(Source: Inside Retail Philippines | 21 April 2017)
With expectations of sustained economic growth in the Philippines, Ayala Land plans to launch three mixed-use developments this year.
The developer’s township developments are usually anchored by an Ayala mall.
The three new estates are the 250ha Evo City in Kawit, Cavite; the 25ha Azuela Cove in Davao City in a JV with the Alcantara group; and a 35ha property between Pasig City and Quezon City in a JV with the LT Group.
Following the company’s annual stockholders’ meeting, president Bernard Vincent Dy said the developments would add to Ayala Land’s 20 townships across the nation.
He said the company was on track with its 20-20-40 target, announced three years ago. “We feel we can make progress this year, and what gives us confidence is that the economy continues to be robust.”
Under its 20-20-40 vision, the developer expects to grow its net income by 20 percent annually to hit P40 billion (US$803.9 million) by 2020 from P11.7 billion in 2013.
Ayala Land earmarked P88 billion for capital expenditures this year primarily to roll out more retail, hotel, office and residential projects.
Meanwhile, Ayala Land CFO Jaime Ysmael has been appointed chairman and president of OCLP Holdings, the parent company of private property firm Ortigas and Company Limited Partnership, which is now jointly managed and owned by Ayala Land and SM Prime Holdings.
He will oversee four current projects, Capital Commons, Cirkulo Verde, Fonterra Verde and Greenhills Shopping Center. These are being redeveloped for mixed use with retail, office and residential components.
Read More: https://insideretail.ph/ayala-land-launching-three-developments/#daily
