Ayala property arm enjoys robust growth
Property giant Ayala Land Inc. delivered solid first quarter results with profits rising 18 percent to P5.56 billion on higher earnings across property development and commercial leasing businesses.
Consolidated revenues expanded by 17 percent to P31.6 billion while property sales take-up increased 10 percent to P27.3 billion due to the growing demand for residential and office for sale products.
?Our core businesses delivered strong results in the first quarter of 2017. Property sales have been encouraging and our commercial revenues continue to be on an upward trajectory. Given these positive results, we remain committed to launch over P100 billion worth of projects to support our targets for the year,? said Bernard O. Dy, president and CEO of ALI.
ALI is rolling out P100 billion worth of projects to support its continued growth this year. These include the 200-hectare Evo City in Kawit Cavite, the 25-hectare Azuela Cove in Davao, and the 35-hectare joint venture project with the LT Group within Pasig and Quezon City.
First to be launched is Evo City which is envisioned to become a prime central business district – the first of its kind in Kawit, Cavite. It will feature a balanced mix of high to mid-rise commercial and institutional developments, including Ayala Malls, a hotel, a hospital and a church as well as low-rise residential options.
?Estates provide the platform for our current growth,? Dy said.
As part of its 2020 vision, ALI will continue to ramp up its leasing business, which contributed 38 percent to the company?s net income in the first quarter.