Visitors enjoy a boat ride in Nuvali eco city’s man-made lake. Ayala Land plans to invest P12.5 billion to further develop the mixed-use city within the next five years. PHOTO BY DON LEJANO/INQUIRER.net
Property giant Ayala Land Inc. will invest P12.5 billion to boost developments in its 1,860-hectare mixed-use “eco city” Nuvali in Laguna within the next five years, aiming to sustain the potential of this estate as a major cash cow outside of flagship Makati central business district.
About P8.8 billion has so far been spent to develop 45 percent of total land area spanning Sta. Rosa, Canlubang and Calamba, complete with road networks surrounding the commercial and residential developments within the whole vicinity, Ayala Land vice president and Nuvali general manager Jun Bisnar said in a press briefing Wednesday.
“Nuvali will continue to provide a big base or launching pad in terms of generating revenues for Ayala Land, especially for residential projects that are being developed inside. As we develop our leasing business, our commercial area and offices, we do hope that it will generate sufficient recurring revenues in the next five years,” Bisnar said.
In 2011, Nuvali generated about P3 billion in revenues out of the sale of commercial lots.
Jose Juan Jugo, head of ALI’s upscale residential brand Ayala Land Premier (ALP), suggested that Nuvali was becoming a significant contributor to ALP’s revenue stream.
“ALP generated about 20 percent of total Ayala Land bottom line last year and a great part of Ayala Land’s net income from that was really focused on Nuvali projects, so we really had two engines of growth running for ALP: one was Nuvali and one was Makati,” Jugo said.