
year. The amount would come from ALI’s P100-billion capex.
“What we want right now is really to grow the
house and lot line, the subdivision. That is why in our growth thrust,
landbanking is actually provincial,” he said.
Maglanoc said Avida Land is scouting
for possible land acquisitions in key cities in the Visayas and Mindanao
regions.
“We’re looking for properties in Cagayan de
Oro, Davao, and Cebu, if we find the right location and the right price,” he
said.
Avida Land, which is celebrating its
25th year this 2015, is set to launch 10 projects worth P20 billion across
strategic locations in Bonifacio Global City, Makati City, Quezon City,
Muntinlupa, Bulacan, Tagaytay, Iloilo and Tuguegarao within the first half of
the year.
The projects to be launched include
seven residential condominiums, two land and house subdivision, and one office
condominium.
“From the last two years, we’re able
to move around P25 billion worth in terms of sales. So we’d like to grow that,”
Maglanoc said.
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