Property giant Ayala Land Inc. is hiking investments in its Metro Manila real estate joint venture with taipan Lucio Tan’s Eton Properties Philippines Inc. by nearly P2 billion.
In a stock exchange filing, Ayala Land said it would spend another P1.98 billion to buy property in the 35-hectare Parklinks project, being developed by the 50-50 venture ALI Eton Property Development Corp.
A former industrial estate along C-5 road spanning Pasig and Quezon City, Parklinks is envisioned to be Metro Manila’s newest and greenest central business district.
Ayala Land’s investment, to be deployed until the fourth quarter of 2022, was detailed in its reinvestment plan after it raised P3.47 billion via a property for share swap with its real estate investment trust arm, AREIT Inc.
The developer will also spend for land acquisitions in Laguna Technopark Inc. (P750 million), Quezon City (P290.46 million), Cavite (P118.36 million) and Bulacan (125.17 million).
Ayala Land will also spend P110.3 million for a 43-story office in One Vertis Plaza and P70.12 million to build homes in the 49.3-hectare Andacillo project in Laguna.
Positive outlook
Part of the conglomerate Ayala Corp., Ayala Land entered the year with more bullish prospects in mind as it upped its capital spending commitment to P88 billion or nearly 40 percent higher than the previous year’s P64 billion.
About 49 percent of the spending would be allotted for residential projects. Ayala Land will spend the remainder on estate development, land acquisition with a smaller share going to malls, hotels, resorts and offices.
Meanwhile, it was planning to roll out about P100 billion worth of residential projects this year.
Ayala Land closed 2021 with a 40-percent profit jump to P12.2 billion. Revenues during the period rose 10 percent to P106.1 billion compared to the previous year. INQ