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.