One of Philippines’ leading developers is basking in the country’s growing economy.
Property and mall developer Ayala Land Inc. had a stellar year in 2016. Experiencing robust growth for the first half of the year, this trend continued up to the year end. The company generated a net income 19 percent more than the previous year. Amounting to PHP 20.9 billion, they are well on their way to reach their target income of PHP 40 billion by 2020.
Revenue has grown across all of the company’s property entities. The commercial sector has increased thanks to the addition of more retail, hotels, resorts and offices. New malls Solenad in Nuvali and UP Town Centre, and also Quezon City helped contribute to these figures.
With plans to launch residential projects to the total value of PHP 100 billion in 2017 alone, Ayala Land Inc. are continuing with their development streak. The firm has five residential brands names Amaia, Ayla Land Premier, Alvida, Alveo and BellVita. This leading developer is enjoying the success of the growing economy and buoyant property market. More shopping centres, office space and hotels are also planned as part of the company’s strategy.
The company will need to expand by 18 percent in order to meet targets. However, they do not feel that this will be a problem. Particularly because Ayala Land Inc. had a very fruitful last quarter to 2016 increasing revenue by 22 percent. As such, the company are ramping up their capital expenditure for 2017 to PHP 88 billion from PHP 85 from 2016. As part of this investment, 224,000 square metres of retail space will be launched across seven new shopping malls.