MANILA, Philippines—Property giant Ayala Land Inc. plans to capture a broader market with the rollout of a new unit “Bella Vita” offering socialized housing units worth between P400,000 and P650,000, which could be the largest brand in its portfolio in the next 10 years.
ALI also reported on Wednesday that it had booked a net income of P5.23 billion for the first nine months, higher by 33 percent from a year ago, on the back of strong revenue growth and margin improvement.
Consolidated revenues from January to September reached P32.63 billion, up by 17 percent from a year ago.
The company’s property development business, which includes the sale of residential lots and units and commercial and industrial lots, posted revenues of P18.84 billion in the first nine months, 30 percent higher than a year ago. Revenues from the residential segment went up by 27 percent to P17.58 billion, driven by the higher bookings and significant progress on construction across its four residential brands Ayala Land Premier, Alveo Land, Avida Land, and Amaia Land.
Newly launched Bella Vita, which will be ALI’s fifth residential brand, is run by a new residential unit South Maya Ventures Inc., which is initially capitalized at P500 million. This newest brand, which caters to lower C and D market, has unveiled its first community development – a 21-hectare, 1,378-unit residential project in General Trias, Cavite. The first phase offers 602 residential units.
“Bella Vita is making it possible for its market to experience the pride of owning a home,” ALI president Antonio Aquino said. “This project offers minimum wage earners and members of the informal business sector a chance to own housing units through very affordable monthly amortizations of less than P3,000.”
The brand targets households with monthly earnings of P10,000 to P25,000 who can afford to pay P2,500 to P2,800 in housing amortization.